Review for Discover® Student Card - Clear
The Discover® Student Card - Clear, issued by Discover, provides a Cashback Bonus® rewards program to cardholders.
Through the rewards program, students can earn a 5% rebate for purchases made in 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 automatically earn 1% unlimited Cashback Bonus on purchases after the total annual purchases exceed $3000. Purchases that are a part of the first $3,000 spent will earn a .25% rebate. Cardholders also earn a 0.25% rebate at select warehouse clubs and discount stores. 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 standard benefits, including online account management, no liability for unauthorized transactions, and discounts on products and services at participating merchants and retailers.
This card has 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 plan to pay in full each month (to avoid costly finance charges) will benefit most from what the Discover® Student Card - Clear 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): Rewards program; no annual fee; 0% intro APR on purchases.
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.
