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Whether you’re a student buying your first credit card or a parent comparing cards on behalf of your kids, you might be wondering if you should apply for a card designed specifically for college students or if you should stick with a more general loan. card.
The answer partly depends on which student ID you are considering, how old the student is, and what restrictions you want to set. Discover, for example, offers the Discover it® Student Cash Back card, which is not too different from Discover’s flagship cashback card. However, its terms are more stringent and it includes a slightly higher annual interest rate and a less generous starting annual interest rate.
The Discover it® Cash Back Card, in contrast, offers a larger credit limit than you get in the student version and a more generous promotion, including a 0% starting annual interest rate for 15 months on purchases and balance transfers (then variable annual interest rate) . from 13.49% to 24.49%). But it doesn’t have as many guarantees as the Discover it student card, so students can get in big trouble. Young people who are new to credit are also unlikely to qualify for the Discover it Cash Back card. Discover does not allow co-signers, so a student must have a significant credit history and income to qualify.
Map details
| Card | Discover® Cash Back |  Discover it® Student cashback |
|---|---|---|
| Interest rate |
|
|
| Bonus for registration | Meets your money back at the end of the first year | Meets your money back at the end of the first year |
| Annual fee | $0 | $0 |
| Estimated cost of remuneration in the first year ($15,900 per year) | $439 | $394 |
Discover Cashback vs. Discover Student Cashback
Introductory year
| Discover cashback | Discover student cashback |
|---|---|
| 0% initial APR on transfers and balance purchases within 15 months from account opening (then 13.49%-24.49% floating APR) | 0% APR on new purchases within six months of account opening (then 14.49%-23.49% variable APR) |
Winner: Discover Cash Back
Discover Cash Back wins this round because it offers a 0% starting annual interest rate on new purchases and balance transfers for 15 months from account opening. It also has an initial balance transfer fee of 3 percent or $5, then it increases to 5 percent. On the other hand, Discover it Student Cash Back has an initial APR of just six months from the time the account is opened for new purchases, with the regular APR ranging from 14.49% to 23.49%. The shorter introductory APR and the higher regular APR on the Discover it Student Card are a strong deterrent for students who have never had a credit card before, helping to get them into better paying habits.
Annual fee
| Discover cashback | Discover student cashback |
|---|---|
| $0 | $0 |
Winner: Draw
The good news is that both Discover it Cash Back and Discover it Student Cash Back have no annual fees, which is good for students considering education is getting more and more expensive these days. This is good for cardholders in general as well, since you don’t have to put in as much effort to maximize the card to offset the annual fee. With any card, you will receive a solid amount of money back without paying anything for the card itself.
Other perks
| Discover cashback | Discover student cashback |
|---|---|
|
|
Winner: Draw
The two cards offer the same benefits, which makes them great for students with no annualized interest in the event of a missed payment and no late fees on the first payment. Other perks include free viewing of your FICO credit score through your Discover account and no foreign transaction fees if you decide to spontaneously visit your friend studying abroad. If you lose your card or it gets stolen (anything can happen at school), you can easily freeze it until you have time to report the loss and request a new card.
What card should you get?
There is not much difference between Discover it Cash Back and Discover it Student Cash Back. When it comes down to it, the Student Cash Back card is better for those who are learning to develop good credit habits and a little more forgiving of mistakes if you make them.
- If you do not have a credit history: Discover it Student Cashback is not only designed for students with no credit history, but also has certain limits to prevent your credit score from dropping early – a short starting APR, a higher regular APR and more forgiving fees.
- If you live off campus: Unlike the student Discover it card, this card can be used regularly for everyday purchases, given the quarterly calendar of Discover bonus categories. Categories include gas stations, grocery stores, and Target, which are suitable for those who drive to school every day or eat at home.
- If you are a graduate studentA: Because the Discover it Cash Back card is for cardholders with good or excellent credit, it provides higher credit limits. This makes it an excellent choice for off-campus graduate students who earn more and spend more.
bottom line
If you are a student and you are applying for a credit card for yourself, Discover it student cashback is a clear winner. Those with no credit history are not only more likely to qualify, but strong card restrictions also make it harder for them to build up a lot of debt. Cashback Discover it, on the contrary, is harder and riskier to get. However, it is also more flexible and potentially more profitable, as it gives cardholders more options to charge for new purchases and earn more rewards.
Parents, if the thought of your student accumulating huge debt without your knowledge scares you, you can always apply for the Discover Cashback Card yourself and add your child as an authorized user. Discover does not allow co-signers, but it does allow authorized users. As an authorized user, even if the account holder is responsible for the payment, you can build a credit history and improve your credit score. It also gives children the opportunity to earn a significant amount of money without the risk of having their own card.
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