One card that seems to be the most popular when searching for a credit card is the Discover it Student Cash Back Credit Card most students enjoy it because it offers ongoing cash back rewards and has no annual fee as well as promising good introductory rates.
This article will discuss the Discover it Credit Card and also present key facts about this card, which will help you understand the Discover it Credit Card better.
Discover it Student Cash Back Credit Card at a Glance
Before diving into Reddit opinions, let’s first outline what the Discover it Student Cash Back Credit Card offers:
– 5% Cash Back: Get 5% cash back for everyday spending in rotating categories like groceries, gas, dining out and more, every quarter, starting with activation.
– Unlimited 1% Cash Back: On any other purchase, you are given an unlimited 1% cash back.
– No Annual Fee: Preserving the idea that it doesn’t have an annual fee, one of the primary advantages that can attract students.
– Intro Offer – Cash Back Match: Once you combine all the money back you have earned, Discover will double it at the end of your first year.
For instance, if you get $100 in cashback, the Discover will double this by adding another $100.
The Best Student Credit Cards for Travel in 2024: Full Guide
– Credit Score Monitoring: This card also includes an information on the FICO® Credit Score where students can maintain a good credit standing.
– Rewards Flexibility: This may be in the form of statement credits or gift cards or they are allergized banked into your account.
– Intro APR Offer: Discover offers a 0% for purchase as long as its initial six months of opening, this is perfect for students who may anticipate to need a bit more time to clear hefty purchases.
Know The Difference Between What is Good and What is Bad
Good
- No Annual Fee: A great product for students who are running tight on their pocket money.
- 5% Rotating Categories: Great potential for earning cash back.
- Cash Back Match: Doubling your cash back at the end of the first year is a huge perk.
- Credit Score Monitoring: Helpful for students building credit.
- Strong Customer Service: Known for quick resolutions and helpful representatives.
Bad
- Rotating Categories Can Be Limiting: Not all students will benefit from the chosen categories each quarter.
- Limited International Acceptance: Not the best card if you plan on traveling or studying abroad.
- Requires Active Management: Okay, let’s say there are five categories you normally want to (3) and which you need to remember to start half a year.
Here are some tips to make the most of the Discover it Student Cash Back Credit Card
Activate Categories Every Quarter: Create a reminder to enable your cashback categories rotation to be sure to get the best of rewards.
The Ultimate Guide to the Capital One Student Travel Card: Benefits, Features, and How to Apply
Use It for Your Biggest Spending Categories: Look at the rotating categories and use your best effort to match them with your monthly expenses (bills, food, eating out or fuel).
Take Advantage of the Cashback Match: To fully maximize Discover’s Cashback Match feature, attempt to utilize your first card often in your first year.
Track Your Credit: With the help of free credit score monitoring, check your credit score and start a worthy financial plan.
Pair with a Second Card for Travel: When visiting a foreign country it is advisable to carry another credit card which is accepted in that country.
Information on How to For the Discover it Student Credit Card that Offers 5% Cash Back
If you have decided that this Discover it Student Cash Back Credit Card is exactly what you need,then it is simple to apply.
It is for this reason that Discover has been particular with the layout of the application process as a student, you don’t need extensive credit history in order to be approved for the application.
Bank of America Travel Rewards Credit Card for Students: A Complete Guide
1. The adopts the following style of writing to pass the message Visit the Official Discover Website
Visit www.discover.com, click on the student credit card tab at the top of the home page. The available credit card that will show among its offering include the Discover it Student Cash Back.
2. Check Eligibility
Before applying, it’s important to meet the basic eligibility requirements:
You will be at least 18 years old
You essentially have to be a U.S. based artist, you must be the citizen of United States or hold a green card.
This one means that you have to be college student. To becoming a cardmember of Discover specifically this particular type of card targets students and therefore,
of you to qualify, you will be required to produce proof of enrollment in a college or university in the United States of America.
