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A Student’s Guide to Maximizing Credit Card Rewards and Features contents
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A Student’s Guide to Maximizing Credit Card Rewards and Features

Published October 4, 2024
8 min read
Getting a credit card

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Key Points:

  1. Credit card rewards might come in the form of cash back, miles, or points.

  2. When you align your purchases with reward categories you can maximize your benefits.

  3. Intro APR promotions can help lessen interest costs of large purchases or balance transfers.

Have you ever dreamed of finding hidden treasure? That’s kind of what it feels like when you unlock the full potential hidden in your credit card rewards program. From cash back perks to travel miles, these rewards can help you stretch your budget or indulge in a large purchase. Savvy students learn early how to maximize everyday spending into extraordinary savings.

Get to know your credit card rewards

It’s good to see the types of rewards you can get and how to redeem them if you want to know how to use your credit card for maximum benefit.

Reward types

Cash back: Cash back credit cards give you a percentage of your credit card purchase back in cash back rewards. Each cash back credit card has its own rules, but most offer a standard percentage of cash back on all purchases (fixed-rate rewards), and some may offer a higher level of cash back in specified categories (tiered rewards).

 

Miles: Some reward cards offer miles instead of cash back rewards. Check to see if your card issuer allows you to redeem your miles as a statement credit toward travel purchases.

 

Points: Rewards credit cards that offer a points program typically will have varying redemption options.

How to redeem rewards

Do all student credit cards redeem rewards the same way? No. You’ll need to review the terms and conditions in your student credit card agreement to get all the details. For example, your card issuer might require a minimum number of rewards before you can start redeeming. Additionally, your rewards might expire.

Another example is that Discover allows cardmembers to redeem any amount of your rewards using your Discover Card at Amazon.com—there's no minimum.1

At Discover, you can redeem any amount, any time2 and your rewards never expire.2 So you can save money while still getting what you want.

Learn More

Strategies for maximizing credit card rewards

A great way to save money is to earn and redeem credit card rewards. When you get the most out of these rewards, it’s even better.

Utilize sign-up bonuses

Some credit cards give a bonus just for signing up. Make sure to read the fine print—you might have to make a certain dollar amount of purchases and have a time limit to receive this bonus.

At Discover, refer a friend and get a statement credit for each friend who becomes a cardmember.3 It's an easy way to get a Statement Credit reward. Eligibility requirements apply. See terms and conditions.

  1. Text, email or share your personal link.
  2. Your friend will apply for their card using this link.
  3. For each friend you refer who gets card approval, you'll receive a Statement Credit.
  4. Once your friend makes their first purchase within the first three months, they will also get a Statement Credit.
  5. You will receive a Statement Credit for each approved friend, up to $500 per calendar year.

Align spending with reward categories

As you look for the best rewards credit card for you, look at your personal spending style. Many cards reward you when you shop in certain categories. If you want to max out your student credit card benefits, you’ll want to pick a card that aligns with where you shop.

Do you spend a lot of money on gas and restaurants? Then a card like the Discover it® Student Chrome might be a good choice. You can earn 2% Cashback Bonus® at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.4

Combine cards for maximum rewards

If the way you spend money is more varied, then multiple cards can help you maximize credit card rewards where you spend the most. You’ll use each card where your purchase gives you the most benefits.

We’ve told you about the Discover it® Student Chrome card. But another student rewards card might fit your spending style. A rotating category cash back rewards card allows you to earn cash back in different spending categories, usually changing each quarter of the year. And travel cards help you spend when on the road or planning your trips.

One choice is the Discover it® Student Cash Back Card. With this rotating rewards card, you earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, you earn unlimited 1% cash back on all other purchases—automatically. Use this type of card when you make purchases in the active categories.

Another option is the Discover it® Miles card where you can earn 1.5x Miles on every purchase. Discover gives you a travel rewards credit card that earns Miles on all eligible purchases, including airlines and hotels. Redeem Miles for travel or cash.5

Take full advantage of other credit card features

Beyond rewards, many cards have built-in features and programs to help save you money. Don’t lose out on these offers.

Intro APR offers

When looking for a new credit card, it’s important to compare credit card interest rates. An annual percentage rate (APR) is the interest rate your credit card company uses to determine any interest you may owe. Even though it lasts for a limited time, your intro APR could be better than your standard purchase APR.

