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Discover IT® For Students With $20 Cashback Bonus Review and Benefits

Picture of Item Reviewed

Editor's Rating:
Intro Purchase APR Regular APR Intro Balance Transfer Annual Fee Credit Needed
N.A. $0 No Credit
Feature Summary
  • Experience our cash rewards with $20 Cashback Bonus® after you make your first purchase within 3 months of approval*.
  • No annual fee. No overlimit fee. No foreign transaction fee. No late fee on your first late payment. And paying late won't increase your APR*.
  • 5% cash back for online shopping and department store purchases on up to $1,500 - Oct. through Dec. 2014 when you sign up*. 1% cash back on all other purchases.
  • Free FICO® Credit Score online and on monthly statements*.
  • Talk to a real person any time with 100% U.S.-based service.
  • Looks out for you-since each Discover purchase is monitored. If it's unusual, you're alerted by e-mail, phone or text-and never responsible for unauthorized Discover card purchases*.
  • *See rates, rewards, free FICO® Credit Score terms and other info by clicking "Apply."
Executive Summary - The New Card from Discover has improved on their previous offerings with improved cash rewards formula and also doing away with late fee penalty (this should do wonders for college students who are new to handling credit). Very similar to the consumer version (including the design), this is one card we would have no hesitation in recommending to college students.

With the recent revamp and rebranding on Disovers' card portfolio, the old Discover Student More Card is not part of the IT family. There isn't a lot of massive changes to the card. Instead, it has a new design and incrementally better features. It is still, in my opinion, one of the best student credit cards out there today. Let's recap the key features.

New Design - The new design is an improvement over the old one. It comes in a metallic color with a slight hint of blue. It looks very space age and modern. The tint of orange by the side adds a little style to the whole design. This card will look cool in your wallet.

Base Rate and How Your Earn Cash Back - The base rate for this card is 1%. That means that for every dollar that you spend on the card, you earn 1% cash back. This is a great improvement over the old More version where you have to spend over $3,000 (in annual terms) before you could earn 1%. For students who typically receive lower limits, this was almost impossible to achieve. But with the new improvement, it brings it back in line with other cash back offerings.

5% Cash Back Bonus - Like the consumer version, the student card also allows you to earn 5% cash on certain expenditures. These categories change every three months (or rather every quarter). Below is a screen shot showing the most recent categories.

ShopDiscover Online Shopping Portal - Another novel way that you can earn more rewards is by shopping at online shopping portal. It has over 200 online merchant partners like GAP, Nike, Apple Store etc. When you log into your account, you can access the portal and go to the site that you want to shop from there. By going to the site this way rather than through your internet browser, Discover can track your purchases (assuming you use their card) and let you earn more cash back. This ranges from 5% to 20%.

Using Your Cash Back At - One of the really cool new features is the ability to use the cash rewards you have earned to pay for any amazon purchase.

No Late Fees and Over-The-Limit Fees - Perhaps the latest feature on all of IT series is that fact that if you are late for the first time, there will not be any late fees imposed. There will also not be any over-the-limit fees if you do go over your credit limit (although I suspect that a charge may not go through if that is the case).

New Ways To Redeem Cash Back - Discover has increased the number of options for card holders to redeem their cash back. You can obviously request a check to be written to you. You could do a direct deposit into your bank account. As we have mentioned earlier, you could use them when you shop at

One of the best ways to redeem your rewards is to actually exchange them for gift cards. The reason why this is such a good deal is because you can get a greater value of the gift cards than the cash back you are exchanging for. For certain gift cards, you can get double the value!

Discover has now also partnered with a few merchants to offer some merchandises which you can exchange your points for.