Review for Discover® Student Card
The Discover® Student Card, issued by Discover, is designed for students with very good credit who are looking for a cash rewards credit card.
Through the rewards program, cardholders earn a 5% rebate for purchases made in popular categories that change four times a year such as travel, gas, restaurants, movies, and more. In addition, cardholders earn up to 1% for general purchases.
Cardholders will earn a 1% unlimited Cashback Bonus on all purchases after their total annual purchases exceed $3,000. Purchases that are a part of the first $3,000 earn .25%. Cardholders also earn a 0.25% rebate at select warehouse clubs and discount stores, and they can earn 5% to 20% Cashback Bonus® at Discover's exclusive online shopping mall.
There is no yearly limit on the amount of rebates that can be earned, and rebates do not expire as long as the account is active within a 36-month period.
Aside from the rewards program, the card also provides platinum benefits, including online account management, no liability for unauthorized transactions, and discounts on products and services at participating merchants and retailers.
The APR for this card is reasonable, but there is no annual fee and 0% interest on purchases for six months.
Therefore, those who plan to spend over $3,000 a year (to earn the 1% cash rebate), plan to use their Cashback Bonus® award at participating retailers (to earn a full 5% rebate and double cash rebates), and plan to pay in full each month (to avoid costly finance charges) will benefit most from what the Discover® Student Card has to offer.
*It is important to note that like many cash reward cards, the highest rebate offered will not apply to all purchases made with the credit card. In this case, 1% will be applied only to those purchases made after the cardholder spends over $3,000 in one year, so the overall cash rebate earned will be less than 1%, depending on the amount spent. For instance, if the cardholder were to spend $4,000, only $1,000 of this amount would be applied towards the 1% rebate. However, this does not take into account any promotional offers or the full 5% Cashback Bonus® award.
Updated: September-01-10
Most Attractive Feature(s): 0% intro APR on purchases; Cashback Bonus® award program; no annual fee.
Least Attractive Feature(s): Low rate not available to all applicants.
Note: The review of this card was updated on September-01-10. The review is believed to be accurate during the update, however, information posted may have changed since the update. We strongly suggest that you carefully read the Terms and Conditions statement that accompanies the credit card application.