3. Submit Your Application
The online application asks for basic personal and financial information, such as:
-First/last name, Social security number (SSN) & Date of birth
– Proof of income: This could include, student’s earnings from part-time jobs themselves, financial aid received, or the money they saved aside, anyway make sure to correctly report ones income.
The Ultimate Guide to the Capital One Student Travel Card: Benefits, Features, and How to Apply
– Enrollment verification: You may have to enter details about your school, and the expected date of graduation or result declaration.
4. Wait for Approval
Those who have applied for a Discover it credit card know that it takes some time to get approved. If there are any issues,
or any problems related to the approval of your information, it can take several days. But if all is well, and your application is approved, usually, it takes 7 to 10 business days to receive the card.
How is this card better than other student cards?
1. Discover it Student Credit Card vs. Chase Freedom Student Credit Card
Cashback program: Discover gives you 5% cash back across multiple categories of merchants, while as a holder of the Chase Freedom Student card, you get 1% cash back on all purchases.
Welcome Bonus: In its simplest form, Discover gives you double the cash back earned for the first year of membership up to $75.
Chase to give five hundred bonus points you when you make the first purchase within the first three months of sign up and they also give fifty dollars welcome bonus.
Credit Limit Increase: Chase also has the feature that if you make 5 on time payments within the first 10 months of having the card they will automatically raise your credit limit something that will benefit students with the need for quick credit history.
Discover Student Travel Card: A Comprehensive Guide for Students
2. Compare Discover it Student Card with Savor One Student Credit Card
Cashback Program: Basically, Capital One Savor One offers up to 3 percent of total cash back for dining, movies and groceries as well as for all other purchases at 1 percent.
This is particularly so if the student is a user of set categories, whereby they do not wish to have anything to do with the rotational type.
Annual Fee: However, the two aforementioned cards have no annual fees making it easy for students to access the cards as they look for ways of making alternative and or extra cash.
Foreign Transaction Fees: The total foreign fee of the card is zero, the international acceptance is better; this may suitable for students who may chance to travel to other countries.
3. Discover it Student Cash Back compares with Bank of America Travel Rewards Credit Card for Students.
Rewards Program: It is important to note that the Bank of America Travel Rewards Credit Card does not apply foreign transaction fees and consumers may earn an unlimited 1.5 points per dollar for all purchases,
while retaining the ability to redeem for travel. At long last, for the student who fully comprehends the simple cards and traveling; then this card has a reasonable number of perks.
Annual Fee: In the same way that the Discover it Student Cash Back does not have an annual fee, there isn’t one for a Bank of America travel card.
Travel-Friendly: The Bank of America card wins here over discover because it has more international acceptance making it suitable for users who travel to learn or conduct research abroad.
Top 5 Fundamentals Every Beginner Should Know
Here are some of the fundamentals of credit card usage you’ve probably heard people talk about constantly on Reddit, as well as a few where the Discover It Student Cash Back Credit Card would be helpful for a beginner.
1. Pay on Time – Every Time
The most basic principles of credit card usage include the following ones: paying your credit card bills on time. Delays can damage your credit report and will take several months or years to fix.
Failure to make payments also result in other charges incurred, such as late fees and higher interest charges on the balance which is not easy to contain.
2. Keep Credit Utilization Low
This relates to the portion of your credit limit which you manage to use. Some credit experts inform that; your credit utilization should not exceed 30% for a healthy credit standing to be maintained.
For instance, if your credit limit is $1,000 and the most recommended limit is not to exceed $300 in any one account you should avoid using the card and incurred more than $300 balance at any time.
3. Avoid Carrying a Balance
Even though you may be tempted to carry credit card balances, especially with a low rate initially offered for the first year or so, high interest charges accumulate once the low interest rate offer expires.
Reddit users recommend making those balances fully paid without falling to debt and therefore accumulating unnecessary interest.
