Discovery Student vs Bank Of America Student Credit Card ( Mega Comparison For Students)
Discover it® Student Cash Back
- Annual fee: $0
- Rewards: 5% cash back on rotating categories each quarter, up to the quarterly maximum; 1% cash back on all other purchases
- Welcome bonus: $200 cash back after you spend $1,000 in the first 90 days of account opening
- APR: Variable APR, starting at 13.49%
- Other benefits: No foreign transaction fees, free FICO® Score updates, purchase protection, extended warranty protection
Bank of America® Cash Rewards Credit Card for Students
- Annual fee: $0
- Rewards: 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs, and 1% cash back on all other purchases
- Welcome bonus: $200 cash reward after you make at least $1,000 in purchases in the first 90 days of account opening
- APR: Variable APR, starting at 16.49%
- Other benefits: No foreign transaction fees, free FICO® Score updates, purchase protection, extended warranty protection
Comparison
As you can see, both the Discover it® Student Cash Back and Bank of America® Cash Rewards Credit Card for Students offer no annual fee and a variety of rewards. However, there are some key differences between the two cards.
The Discover it® Student Cash Back card offers higher cash back rewards on rotating categories, while the Bank of America® Cash Rewards Credit Card for Students offers more flexibility with its 3% cash back in the category of your choice. The Discover it® Student Cash Back card also has a lower welcome bonus, but it does offer free FICO® Score updates.
Ultimately, the best card for you will depend on your individual spending habits and preferences. If you want to maximize your cash back rewards on certain categories, the Discover it® Student Cash Back card is a great option. If you want more flexibility with your rewards, the Bank of America® Cash Rewards Credit Card for Students is a good choice.
Which card should you get?
Here is a quick summary of the pros and cons of each card to help you decide which one is right for you:
Discover it® Student Cash Back
Pros:
- Higher cash-back rewards on rotating categories
- Lower welcome bonus
- Free FICO® Score updates
Cons:
- Less flexibility with rewards
- Higher APR
Bank of America® Cash Rewards Credit Card for Students
Pros:
- More flexibility with rewards
- Lower APR
- Free FICO® Score updates
Cons:
- Lower cash-back rewards on rotating categories
Higher welcome bonus
table comparing the Discover it® Student Cash Back and Bank of America® Cash Rewards Credit Card for Students, along with my opinion on which card is best for students:
| Feature | Discover it® Student Cash Back | Bank of America® Cash Rewards Credit Card for Students | My opinion |
|---|---|---|---|
| Annual fee | $0 | $0 | Both cards have no annual fee, so this is a tie. |
| Rewards | 5% cash back on rotating categories each quarter, up to the quarterly maximum; 1% cash back on all other purchases | 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs, and 1% cash back on all other purchases | The Discover it® Student Cash Back card offers higher cash back rewards on rotating categories, but the Bank of America® Cash Rewards Credit Card for Students offers more flexibility with its 3% cash back in the category of your choice. |
| Welcome bonus | $200 cash back after you spend $1,000 in the first 90 days of account opening | $200 cash reward after you make at least $1,000 in purchases in the first 90 days of account opening | Both cards have a similar welcome bonus, so this is a tie. |
| APR | Variable APR, starting at 13.49% | Variable APR, starting at 16.49% | The Discover it® Student Cash Back card has a lower APR, which is a plus. |
| Other benefits | No foreign transaction fees, free FICO® Score updates, purchase protection, extended warranty protection | No foreign transaction fees, free FICO® Score updates, purchase protection, extended warranty protection | Both cards offer similar benefits, so this is a tie. |
| My opinion | The Discover it® Student Cash Back card is a great option for students who want to maximize their cash back rewards on certain categories. The Bank of America® Cash Rewards Credit Card for Students is a good choice for students who want more flexibility with their rewards. |
Ultimately, the best card for you will depend on your individual spending habits and preferences. If you want to maximize your cash back rewards on certain categories, the Discover it® Student Cash Back card is a great option. If you want more flexibility with your rewards, the Bank of America® Cash Rewards Credit Card for Students is a good choice.
discover student credit card limit
The Discover it® Student Cash Back and Discover it® Student Chrome cards have a guaranteed minimum credit limit of $500. However, your actual credit limit may be higher, depending on your credit history and other factors.
