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Entering my sophomore year of college, I made a decision that would shape my financial future: I opened my first credit card.
With seemingly endless options, picking my first credit card was daunting. I needed a card geared toward students with no credit history, but also wanted to earn rewards on my everyday purchases. As my first credit card, it was also important for me to have security protections and easily accessible customer service.
After extensive research, I landed on the Discover it® Student Cash Back card, and it fit the bill perfectly. Here's why.
Information about Discover cards has been collected independently by CNBC Select and has not been reviewed or provided by the issuer prior to publication.
Easy application process
The online application for the Discover it Student Cash Back was incredibly straightforward.
To apply, I needed to provide the following information:
- Name
- Date of birth
- Address
- Year in college
- Monthly housing or rent payment
- Total gross income
- School email address
It took me less than ten minutes to apply, and I immediately received an email saying I was approved. Of course, the application and approval process may take longer and vary per person.
Being geared toward students, there are no minimum credit score or income requirements to qualify for the Discover it Student Cash Back. Also, know that you can include your household income on your application if you are 21 or older and have "reasonable expectation of access" to the funds.
Cashback in the categories I spend most on
I knew college wasn't going to be cheap. Tuition, room and board, and textbooks and meal plans were all expected costs. What I didn't plan for were all the extra expenses, such as groceries, outfits for gameday and gas for trips back home. So, having access to a cashback card could save me a lot of money.
The Discover it Student Cash Back gets its name for offering 5% cash back on the first $1,500 in purchases in rotating categories each quarter (when you activate), then 1% cash back. Check out Discover's 5% cash-back calendar.
A few of the past categories have included grocery stores, gas stations, public transit and restaurants (check out Discover's 5% cash back calendar). These are all places where I'm frequently spending money, so it's great to earn the extra cash back.
The welcome bonus is also a major perk of this card. For the first year, all cash back earned is matched, and there is no maximum amount. So, if I earn $250 in cash back for the first year since opening the account, I'll receive an additional $250 at the end of the year.
There are various ways to redeem cash-back rewards. Cash back can be deposited straight into your bank account or applied to your Discover bill as a statement credit. You can also pay with rewards at checkout through Amazon or PayPal. There is even the option to donate cash back to an eligible charity. My personal favorite is toward gift cards since there's always a bonus on these redemptions.
Find the best credit card for you by reviewing offers in our credit card marketplace or get personalized offers via CardMatch™.
Minimal fees
Being on a student budget, I love that the Discover it Student Cash Back card allows me to earn cash back without an annual fee.
My goal is to avoid interest charges by paying my bills on time and in full each month. However, if that's ever not feasible, the card offers 0% intro APR for six months on new purchases (after, 16.49% - 25.49% variable APR). Further, there is no late fee for the first time a payment is late which is helpful while getting used to making regular payments.
The card also charges no foreign transaction fees which is great considering I'm looking to study abroad.
Pro tip: Setting up autopay can reduce the risk of missed payments and help avoid late fees.
Benefits and perks
The Discover it Student Cash Back offers a $0 fraud liability guarantee, meaning I'll never be responsible for unauthorized purchases if my card is ever stolen.
The Discover app also makes tracking my spending and managing payments easy. I especially like using the Spend Analyzer tool which allows me to see my purchases based on category, merchant or month.
Finally, Discover has 100% U.S.-based customer service available around the clock. The wait time can vary, but anytime I've had to call, I've been able to speak to an agent in under fifteen minutes. There is also the option to message an agent through text or the app which connects you to an agent rather than dealing with chatbots.
Other cards I considered
Discover it® Student Chrome
The Discover it® Student Chrome card is a great option because it offers 2% cash back on dining and gas on up to $1,000 in combined purchases each quarter, plus 1% on all other purchases. I preferred the Discover it Student Cash Back's ability to earn 5% cash back each quarter on up to $1,500 in combined categories when you activate on a wider variety of purchases with the rotating bonus categories (all other purchases get 1% cash back), but this can still be a good option for students who frequently spend on dining and gas. (Check out Discover's cash back calendar)
Information about Discover cards has been collected independently by CNBC Select and has not been reviewed or provided by the issuer prior to publication.
