The Discover it Student Cash Back minimum payment is $20, $15 plus past due amounts, or 3% of the statement balance plus past due amounts – whichever is higher. If the statement balance is less than $20, the Discover it Student Cash Back minimum payment will be equal to the balance. In addition, if you recently missed a payment or exceeded your credit limit, Discover may add a late fee or the overlimit amount to your minimum payment.
The minimum payment is the smallest amount you’re obligated to pay by the due date for your Discover it Student Cash Back account to be in good standing. Failure to pay by the due date may result in a late fee. Your credit score will also take a hit if you miss multiple minimum payments.
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