Find Out Student Cash Back Credit Card Review – Forbes Advisor

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Discover it® Student Cash Back vs. Discover it® Student chrome

A fairly fair alternative to the Discover it® Student Cash Back is the Discover it® Student chrome, which replaces the 5% rotating quarterly categories that must be activated with an automatic 2% cash back on combined spending at restaurants and gas stations with a quarterly cap of $ 1,000. All other purchases earn 1% cash back.

Although, if maximized, the Discover it® Student Cash Back rewards will easily win over the Discover it® Student chrome rewards, the likelihood of occasional spending earning maximums in fairly specific and limited quarterly categories is low, so weigh carefully. The reward options (and the convenience involved) is important when choosing between these cards.

The Capped Spinning Cash Back for Discover it® students would earn a maximum of $ 300 cash back in a year for spending $ 6,000 in specific categories where the Discover it® 2% cash back category Student chrome will earn a maximum of $ 80 in cash back in one year.

Besides the different cash back schemes, these cards are otherwise very similar.

Discover it® Student Cash Back vs. Chase Freedom® Student Credit Card

For those who don’t want or see value in the 5% rotating Discover it® Student Cash Back categories, the Chase Freedom Student Credit Card offers many of the same benefits. Similarities include unlimited 1% cash back on all purchases, a $ 20 “in good standing” reward for up to 5 years, and no annual fee.

With the Chase Welcome Bonus: $ 50 bonus after the first purchase made within the first 3 months of account opening, the only real hesitation is whether Discover’s first year unlimited cash back match it’s Cashback Match will exceed the welcome bonus. For those planning to spend over $ 5,000 in the first year, the Discover it® Student Cash Back will perform better with the unlimited 1% cash back only, even better after factoring in the quarterly capped rewards. at 5 %.

The Chase Card has an overseas transaction fee, but it offers a number of other highly qualified bonuses, such as an additional 4% cash back on eligible Lyft rides through March 2022 or discounts on DashPass. by Doordash. The Discover it® Student Cash Back is more likely to work better, but as students learn when they start reading tuition agreements, it’s always a good idea to read the fine print first. ‘accept anything.

Discover it® Student Cash Back Credit Card vs. Bank of America® Travel Rewards for Students*

the Bank of America Travel Rewards credit card for students is an amazing card for students planning to study abroad or hit the road, but also a great option in general. Instead of the categories capped at 5% plus unlimited 1% cash back on everything else, the Bank of America card offers a mere 1.5 points per dollar spent on purchases.

With a cash match of one cent per point, the Unlimited Bank of America card point earning would not catch up with the Discover it® Student Cash Back rewards before the first year game, based on overall spend, and would require always spending over $ 20,000 per year to exceed the maximum rewards that can be earned with categories capped in 5% rotation, assuming those categories are used in full each quarter. For most students, this kind of volume is unlikely.

The real advantage of the Bank of America card, beyond its ease of cash back, is its wide international acceptance and the absence of foreign transaction fees. The card also offers a welcome bonus: 25,000 bonus points if you make at least $ 1,000 in purchases within the first 90 days of opening your account – which can be redeemed for a $ 250 credit for travel shopping. This will likely be more than the cash back values ​​earned by a typical student with the Discover it® Student Cash Back card in the first year.

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