Discover does not allow applicants to request a specific credit limit when they apply for a student card. Instead, they will review your application and determine a credit limit that they believe is appropriate for you.
If you are approved for a Discover student card, you will be able to see your credit limit on your online account or by calling customer service.
It is important to note that your credit limit may be increased over time, as you build your credit history and demonstrate responsible use of your credit card.
Here are some tips for increasing your credit limit:
- Pay your bill on time and in full each month. This is the most important thing you can do to improve your credit score.
- Use your credit card regularly, but don’t max it out. Aim to use no more than 30% of your credit limit each month.
- Request a credit limit increase every 6-12 months. As your credit score improves, you may be eligible for a higher credit limit.
By following these tips, you can increase your credit limit and build your credit history. This will make it easier to qualify for better credit cards in the future.
discover student credit card foreign transaction fee
The Discover it® Student Cash Back and Discover it® Student Chrome cards do not charge foreign transaction fees. This means that you will not be charged an extra fee when you use your card to make purchases in foreign countries.
Foreign transaction fees are typically between 1% and 3% of the purchase amount. So, if you use a card with a foreign transaction fee to make a $100 purchase in a foreign country, you would be charged an additional $1 to $3.
Discover’s lack of foreign transaction fees makes it a good option for students who travel abroad. If you are planning to study abroad or take a trip to another country, you should consider getting a Discover student card.
Here are some other cards that do not charge foreign transaction fees:
- Capital One Quicksilver Student Cash Rewards
- Bank of America® Cash Rewards Credit Card for Students
- Citi® Student Rewards Card
- Chase Freedom Unlimited
- Chase Freedom Flex
When choosing a credit card for international travel, it is important to consider factors such as the annual fee, the welcome bonus, the rewards program, and the foreign transaction fee. It is also important to make sure that you are eligible for the card.
Discover Student credit card review
Are you a student looking for a credit card that can help you build your credit and earn cash back? If so, the Discover it® Student Cash Back card is a great option for you.
With this card, you can earn 5% cash back on rotating categories each quarter, up to the quarterly maximum; 1% cash back on all other purchases. You also get a $200 cash-back bonus after you spend $1,000 in the first 90 days of account opening.
In addition to the great rewards program, the Discover it® Student Cash Back card also offers a number of other benefits, including:
- No annual fee
- Free FICO® Score updates
- Purchase protection
- Extended warranty protection
If you are looking for a credit card that can help you build your credit and earn cash back, the Discover it® Student Cash Back card is a great option for you.
Who can apply for a Bank of America student credit card?
Here are the eligibility requirements for the Bank of America® Cash Rewards Credit Card for Students:
- Must be a U.S. citizen or permanent resident.
- Must be at least 18 years old.
- Must have a valid Social Security number or taxpayer identification number.
- Must have a minimum income of $1,200 per month.
- Must not have any outstanding bankruptcies or collections.
If you meet all of these requirements, you can apply for the Bank of America® Cash Rewards Credit Card for Students online or by calling customer service.
Here are some additional requirements that may affect your eligibility for the Bank of America® Cash Rewards Credit Card for Students:
- Your credit score: Bank of America does not disclose the minimum credit score required to be approved for a student card. However, they do consider factors such as your income, your employment history, and your academic performance when making a decision.
- Your co-signer: If you do not have a good credit score, you may be able to get approved for a student card if you have a co-signer. A co-signer is someone who agrees to be responsible for your credit card debt if you do not pay it.
If you are not sure if you are eligible for the Bank of America® Cash Rewards Credit Card for Students, you can contact customer service for more information.
