Discover it® Student Cash Back vs. Discover it® Student Chrome
One possible alternative to the Discover it® Student Cash Back is the Discover it® Student Chrome, which replaces the must-be-activated 5% rotating quarterly categories (up to $1,500 in spending) with 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter and 1% cash back on all other purchases.
If maximized, the rewards from the Discover it® Student Cash Back will easily out-earn those from the Discover it® Student Chrome. But the likelihood of casual spending earning maximums in fairly specific and limited quarterly categories is low, so weigh the reward options (and the convenience involved) carefully when choosing between these cards.
At most, the Discover it® Student Cash Back’s $1,500 quarterly capped, rotating cash-back categories (activation required) would yield a maximum of $300 in cash back in one year at the 5% rate—and would require spending $6,000 in the bonus categories. The Discover it® Student Chrome offers a much lower rewards cap. Its 2% cash-back categories could yield a maximum of $80 cash back in one year, requiring a spend of $4,000.
Other than the cash-back schemes being different, these cards are otherwise similar. And like the Discover it® Student Cash Back, the Discover it® Student Chrome also comes with Unlimited Cashback Match™ - Discover will automatically match all the cash back earned at the end of the first year. There's no minimum spending or maximum rewards.
Discover it® Student Cash Back vs. Chase Freedom Rise®
For those who don’t want or don’t see value in the rotating categories of the Discover it® Student Cash Back card, the Chase Freedom Rise® offers the opportunity to build credit history and enjoy a simple cash-back program at the same time.
The Chase Freedom Rise® is the best option for those who would like to earn Chase Ultimate Rewards® points while building their credit. The card earns 1.5% cash back on every purchase with no rewards limits.
This card is open to anyone who’s new to credit, regardless of their college enrollment status. You can also boost your chances of approval by having a Chase checking account with a balance of at least $250 when you apply.
For students willing to put in the work of activating the rotating categories, the Discover it® Student Cash Back could yield better results, but the Chase Freedom Rise® may appeal to those looking for a flat-rate option. Note, however, that the Chase Freedom Rise® does charge a foreign transaction fee of 3%of the amount of each transaction in U.S. dollars..
Discover it® Student Cash Back vs. Bank of America® Travel Rewards credit card for Students
The Bank of America® Travel Rewards credit card for Students is an amazing card for students who plan to study abroad or hit the road, but it’s also a great option in general. With this card, you’ll earn 1.5 points per dollar on all purchases everywhere, every time with no expiration on points as long as your account remains open.
The Bank of America® Travel Rewards credit card for Students is unlikely to beat the Discover it® Student Cash Back purely in terms of rewards earned. With the same level of spending, this card will likely only generate $272.85 in rewards each year.
The real benefit to the Bank of America® Travel Rewards credit card for Students, beyond its simplicity, is its wide international acceptance as a Visa card and a lack of foreign transaction fees. There’s also the following welcome bonus: Earn 25,000 online bonus points after spending $1,000 in purchases in the first 90 days of account opening.
While students who spend heavily in the Discover it® Student Cash Back’s capped bonus categories may do better with the Discover it® Student Cash Back card in the first year—due to the unlimited Cashback Match—those whose spending doesn’t match up well with those categories are likely to get more value from the Bank of America card’s bonus.
If you’re willing to put in a little work and pay attention to the rotating bonus categories, then the Discover it® Student Cash Back offers the best return on spending when compared to other credit cards for students. Throw in the cash-back match at the end of the first year, and you’ve got yourself a solid bonus to use toward textbooks or school supplies the following semester.
– Anya Kartashova, Credit Cards Writer
