This post comes from Logan Abbott, editor of the credit cards section of MyRatePlan.com.
The Discover it® for Students with $20 Cash-Back Bonus Card is similar to the regular Discover it® for Students card, but comes with a $20 cash-back bonus instead of a six-month introductory period of 0 percent APR on purchases.
- Earn cash back on every purchase. Cardholders earn 5 percent cash back on rotating categories throughout the year. Cardholders also earn 1 percent cash back on all other purchases throughout the year.
- No fees. With the Discover it for Students card, cardholders are not subject to annual fees, overlimit fees, foreign transaction fees or pay-by-phone fees. Discover also will not increase your APR for one late payment.
- Cashback Concierge. The Discover it for Students card offers a feature called the Cashback Concierge, which provides free one-on-one online tours to help cardholders get the most rewards from their cards.
- $20 cash-back bonus. Cardholders receive a $20 cash-back bonus when they make their first purchase using the card in the first three months after opening their account.
- 24/7 customer service. Discover offers 24/7 U.S.-based customer service to all Discover it for Students cardholders.
- Flexibility. The Discover it for Students credit card offers cardholders the ability to choose their own payment due date for their card, and allows them until midnight on the day of their due date to make the payment.
- Limits on cash-back bonuses. While the Discover it for Students card offers 5 percent cash back on certain rotating categories, the amount you can earn 5 percent cash back on is limited to $1,500 per quarter.
- Discover isn’t accepted everywhere. Discover is known for great credit card rewards, but the downside is that Discover cards are not accepted at nearly as many places as Visa or MasterCard. If you’re looking for your first credit card, the Discover it for Students card may not be the best fit.
- Not the best card for balance transfers. If you’re looking for a credit card to use for transferring a balance, you should probably look elsewhere. The Discover it for Students card offers no introductory period on balance transfers, and requires a balance transfer fee of 3 percent.
Get it if: You are a student who is interested in great cash-back rewards, low fees and flexible terms, and you don’t mind the limited acceptance of Discover cards.
Forget it if: You want to be able to use your card everywhere or transfer a balance.
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