Discover student card benefits include an introductory APR of 0% for 6 months on purchases and a $20 annual statement credit for good grades (3.0 GPA or higher each school year for up to 5 years). There’s also a $0 annual fee and a $0 foreign transaction fee, which are standard on all Discover cards. Plus, Discover matches all rewards earned during the first year you have either the Discover it Student Cash Back card or the Student chrome card.
Discover student cards, like all Discover cards, also come with an array of security benefits. Among them are 24/7 account monitoring and SSN alerts. There’s also a “Freeze It” feature which allows cardholders to lock the account if the card is lost or stolen.
Discover recently cut a number of benefits from all of its cards, including the student cards. It dropped purchase protection, extended warranty and return protection in February 2018. Discover also discontinued travel insurance and car rental insurance benefits at that time. And in October 2018, Discover eliminated its price protection benefit.
The two Discover student cards share similar benefits packages. However, each has its own distinct rewards earning structure. The Student Cash Back card gives 5% back on up to $1,500 in purchases in specific categories that change every quarter. All other purchases earn 1% cash back. Student Chrome offers 2% cash back up to $1,000 in combined purchases at gas stations and restaurants each quarter. You’ll get 1% cash back on everything else you buy.
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