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Discover Student Cash Back – How to apply
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If you’re a student and are thinking about starting to build your credit, Discover Student Cash Back might be the right choice.
With it, you earn money back in everyday purchases such as supermarket and restaurants.
And the best: it has no annual fee and you do not need to have credit history to apply. Want to know how to order yours? So, keep reading and see how easy it is to get started!
Discover Student Cash Back offers 5% cashback on rotating categories, helping students earn rewards while building credit responsibly.
No annual fee, plus $20 Good Grade Reward encourages financial independence and academic success.
Discover Student Cash Back works in a very simple way. When you sign up, you start using the card for your daily purchases such as grocery store, restaurants and even fuel.
The big differential is cashback, which is a portion of the cash back on each purchase. This amount accumulates as you use the card.
You can redeem this money back in a number of ways, such as by applying for an invoice discount, transferring it to your bank account or using it on online purchases.
In addition, the card helps to build your credit as your payments are reported to major credit bureaus.
That is, by paying your invoices on time, you will improve your credit score over time. Best of all, the application process is very smooth and you don’t need to have a high credit record to be approved.
Main benefits for the Discover Student Cash Back
Discover Student Cash Back offers several benefits that make this card a great choice for students.
One of the main is cashback, which allows you to earn money back in everyday purchases.
You receive 5% cashback on specific categories that change every quarter, such as grocery store, restaurants and gas stations. Otherwise, you get 1% cashback on all other purchases.
Another benefit is “Cashback Match”, where Discover matches at the end of the first year all the cashback you have earned, with no limits.
That is, if you won $100, Discover gives you another $100, doubling your rewards.
In addition, the card has no annual fee, which makes the use more advantageous. It also helps build your credit, as payment information is sent to major credit bureaus.
While Discover Student Cash Back has many benefits, there are also some drawbacks to consider.
The first is that the 5% cashback only applies to specific categories, which change every quarter.
This means you need to activate the offer every three months to get the most of your rewards.
Another point is that after the first year, the interest rate (APR) can be high, ranging between 17.74% and 26.74%, which can be a problem if you don’t pay the invoice in full.
In addition, Discover’s acceptance is not as wide as that of other flags such as Visa or MasterCard, which may be a limitation in some places.
APR and Fees
Discover Student Cash Back offers an initial interest rate of 0% for 6 months on purchases.
After this period, the APR (Annual Percentage Rate) ranges from 17.74% to 26.74%, depending on your credit profile.
For balance transfers, APR starts at 10.99% for 6 months but can then rise to 17.74% to 26.74%.
If you make a cash advance, the APR will be 29.74%. The card has no annual or maintenance fee.
If you pay late, the first time there is no fine, but then a fee of up to $41 can be charged.
For balance transfers, the initial fee is 3%, which rises to 5% after the promotional period. Cash advances have a $10 or 5% fee, whichever is higher. If you do not pay the full balance by the due date, interest will be charged on purchases.
How to apply for the Discover Student Cash Back
To sign up for Discover Student Cash Back, the process is pretty simple. First, choose your card design.
Then fill in your personal data, such as name, address and date of birth. You will also need to provide the name of your school and your university email.
In addition, you will need to put information about your year at college and your monthly income. A minimum credit score is not required to apply, which makes it easier for students.
During registration, you can choose to transfer balances from other accounts if you wish. After filling out all the forms, submit your application and soon you will be able to start using the card and enjoy its benefits.