The best credit card APR is 0%, which means you would pay no interest. This rate is generally available only as an introductory offer to new applicants for a credit card, and a 0% intro APR offer can apply to purchases, balance transfers, or both.

Intro APR promotions usually only apply for 6 to ­15 months on average. Try to reserve this for big ticket items or balance transfers you can pay off in that time limit—otherwise your card issuer will charge interest.

You can apply for a Discover student credit card with a low intro APR on purchases.

Learn More

Balance transfer offers

If you already have some high-interest debt, a credit card balance transfer may help you save money on interest. If you do a balance transfer to a credit card that offers a low introductory APR, the new card won’t charge interest (or will have a much lower interest rate) during that time. This means more of your monthly payment can go toward paying down the full balance.

Credit building tools

Whether you’re getting credit cards, personal loans, or buying a car, your credit history and credit score will matter. Build credit with confidence by growing your credit knowledge.

  • Free credit reports: Everyone can access a free credit report from the three major credit reporting agencies—Equifax, Experian, and TransUnion. You can request a copy of your credit report at AnnualCreditReport.com.
  • Access your credit score: With a Discover® Card, you get a free Credit Scorecard with your FICO® Score and important information behind it, like credit utilization, number of missed payments, number of recent inquiries, length of credit history and total number of accounts.6
  • Educational resources: Sites like Discover Card’s Card Smarts have articles to help you learn more about how to manage your credit accounts. Topics include how credit works, how to apply for a credit card, how to use a credit card responsibly, building credit, and more.

How to keep your rewards

Once you’ve chosen a card with the best membership rewards, you don’t want to lose them. Student credit cards are easy to manage with a little effort.

Pay off balances each month

If you miss a credit card payment, you may get more than a late fee. Your card issuer can also hit you with penalty interest rates or report your late payment to credit reporting agencies (which can impact your credit score). 

When you pay your statement balance (the total charges made in the previous billing cycle plus any outstanding balance on the account), you can avoid interest charges and prevent credit card debt. When you pay your full statement balance, you’re building credit, too.

Online credit card bill payment is one of the easiest and most convenient ways to help pay your credit card bill. With online portals and mobile apps, you’ll have instant access at your fingertips.

Did You Know?

Discover Cardmembers can sign up for credit card alerts to keep track of their minimum payment due date. They can also set up alerts or reminders to track their spending.

Learn More

Avoid common pitfalls

It’s a great idea to take advantage of rewards, but not if it will cause credit trouble. Try to avoid overspending or reaching your credit limit just to earn rewards. 

A budget can help you avoid overspending while making consistent and predictable use of your student credit card and its rewards.

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  1. Use Rewards at Amazon.com: For complete details on how to Pay with Rewards at Amazon.com see Amazon.com/DiscoverRewards. Amazon is not a sponsor of this promotion. Amazon, the Amazon.com logo, the smile logo and all related marks are trademarks of Amazon.com, Inc. or its affiliates. To redeem your rewards at checkout, you must select the Discover Card from which you want to redeem rewards. If you do not pay for your full purchase with rewards, you may use the Discover Card from which the rewards were applied or an Amazon.com Gift Card to pay for the remainder of your purchase. You may not use a credit card from an issuer other than Discover or another Discover credit card enrolled in Shop with Points in conjunction with the rewards transaction.

  2. Rewards Redemption: Rewards never expire. We reserve the right to determine the method to disburse your rewards balance. We will credit your Account or send you a check with your rewards balance if your Account is closed or if you have not used it within 18 months. You may be unable to redeem rewards in some limited situations such as when you choose to use an electronic funds transfer to redeem rewards to a new (unverified) deposit account.

  3. Refer-a-Friend: You must apply, be approved for an eligible Discover credit card, and your account must be open and in good standing to participate in the Refer-a-Friend program and receive your referral reward. Your account may not always be eligible for Refer-a-Friend. Refer-a-Friend eligible cardmembers will receive a statement credit referral reward if the person they referred applies online for the specific offer sent via the digital link provided and is approved by 11:59 pm ET, December 31, 2025. Phone, mail-in, and other digital applications are not eligible for referral rewards. Maximum annual referral amount will be stated in individual referral offers upon login. You are not eligible to refer if you have a Discover it® Secured Credit Card, or Discover it® Business Card. For other product types, eligibility will not begin until your account has been opened for at least one billing cycle. If eligible, visit http://discover.com/refer  and log in to locate your personal referral link to share. Each eligible referral will receive a statement credit after making a purchase within three months of opening a new Discover account. A Balance Transfer or Cash Advance does not qualify as a purchase. Existing Discover cardmembers and those who have opted out of receiving marketing communications from Discover are not eligible referrals. You will not be notified whether a specific referral was approved or declined. Please allow up to 1-2 billing periods for the statement credit to post to your account after each referral is approved. Statement credits you receive may be taxable to you. Please contact your tax advisor. Offer may not be combined with any other introductory offer.

