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New Discover it for Students Offer: $20 Cashback Bonus

Update: This credit card has changed since this article was published. You can check out the most up-to-date details on this card here: Discover it® for Students with $20 Cashback Bonus.

You know what never hurts when you're in college? A free $20 bill. $20 in my pocket could last me almost a full week in college, until the inevitable Friday night beer run, of course. Free money is always good, but it's especially useful in college when being broke is more or less the norm'. 

That's why the new offer from our favorite student cash back card - Discover it® for Students - puts a smile on our face. Students receive a free $20 Cashback Bonus® just for making your first purchase within the first three months of approval. That's as simple a way to earn $20 as it gets, and equates to probably two hours of actual work at your average part-time college job. 

EDITOR'S PICKS: 5 Best Cash Back Credit Cards for Students

The offer does have one drawback - it eliminates the 0 percent interest introductory period applied to new purchases. The original Discover it® for Students offer (which by the way is still available) includes 6 months of interest-free purchases. Essentially, students applying for this card are given the choice between a free $20 or 6 months at zero interest. 

If you're a student who does not carry (or plan on carrying) a balance, than you should probably take the free money. If you are inclined to carry a balance during your first months as a cardholder, than you may want to consider applying for the zero interest version of the card, which will delay paying the variable APR attached to this card for at least your first half-year of purchases. The good news is that even if you do carry a balance, the variable APR attached to this card is one of the best for students and starts at 12.99 percent.

The other good news is that all other things remain the same when it comes to this cash back offer. The 5 percent cash back program on up to $1,500 in quarterly purchases is still in play, with Discover recently announcing that gas station purchases will earn cardholders bonus cash back beginning July 1st. Students still have access to the Cashback Concierge(SM), which gives them access to a live person who can help them net the most cash back when shopping online via ShopDiscover. There's still no annual fee to pay, they'll waive your first late payment fee of $35, and this one of the best credit cards to build credit with.

Overall, this is just another nice touch from an excellent credit card for students. Just remember to stick with the original offer if you plan on carrying a balance during your first 6 months of membership with this card.

Discover it® for Students with $20 Cashback Bonus

Students earn a $20 Cashback Bonus® after making their first purchase with this card within 3 months of approval. Plus, earn 5 percent cash back on up to $1,500 in purchases in categories that change each quarter, and another 1 percent on all other purchases. If you're a student who likes FREE money, than this the card you should apply for.

Discover it® for Students - 6 Months at 0% Interest

Plan on carrying a balance during your first 6 months of membership? Consider the original Discover it for Students offer and pay zero interest on new purchases for 6 months. You're still privy to the excellent bonus cash back program, there's no annual fee and no foreign transaction fees for the student studying abroad. Click the "Apply" button to the left for complete details.

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Jason Bushey's picture

Jason Bushey is the former Editor and Vice President of Creditnet. Jason is a Burlington, Vermont native who moved to sunny San Diego after earning a Bachelor's Degree in English and Political Science at the University of Vermont ('09). When he's not sharing his take on credit cards, administrating the Creditnet Forum or blogging about all things related to credit, you can probably find him cheering on the Green Bay Packers (He's an owner!) or running up and down the streets of SoCal.

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