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Discover it for Students with $20 Cashback Bonus

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Once upon a time, applying for a student credit card got you a cheesy T-shirt, or a hat, or a beer koozie. Often, that same card saddled you with a higher-than-average APR and a bare bones set of features compared to regular credit cards. Instead of spiking your finance charges, the folks behind the Discover it® for Students with $20 Cashback Bonus card want to set you up with 1 percent cash back and competitive finance charges. And, rather than stick you with a promo, they’re just going to give you twenty bucks.

Kicking off your cash back with a $20 balance

Although you can easily find an application for the regular Discover it for Students card, hunting for this special offer earns you a $20 bonus when you make your first purchase with your card within three months of approval. You’ll see your reward show up in your Cashback Bonus balance about eight weeks later. After that, you can cash it out as a statement credit, or pay with Cashback Bonus at Amazon.com, iTunes, and a handful of other major online retailers.

Very few student credit cards offer cash-back rewards. However, Discover helps you maximize your earnings with a 5 percent cash back on a series of promotional categories that rotate every three months. All you need to do is sign-up each quarter and you can start earning 5 percent cash back up to the quarterly maximum in purchases in the promotional categories. So far, scheduled promotions have included restaurants, home improvement stores, movie theaters, gas stations, department stores and online shopping. All of your other purchases rack up 1 percent cash back.

Get spoiled early in your financial life with few fees

Where other student credit cards, like offerings from Citi and Capital One, reward you for financial responsibility over time, Discover unloads its whole arsenal of perks and privileges on new cardholders from day one. With no annual fee, no overlimit fees, and no foreign transaction fee, the Discover it for Students card can shield your budget from unexpected expenses. In fact, Discover will even waive your late fee the first time you miss a minimum monthly payment. (Don’t let it happen again, okay?) It’s hard to find this set of privileges on a typical rewards credit card, let alone a student card.

The Discover it for Students card even has a narrower APR spread than its standard-issue sibling. Although its lowest variable rate is just two percentage points higher than the standard card’s, the student card’s maximum rate is actually a few points lower. Considering that you may want to hang on to this card for a while, you’re still getting a decent deal even if you get stuck at the high end of the rate spectrum.

Strong phone support from friendly voices

At a time in your life when you’re thinking about your career, it’s nice to do business with a company that’s made a public commitment to keeping jobs in the United States. When you call for help with any aspect of your Discover it for Students with $20 Cashback Bonus, you’ll have access to a customer service agent based in the United States. To keep that service available, Discover hires members of military families who answer your calls from their home offices.

And, as you’re figuring out how to use a credit card for the first time, you can call Discover’s agents for help with any aspect of your account. Discover set the bar very high for their competitors, and a card like this could help win your loyalty for decades to come.

Discover also offers other variations of this card that may better suit your needs. Be sure to read these additional reviews:

Discover it card

The Apply for the Discover it cardDiscover it® card  makes a habit of saying no. No annual fee, no transaction fee, no overlimit fee, no APR hike for a late payment, and in fact, no late fee on your first late payment. Discover’s latest incarnation of cash back cards aims to simplify the relationship between cardholder and card issuer into one of easy cooperation. Plus, free FICO® Credit Score on your monthly statement to help you stay on top of your credit.*

Discover it

The Discover it®Apply for Discover it® arrived on the market with heavy fanfare, including lots of television ads and billboards touting personal service and a new rebate structure that frees customers from most cash back traps. Discover’s 18 month introductory balance transfer deal hits a sweet spot if you’re among the millions of Americans trying to shed an “average” credit card balance. Plus, free FICO® Credit Score on your monthly statement to help you stay on top of your credit.*

Discover it for Students

Discover’s made strong inroads into student borrowing over the past few years. Apply for Discover it for StudentsDiscover it® for Students represents the bank’s latest foray onto college campuses, with pricing and features that resemble full-featured credit cards more than the typically watered-down student accounts on the market.

*Click card name link to see rates, rewards and other information.

Updated April 8, 2014 and originally published April 1, 2013. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

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About the author

Joe Taylor Jr. has covered personal finance and business for over two decades, and has written and researched for personal finance websites for over five years. His work has been featured on NPR, CNBC, Financial Times Television, Fox Business, and ABC News. Joe also serves as a business sales manager for a Fortune 500 technology company. View all articles by .

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