  4. 2% Cash Back at gas and restaurants: You earn a full 2% Cashback Bonus® on your first $1000 in combined purchases at Gas Stations (stand-alone), and Restaurants each calendar quarter. Calendar quarters begin January 1, April 1, July 1, and October 1. Purchases at Gas Stations and Restaurants over the quarterly cap, and all other purchases, earn 1% cash back. Gas Station purchases include those made at merchants classified as places that sell automotive gasoline that can be bought at the pump or inside the station, and some public electric vehicle charging stations. Gas Stations affiliated with supermarkets, supercenters, and wholesale clubs may not be eligible. Restaurant purchases include those made at merchants classified as full-service restaurants, cafes, cafeterias, fast-food locations, and restaurant delivery services. Purchases must be made with merchants in the U.S. To qualify for 2%, the purchase transaction date must be before or on the last day of the offer or promotion. For online purchases, the transaction date from the merchant may be the date when the item ships. Rewards are added to your account within two billing periods. Even if a purchase appears to fit in a 2% category, the merchant may not have a merchant category code (MCC) in that category. Merchants and payment processors are assigned an MCC based on their typical products and services. Discover Card does not assign MCCs to merchants. Certain third-party payment accounts and digital wallet transactions may not earn 2% if the technology does not provide sufficient transaction details or a qualifying MCC. Learn more at Discover.com/digitalwallets. See Cashback Bonus Program Terms and Conditions for more information.

  5. Redeem Miles: Starting at 1 Mile, you can redeem your Miles as a credit to your account to pay for all or part of your bill, for cash as an electronic deposit to your bank account, or for a credit for Travel Purchases made on your statement within the last 180 days. Each Mile is equal to $0.01. Miles cannot be redeemed directly with a specific airline carrier. Travel Purchases include airline tickets, hotel rooms, car rentals, travel agents, online travel sites, commuter transportation, restaurants and gas stations. Restaurant purchases include those made at merchants classified as full-service restaurants, cafes, cafeterias, fast-food locations, and restaurant delivery services. Gas Station purchases include those made at merchants classified as places that sell automotive gasoline that can be bought at the pump or inside the station. Gas Stations affiliated with supermarkets, supercenters, and wholesale clubs may not be eligible. Even if a travel purchase on your statement appears to fit in a Travel Purchase category, the merchant may not have a merchant category code (MCC) in a Travel Purchase category. Merchants and payment processors are assigned an MCC based on their typical products and services. Discover Card does not assign MCCs to merchants. Certain third-party payment accounts and digital wallet transactions may not be eligible for credit redemption if the technology does not provide sufficient transaction details or a qualifying MCC. See Terms and Conditions for more information.

  6. FICO® Credit Score Terms: Your FICO® Credit Score, key factors and other credit information are based on data from TransUnion® and may be different from other credit scores and other credit information provided by different bureaus. This information is intended for and only provided to Primary account holders who have an available score. See Discover.com/FICO about the availability of your score. Your score, key factors and other credit information are available on Discover.com and cardmembers are also provided a score on statements. Customers will see up to a year of recent scores online. Discover and other lenders may use different inputs, such as FICO® Credit Scores, other credit scores and more information in credit decisions. This benefit may change or end in the future. FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.

    Discover Financial Services and Fair Isaac are not credit repair organizations as defined under federal law or state law, including the Credit Repair Organizations Act. Discover Financial Services and Fair Isaac do not provide “credit repair” services or assistance regarding “rebuilding” or “improving” your credit record, credit history or credit rating.

  • Legal Disclaimer: This site is for educational purposes and is not a substitute for professional advice. The material on this site is not intended to provide legal, investment, or financial advice and does not indicate the availability of any Discover product or service. It does not guarantee that Discover offers or endorses a product or service. For specific advice about your unique circumstances, you may wish to consult a qualified professional.