Credit cards can be a valuable financial tool for students, especially when it comes to managing expenses and building a credit history. The Discover Cash® Back Credit Card stands out as a popular option for students looking to maximize their spending with cash-back rewards while enjoying a host of other benefits. In this article, we will dive deep into the features, benefits, eligibility criteria, and application process for this card.
Benefits of the Discover Cash® Back Credit Card
The Discover Cash® Back Credit Card for students is packed with features that make it a great choice. Here are the main benefits:
- Earn 5% Cash Back: Receive 5% cash back on everyday purchases at rotating categories such as grocery stores, restaurants, gas stations, and online retailers, up to the quarterly maximum, when you activate.
- Unlimited 1% Cash Back: Earn 1% cash back on all other purchases automatically.
- No Annual Fee: There is no annual fee, making it a cost-effective choice for students.
- First-Year Match: Discover will match all the cash back you’ve earned at the end of your first year.
- Free FICO® Credit Score: Access your FICO® Credit Score for free on monthly statements or through the Discover app.
- Introductory APR Offer: Enjoy a 0% Introductory APR on purchases for six months, followed by a standard variable APR.
- Fraud Protection: Get $0 liability for unauthorized purchases and real-time fraud alerts.
- Reward Redemption: Redeem your rewards in various ways, including statement credits, direct deposits, gift cards, or charitable donations.
Prerequisites for Applying
Before applying for the Discover Cash® Back Credit Card, students should ensure they meet the following requirements:
- Age Requirement: Applicants must be at least 18 years old.
- Student Status: Must be enrolled in a college or university.
- Social Security Number: Required for credit check and verification.
- U.S. Residency: Must have a U.S. mailing address.
- Income Verification: Proof of income or ability to repay is necessary.
About Discover Financial Services
Discover Financial Services is a trusted financial institution that has been serving customers since its inception in 1986. Headquartered in Riverwoods, Illinois, Discover is renowned for its innovative credit card offerings and excellent customer service. Over the years, the company has expanded its portfolio to include personal loans, savings accounts, and other financial products. Discover’s commitment to transparency and customer satisfaction has made it one of the most reliable names in the financial sector.
Who Is This Card For?
The Discover Cash® Back Credit Card is designed specifically for students who want to:
- Build Credit: Establish a strong credit history with responsible use.
- Earn Rewards: Maximize spending with cash-back rewards.
- Avoid Fees: Benefit from no annual fees and competitive APR rates.
- Access Learning Tools: Use Discover’s credit education resources to learn about financial management.
This card is ideal for students with limited or no credit history who are ready to take their first steps into financial independence.
Step-by-Step Application Process
Applying for the Discover Cash® Back Credit Card is simple and can be completed online in a few steps:
- Visit the Official Website: Go to Discover’s student card page to start the application.
- Fill Out the Application Form: Provide personal details such as your name, address, Social Security number, and date of birth.
- Provide School Information: Include details about your college or university enrollment.
- Verify Income: Enter information about your income or financial support.
- Submit the Application: Review your information and submit the form. You’ll typically receive a decision within minutes.
- Download the Discover App: After approval, download the Discover app to manage your account and track rewards on both Android and iOS.
Pros and Cons of the Discover Cash® Back Credit Card
While the Discover Cash® Back Credit Card offers numerous advantages, it’s essential to consider its potential drawbacks.
Pros:
- Generous cash-back rewards.
- No annual fee.
- First-year cash-back match.
- User-friendly app and tools for students.
Cons:
- Rotating categories require activation.
- Limited acceptance outside the U.S.
- High APR after the introductory period for those who carry a balance.
Fees and Charges
Understanding the costs associated with the Discover Cash® Back Credit Card is crucial:
- Annual Fee: $0
- APR: 0% introductory APR for six months; standard variable APR applies afterward.
- Late Payment Fee: Up to $41 (waived for the first late payment).
- Foreign Transaction Fee: None
- Balance Transfer Fee: 3% of the transferred amount during promotional periods.
Customer Support
Discover offers various channels for customer support:
- Phone Support: Call 1-800-DISCOVER (1-800-347-2683) for assistance.
- Online Chat: Available through the Discover website or app.
- Email Support: Contact via the secure message system on your account.
- Website: Visit Discover’s Support Page for more options.
The Discover Cash® Back Credit Card is an excellent choice for students seeking to build their credit and earn rewards. With its no-annual-fee structure, attractive cash-back program, and robust customer support, it’s a card worth considering for financial growth. To apply, visit the official website and take the first step toward managing your finances responsibly.