Drawbacks of Bank of America and Discover Credit Card
Here are some drawbacks of Bank of America and Discover credit cards:
- Annual fee: Some Bank of America and Discover credit cards have an annual fee. This fee can range from $29 to $95 per year.
- Interest rate: The interest rate on Bank of America and Discover credit cards can be high. This means that you will pay a lot of interest if you carry a balance on your card.
- Foreign transaction fees: Some Bank of America and Discover credit cards charge foreign transaction fees. This means that you will be charged an extra fee when you use your card to make purchases in foreign countries.
- Rewards program: The rewards program on Bank of America and Discover credit cards can be complex. This can make it difficult to track your rewards and redeem them for travel, merchandise, or cash back.
Here are some additional drawbacks that may apply to specific Bank of America and Discover credit cards:
- Credit score requirement: Some Bank of America and Discover credit cards have a minimum credit score requirement. This means that you will need to have a good credit score in order to be approved for the card.
- Welcome bonus: Some Bank of America and Discover credit cards offer a welcome bonus. This bonus is usually a lump sum of cash or points that you can earn after you spend a certain amount of money on the card in the first few months. However, you may have to meet other requirements to earn the welcome bonus, such as making a minimum number of purchases or keeping a minimum balance in your account.
- Late payment fees: If you miss a payment on your Bank of America or Discover credit card, you will be charged a late payment fee. This fee can range from $35 to $40.
- Overlimit fees: If you spend more than your credit limit on your Bank of America or Discover credit card, you may be charged an over-limit fee. This fee can range from $25 to $35.
late payment fees for Bank of America and Discover student cards
Here are the late payment fees for Bank of America and Discover student cards:
- Bank of America® Cash Rewards Credit Card for Students: $39
- Discover it® Student Cash Back: $39
- Discover it® Student Chrome: $39
Both Bank of America and Discover student cards will waive the late payment fee the first time you pay late. However, if you continue to pay late, you will be charged the fee each time.
It is important to pay your credit card bill on time each month to avoid late payment fees. Late payment fees can hurt your credit score, which can make it more difficult to get approved for loans or other forms of credit in the future.
Here are some tips for avoiding late payment fees:
- Set up automatic payments: This will ensure that your bill is paid on time, even if you forget.
- Track your due date: Make sure you know when your bill is due and set a reminder in your phone or calendar.
- Pay more than the minimum: If you can, try to pay more than the minimum payment each month. This will help you pay off your balance faster and avoid interest charges.
Discover Student Card 0 Apr
Discover offers two student credit cards with 0% APR on purchases:
- Discover it® Student Cash Back: This card offers 0% APR on purchases for the first 6 months from the date of account opening, then the standard purchase APR of 16.49% – 24.49% variable applies.
- Discover it® Student Chrome: This card offers 0% APR on purchases for the first 6 months from the date of account opening, then the standard purchase APR of 17.49% – 25.49% variable applies.
Both cards have a $0 annual fee and offer a variety of other benefits, such as cash-back rewards, purchase protection, and extended warranty protection.
To be eligible for a Discover student card with 0% APR, you must be a U.S. citizen or permanent resident, at least 18 years old, and have a valid Social Security number or taxpayer identification number. You must also have a minimum income of $1,200 per month.
If you are approved for a Discover student card with 0% APR, you can use it to make purchases without having to worry about interest charges for the first 6 months. This can be a great way to build your credit history and save money on interest charges.
However, it is important to note that you will still be responsible for paying your bill in full each month. If you do not pay your bill in full, you will be charged interest on the remaining balance.
Here are some tips for using a Discover student card with 0% APR:
- Make sure you understand the terms and conditions: Before you apply for a card, make sure you understand the terms and conditions, including the 0% APR period and the standard APR that will apply after the promotional period ends.
- Pay your bill on time and in full: This is the most important thing you can do to avoid interest charges.
- Use your card responsibly: Only use your card for purchases that you can afford to pay off in full each month.
- Request a credit limit increase: If you are able to increase your credit limit, you will be able to borrow more money without affecting your credit score.