Firstcard® Secured Credit Builder Card
I thought the Firstcard® Secured Credit Builder Card was an interesting option for a student credit card. This secured card offers a cashback program, and your upfront deposit is put into a high-yield checking account. However, it does require a paid subscription.
Firstcard® Secured Credit Builder Card
Rewards
Earn up to 10% random cashback on all qualifying purchases; Up to 15% merchant cashback at 29,000+ partner merchants; Earn an additional 0.1% unlimited cashback on all eligible credit card purchases with Firstcard Standard; an additional 0.5% unlimited cashback on all eligible credit card purchases with Firstcard+; or an additional 1% unlimited cashback on all eligible credit card purchases.
Welcome bonus
None
Annual fee
$4/month or $48/year for Firstcard Standard; $7/month or $84/year for Firstcard+; or $10/month or $120/year for Firstcard Premium
Intro APR
N/A
Regular APR
0%
Balance transfer fee
N/A
Foreign transaction fee
3% with Firstcard Standard; 1.5% with Firstcard+; or 0% with Firstcard Premium
Credit needed
None
Terms apply
Pros
- No Social Security number (SSN) needed, making it a good option for international students, immigrants and more
- No credit check or hard inquiry
- Earn 4.00% APY on your deposit and cash back rewards
- No APR
Cons
- No free membership plan
- Ongoing rewards (unlimited 1% cashback) require Firstcard Premium membership
- Various membership tiers and annual fees may be confusing
Capital One Savor Student Cash Rewards Credit Card
The Capital One Savor Student Cash Rewards Credit Card offers generous returns, including 3% cash back on dining, entertainment, popular streaming services and grocery stores. This is a good option if you want consistent cash back rather than navigating the rotating categories.
The Capital One Savor Student Cash Rewards Credit Card features rewards rates that match many of the top cash-back credit cards.
- High cash-back rates for common student expenses, such as groceries, dining and entertainment
- Elevated cash-back rates on Capital One Entertainment and Capital One Travel purchases
- No annual fee or foreign transaction fees
- High variable APR
- No intro APR on purchases or balance transfers
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn unlimited 3% cash back at grocery stores (excluding superstores like Walmart® and Target®), on dining, entertainment and popular streaming services, plus 1% on all other purchases
- Early Spend Bonus: Earn $50 when you spend $100 in the first three months
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- Enjoy no annual fee, foreign transaction fees, or hidden fees
- Earn unlimited 5% cash back on hotels, vacation rentals and rental cars booked through Capital One Travel
- Earn up to $500 a year by referring friends and family when they're approved for a Capital One credit card
- Earn 8% cash back on entertainment purchases when you book through the Capital One Entertainment portal
- Build your credit with responsible card use
- Whether you're at a 4-year university, community college or other higher education institution, this card might be an option for you
- Top rated mobile app
Balance transfer fee
4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
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FAQs
Is the Discover it Student Cash Back worth it?
The Discover it Student Cash Back is easy to justify because it lets college students earn cash back and build their credit for no annual fee.
Who can get the Discover it Student Cash Back?
The Discover it Student Cash Back is available for college students enrolled in a two- or four-year college or university and have a verifiable independent income such as a part-time job.
Will I build credit with the Discover it Student Cash Back?
When used responsibly, the Discover it Student Cash Back allows students to start building credit.
Can I keep my student card after I graduate?
You can keep your Discover it Student Cash Back after you graduate. The account's terms, conditions, and features will remain the same. However, if your income goes up, you may become eligible for a credit line increase.
What is the difference between a student and a regular Discover card?
The student and regular Discover credit cards are very similar when it comes to rewards and benefits. The main difference is that the regular cards typically offer a longer 0% intro APR offer, but may also have stricter credit requirements to be approved.
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Read more
For rates and fees of the Discover it Student Cash Back, click here.
For rates and fees of the Discover it Student Chrome, click here.
