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Discover it® for Students- Good Grades Rewards Review

Pros & Cons

  • This card rewards good grades by offering students with a 3.0 GPA (and better) cash back equal to 1% of their student loan principal balance.
  • If you have relatively low student loan debt, and an excellent credit score, you’ll be able to find other credit cards with larger rewards

Full Review

Curtis Arnold Editor-in-chief
Once a spin-off of a Sears retail credit card project, Discover has grown into a consumer lending powerhouse with hooks into the student loan and mortgage industries. With the Discover it® for Students- Good Grades Rewards card, the lender wants to prove that qualifying for a student credit card doesn't mean putting up with stripped-down features. It's part of a long term customer loyalty strategy that should force Discover's rival to take notice.

Reinventing the student credit card with personal service

Before 2009's Credit CARD Act, most student credit cards attracted new customers by setting up shop at campus events and trading small tchotchkes for applications. At the risk of stereotyping college students, applicants rarely looked at APRs or rewards programs. Instead, the card with the best t-shirt, frisbee, or spring break getaway coupon often ended up in a student's wallet.

Federal regulations gutted the market for bad student credit cards by restricting marketing practices on campus and by requiring adult cosigners for applicants under age 21. Most college students who carry credit cards now pack an additional card from a parent's rewards credit card account -- usually with far better perks than the typical student credit card.

Discover it® for Students-Double Cash Back your first year doesn't water down the cardholder experience, like many other student credit cards. By hosting all of its customer support teams at facilities inside the United States, Discover prevents a lot of the cultural and language disconnects that can frustrate first-time cardholders when account problems arise. In fact, Discover's call center agents have even been empowered to remove some service fees and renegotiate payment schedules while helping students learn to handle cash effectively.

Best student credit card for cash back rewards
This card is best if you're establishing credit for the first time, but you don't want to pass up the kind of rewards usually offered to consumers with stronger credit histories. This student cash back credit card carries the same feature set as the regular Discover it® card, including:

  • 1 percent cash back on all purchases;
  • and 5 percent cash back tied to quarterly promotions, subject to quarterly enrollment and quarterly maximum spend
  • no foreign transaction fees;
  • flexible payment options;
  • no late fee on the first late payment and paying late won’t increase your APR.*

Thanks to a partnership with Amazon.com, cardholders can instantly exchange CashBack Bonus balances for just about anything. Easy online and telephone payment options make this an ideal alternative for parents nervous about their kids picking up cash from ATMs or from wire services.

How Discover it® for Students-Double Cash Back your first
year compares to other student credit cards

Discover's entry into the student loan servicing business gives their student credit card a distinct competitive advantage. The data Discover collects from student loan recipients and their institutions helps it make better offers to new cardholders.

Discover it® for Students- Good Grades Rewards details

Balance Transfer Intro APR
10.99% Intro APR on balance transfers
Balance Transfer Intro Period
6 months
Purchase Intro
0% Intro APR on purchases
6 months
Purchase APR
13.24% - 22.24% Variable* 
Annual Fee

What Discover says about this card

  • We'll DOUBLE all the cash back you've earned at the end of your first year. So if you earned $101 cash back, we'll double it to $202--Automatically. Only for new cardmembers.*
  • 5% cash back in categories that change each quarter like gas, restaurants, home improvement stores and more -up to the quarterly maximum when you sign up.* 1% cash back on all other purchases.
  • Good Grades Rewards: $20 cash back each school year your GPA is 3.0 or higher for up to the next 5 years.*
  • No annual fee.* No overlimit fee. No foreign transaction fee. No late fee on first late payment & paying late won't raise your APR.*
  • Track your recent FICO® Credit Scores for free in one easy-to-read chart on monthly statements & online.*
  • Freeze It℠ on/off switch lets you prevent new purchases, cash advances & balance transfers on misplaced cards in seconds by mobile app & online.* Plus get 100% U.S.-based service.
  • 0% intro APR* on purchases for 6 months, then the standard variable purchase APR of 13.24% - 22.24%.
  • Click "Apply Now". *See rates, rewards, FICO® Credit Score terms & other information.

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Special offers
Currently available on the Discover it® for Students- Good Grades Rewards
We'll DOUBLE all the cash back you've earned at the end of your first year. So if you earned $101 cash back, we'll double it to $202--Automatically.
Only for new cardmembers.*

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