4. Monitor Your Spending
You can track your spendings in real-time by using Discover mobile app or website. It lets create the budget for the month as well as the ability to see how much has been spent in a specific category,
how much money has been earned back, and the date the payment is due. Situational control means that you need to ensure that you are in a position to regulate your own spending.
5. Don’t let anyone get in your way. Start small and grow over time.
First, many Reddit users advise beginners to begin with tiny purchases by frequently charging no more than two or three items per thirty days and charging the transaction in full.
Discover it Student Cash Back Credit Card: How the Card Helps to Build Credit
As long as it may appear, establishing credit as a student may not be such a bad thing at all, especially when using the Discover it Student Cash Back Credit Card.
Free credit score monitoring, no excessive spending limit and cash back rewards in one card is perfect for a student learning how to manage credit.
1. FICO Score This is basically the most understandable form of a credit score.
The Discover it Student Cash Back Credit Card has one of the most widely known perks of allowing you to get a free FICO report on your credit each month.
Credit reporting enables you to monitor the impacts made by your financial activities on credits. It is also useful for ascertaining how proper use of the card results to an enhancement of the score in future.
2. Establishing Credit with Proper Usage
Another outstanding advantage of a student having a credit card is to be able to establish credit history.
One this aspect you achieve a good credit score and this is very important when it comes to getting a loan, getting an apartment, or even a job in the future.
3. Credit Limit Increases
Generally, Discover credit card company may on its own add more to the credit limit depending on how judicious you are in your usage.
This is a routine which many Redditors discuss in their threads; students and others narrate how they got their credit limits raised because they have been making their payments on time.
That is; having a higher credit limit has the effect of reducing the credit utilization ratio, hence the credit score.
4. I will go do upgrade to a Regular Discover Card
Depending on how you apply the Discover it Student Cash Back Credit Card responsibly for a few years, it will be possible for you to get graduated to a full Discover card which has better features and higher credit limits.
Discover has been criticized for moving student cardholders to other higher credit products as they construct their credit record.
Is Discover it Student Cash Back Credit Card Good for Long Term Use?
Although Discover it Student Cash Back Credit Card is aimed at students, most of its users keep using the card after their graduation. A strong cashback regime, non-application of annual fees,
and effective personalized service make it a long-term solution. However,
grads have to look for a better Discover card or another one that has some rewards that will be suitable for a college graduate.
Long-Term Pros:
- No Annual Fee: This just means you can keep the card without closing it, which means that your credit record is preserved and your credit score is not affected by the annual fee that so many other cards charge.
- Cash Back Match: This is only valid for the first year of card membership; nonetheless, signifying the arrays of
- conventional merchant reward categories which fluctuates the 5% cashback after five months can act beneficial for everyday barter.
- Customer Service: Technological changes also make it easier to find Discover’s highly rated customer service whenever your financial needs change.
Potential Drawback.
- You may need to choose a category that has higher cash back rewards for a commonly visited category, for example, dining or travel.
- Credit Limit: Several students comments on Reddit reveal that even though they love the card, they look for another one with a higher credit limit as well as more lucrative rewards after establishing their credit history.
The contribution of Discover it Student Cash Back Credit Card in Financial Literacy
Other than establishing credit histories and earning rewards the Discover it Student Cash Back Credit Card is also a tool when it comes to financial literacy among students. In addition,
Discover provides for free cardholders good credit habits, such as information about financial literacy, internet access to accounts, and customers’ service.
Bank of America Student Travel Rewards Card: A Comprehensive Guide
1. Educational Resources
The Discover site offers numerous sorts of information: articles and recommendations for the credit organization and people, such as how to handle credit or save money.
These resources can enable a student make sound financial decisions as they build their credit worthiness.
2. Real-Time Alerts
Many Reddit users like this since the app allows users to create alerts for purchases, due dates for payments and credit score changes.
These alerts prevents students from missing their due dates on paying their bills or spending more than they wanted.
3. Security Features
If your credit card is lost or stolen, you can also freeze it through the Discover app. This feature will keep your card and your privacy safe