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NerdWallet > Student Credit Cards > Discover® Student Card - $20 Cashback Bonus
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Discover® Student Card - $20 Cashback Bonus
Discover Student Credit Card

(4/5 - 128 Votes)
Net Annual Rewards
$204
of Cash
Reward Rate
0.25% for first $3,000 /yr then 1.00%
Annual Fee
$0
Signing Promo
$20 Cash Bonus - after first purchase, made within 3 months of approval
APR, variable*
Min APR:
12.99%
Max APR:
18.99%
Default:
25.99%
Cash Adv:
23.99%
Intro APR Promotions
Purchase:
0% for 6 mos
Transfer:
None
Summary
  • Get $20 Cashback Bonus®* when you make your 1st purchase within 3 months.
  • 0% intro APR on purchases for 6 months, then the variable standard purchase APR of 12.99% - 18.99%*
  • 5% Cashback Bonus®* in categories that change like gas, restaurants, department stores and more. Limitations apply*.
  • Up to 1% unlimited Cashback Bonus on everything else you buy.
  • $0 Fraud Liability- you will not be responsible for unauthorized charges
  • No Annual Fee
  • Text and Email Alerts

Compare To Our Most Popular Cards For The Category

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Compare To Journey℠ Student Rewards from Capital One®

Why do we think you should consider this card?

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Reward Details & Calculator

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Rewards Type: Cash

Signing Promotion
($20)/2 yrs
$10
Estimated Annual Rewards
$21,600 * 0.90%
$194
Annual Fee, 2 yr avg
$0
Annual Rewards (Rewards less Fees)
$204

Details

  • 5% all year on a revolving category
  • 0.25% on first $3,000 spent each year
  • 1% after

Calculate Interest & Finance Charges

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Use the sliders to the left to calculate balance transfer interest and APR interest for this particular card.

Finance Charge, Balance Transfer of $10,000*

Balance Transfer Fee, 0.0%
$0
APR, 24 months
$2,949
Total
$2,949

*Average APR for Balance Transfers of 13.0% includes transfer fees and APR promotions.

Effective Annual Rate, Purchases

Promo EAR, 6 months
0.00%
Ongoing EAR, 18 months
13.79%
Total EAR, 24 months
10.18%

APR Rankings

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APR
12.99%
ranks #1162 out of 1751 cards.
Average is 11.78%.
Balance Transfer Fee
N/A
Cash Advance APR
23.99%
ranks #587 out of 1002 cards.
Average is 18.74%.

Rewards Rankings

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Annual Fee
$0
ranks #1 out of 1773 cards.
Average is $9.
Base Reward Rate
0.25%
ranks #945 out of 963 cards.
Average is 0.99%.
Effective Reward Rate
0.9%
ranks #894 out of 958 cards.
Average is 1.04%.
Sign-up Bonus
$20
ranks #277 out of 1762 cards.
Average is $33.
Credit Card Review: Discover® Student Card - $20 Cashback Bonus


Author:
NERDBOT

Get an unbiased review of the Discover® Student Card - $20 Cashback Bonus from the nerds who know finance! We'll give you our take on the perks and drawbacks of this credit card and tell you how it stacks up against the Citi Forward® Card for College Students. (Want to check your credit score first? Ask the nerds!)

NerdWallet Review: The Discover® Student Card - $20 Cashback Bonus

No annual fee: The Discover® Student Card - $20 Cashback Bonus has no annual fee. It's great for those looking for a card to supplement another rewards card, or just looking for an easy-to-maintain card that can stay open for a long time. Keeping no-fee accounts open boosts your credit score. Check out more no-fee cards here.

Introductory APR period: This card comes with an intro APR period. A low-APR promotion lets you make a large purchase and pay it off interest-free for a while.

No foreign transaction fee: The Discover® Student Card - $20 Cashback Bonus has no foreign transaction fee." This fee is usually 3% of all your overseas purchases, and can be quite a burden. It adds up quickly: just two grand spent overseas means a $60 fee. International travelers should consider a waived foreign transaction fee a prerequisite for their card.

No required spending: There's no required spending to get this bonus. You didn't hear it from us, but it's a great way to easily score a bonus without committing to the card.

Credit Card Showdown: Discover® Student Card - $20 Cashback Bonus vs. Citi Forward® Card for College Students

Lower ongoing interest rate: The Discover® Student Card - $20 Cashback Bonus has a lower ongoing interest rate. If you're often carrying a balance, a low interest rate is one of the key things to look for.

Lower cash advance APR: The card has a lower cash advance APR, the rate you're charged when you withdraw cash from your line of credit. Remember that cash advances start accruing interest the day you take the money out, so you don't get the same grace period that you do with normal purchases. It's great that the Discover® Student Card - $20 Cashback Bonus has a low cash advance rate, but it's good practice to avoid taking them out.

Smaller signup bonus: Since the card's signup bonus is smaller, you're sacrificing some money right off the bat. Of course, that isn't the only thing that matters about a card, but still, good to know.

Shorter intro APR period: The card has a shorter introductory purchase APR period than does the Citi Forward® Card for College Students, so if you want to pay down a purchase over a long period of time, you might want to consider that.

Read the full review of the Citi Forward® Card for College Students on our blog

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