Table of Content
There are all different types of credit cards on the market today. Some of them are suited to big spenders, business owners, or people who travel a lot. Then there are those cards that mainly focus on students.
These are often the first credit cards that a person has and have a lot of favorable terms and conditions attached to them. This comparison is going to look at two student credit cards from Discover it – the Discover it® Student Cash Back card and the Discover it® Student Chrome card.
Side By Side Comparison
Simulation: Which Card Gives More Rewards?
If you are looking at the ways in which you can earn cashback and want to see a broken-down example comparing two cards, then this can provide you with some useful insights.
Here is a look at the rewards that you can expect from both of the Discover it student cards:
|
| |
|---|---|---|
Spend Per Category | Discover it® Student Cash Back | Discover it® Student Chrome |
$6,000 – U.S Supermarkets | $300 | $60 |
$2,000 – Restaurants
| $20 | $40 |
$1,000 – Airline | $10 | $10 |
$1,000 – Hotels | $10 | $10 |
$2,000 – Gas | $20 | $40 |
Estimated Annual Value – First Year | $700 | $320 |
Estimated Annual Value | $350 | $160 |
* The Discover it Student Cash Back offers higher cash back on rotating categories up to $6,000/year. We assume full utilization, calculating the total amount under "U.S Supermarkets" category.
As you can see, there can be some very good rewards that you get thanks to the Discover it Student Cash Back bonus categories as you can get 5% cashback. The Chrome card provides you with a more steady level of cashback across the board.
However, you'll get the most of the Discover student cash back card if you know how to take advantage and utilize the rotating categories rewards.
Compare Welcome Bonus And Fees
Both of these cards allow you to get all of the rewards points you accumulate over the course of your first year to be doubled. Both cards also have a good grades reward which sees you getting $20 in statement credit each year that you get a GPA of at least 3.0.
There are no annual fees or foreign transaction charges that you have to deal with when using these cards. There are fees in place for making balance transfers. Each card has 0% intro APR for the first six months of your account, with the variable APRs being 18.24% – 27.24% Variable thereafter
Compare The Perks
There are going to be different types of perks that every credit card will have that add to their attraction. These can come in many different forms.
Here is a look at the different types of perks that you will find with both of these Discover it cards.
No Credit Score Needed: People who are applying for both of these cards will not need to have a credit score.
Choose the Style: Discover it allows you to choose the style of your physical card, having a long list of options.
User-Friendly App: The Discover it app is very user-friendly and is ideal for students who may not have much experience of managing their finances. You can view your FICO score for free, check your account limits, and so on through this app.
Referral Perks: Every time that you refer a friend and they sign up for a Discover it credit card, you will earn a referral commission in the form of statement credit.
Good Grad Reward: You will get $20 statement credit for each school year in which you have a 3.0 GPA or greater, covering five years.
Compare The Drawbacks
There are no perfect financial products, so it is important to be aware of the potential drawbacks of a new credit card before you sign up.
Here we’ll highlight some of the possible negatives to help you make an informed decision.
Discover it® Student Cash Back
- Manual Activation
You will need to manually activate each of the bonus categories in order to get the rewards.
- Bonus Categories Change
As the bonus categories are changing every quarter, you need to keep track of which categories are currently active.
Discover it® Student Chrome
- Low Quarterly Cap
The quarterly cap of getting 2% cashback on combined purchases of $1,000 is a bit low.
Compare Redemption Options
The Discover it Student Cash Back card will give you 5% cashback on everyday purchases at different places, with these categories changing each quarter. You need to activate the bonus category each month and the bonus categories will usually be the likes of Amazon.com, grocery stores, restaurants, gas stations, and PayPal purchases. These rewards will be capped at $1,500 worth of total purchases for the quarter. All other purchases get 1% cashback.
For the Discover it Student Chrome card, you will get 2% cashback on purchases at gas stations and restaurants. This covers combined purchases worth up to $1,000 each quarter. All other purchases will earn you 1% cashback.
The rewards for both cards can be redeemed at any time for the likes of electronic deposits, statements credits, charitable donations or to pay at certain retailers like Amazon.com.
Option | Discover it® Student Cash Back | Discover it® Student Chrome |
|---|---|---|
Gift Card
| Average | Average |
Statement Credits/Cash-back | A+ | A+ |
Travel | Average | Above Average |
Transfer Points to Airline | A+ | A++ |
Shopping
| 3.5 | 4.8 |
How to Maximize Cards Benefits?
If you want to make the best use of your Student Cash Back card, there are some tips to help you:
Maximize the Bonus Categories: The main way to get the most out of these rewards is to make sure that you are maxing out the bonus category rewards each month.
Use With Other Cards: Outside of the bonus categories, you only get 1% cashback with this card. Therefore, you can use it in conjunction with cards that are better for certain categories.
Activate the Bonus Categories: You need to make sure that you activate the bonus categories each quarter or you will miss out on rewards.
- Build You Credit – One of the main goals is to building your credit. Make payments on time, maintain a low credit utilization ratio and do your best to improve your score to enjoy the best cash back cards.
If you want to make the best use of your Student Chrome Back, there are some tips to help you:
Maximize the Bonus Categories: The main way to get the most out of these rewards is to make sure that you are maxing out the bonus category rewards each month.
Using Other Cards: If possible, you might be able to use another card that offers better cashback rates in certain categories.
Customer Reviews: Which Card Wins?
For the Discover it Student Cash Back card, the positive reviews talk about the ease of use and the great cashback rewards on the bonus categories. Discover it has posted thousands of reviews for both of these cards on the website, with people giving both of these cards a 4.8/5 star rating.
For the Discover it Student Chrome card, the positive reviews talk about the great user-friendliness of the card and using the rewards. Some of the negative reviews talk about the relatively low cashback rewards rates.
When You Might Want the Discover it® Student Cash Back?
The Discover it® Student Cash Back is a great option that could be good you're looking for:
In College: This card is a great fit for students and has some great rewards on offer.
Looking for High Cashback: the bonus categories give you 5% cashback and you will double this for the first year thanks to the signup offer.
Confident With Credit Cards: You need to activate the bonus categories and the spending categories change every quarter, it might not be the best card for an absolute beginner.
When You Might Want the Discover it® Student Chrome?
The Discover it® Student Chrome Card is a solid choice if you're looking for:
In College: This card is a great fit for students and has some great rewards on offer.
User-Friendly: This is a good starting card for students as the categories of spending don’t change every quarter.
Good Boosts: There is a 2x boost to your rewards in the first year of having your card, which can accumulate into significant savings over the year.
Bottom Line
Both of these student card options from Discover it have their own merits. They have great signup offers, as well as attractive intro APR.
They both take a slightly different approach to cashback rewards, so you will need to see which approach is most fitted to your needs.
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