Discover it® Student Cash Back Review: A Rewarding Introduction to Credit

Features

• Annual Fee: $0, making it cost-effective for students.
• APR: Offers 0% intro APR on Purchases for 6 months and 10.99% intro APR on Balance Transfers for 6 months, transitioning to a Variable APR of 18.24%-27.24%.
• Rewards: Earn 5% cash back on rotating categories each quarter, up to $1,500 in purchases, plus unlimited 1% on all other purchases.
• Sign-Up Bonus: INTRO OFFER doubles all the cash back earned at the end of the first year, with no minimum or maximum limit.

Benefits

• Build Credit History: Reports to the three major credit bureaus, aiding in establishing a credit profile.
• Flexible Rewards: Generous 5% cash back in rotating categories, such as restaurants and gas stations, accommodating common student expenses.
• Introductory APR: Provides an interest-free period on purchases and balance transfers, which is beneficial for managing initial large expenses.
• Forgiveness on First Late Payment: Offers leniency on the first late payment, a student-friendly feature.

Drawbacks

• Rotating Bonus Categories: Requires active management and tracking.
• Limited International Acceptance: Not ideal for travel outside the U.S.
• Intro APR Period Ends: High ongoing APR after promotional rates.

Product Summary

The Discover it® Student Cash Back card is a superior option for students looking to build credit while reaping the rewards. Its no-annual-fee structure, a lucrative cash-back program, and the absence of foreign transaction fees make it particularly appealing for the financially savvy student. Despite its rewards complexity and potential limitations abroad, the card's benefits, like the introductory APR offer and cashback match in the first year, provide significant value. This card not only aids in building a solid credit foundation but also educates on financial management, making it an excellent first credit card for students.