Encouraging kids to get good grades can often be a difficult task. Incentivizing them is a great way to keep them focused on their academics.
Discover realizes this and has launched a new incentive for students that can spark customer engagement and customer loyalty.
Discover will reward students who sign up for a new Discover student credit card an added incentive to receive good grades while they are in school. New student card members who apply after July 23, 2015 will be rewarded with $20 in Cashback Bonus® if their grade point average is 3.0 (or equivalent) or higher each year they are enrolled in school, for the first five years from the account opening.
“This best-in-class program for new Discover card members gives students an opportunity to earn a bonus for hard work in their classes,” said Ryan Scully, a marketing vice president at Discover. “It is also a good way for students to experience the benefits that come with being a Discover card member.”
The Good Grades $20 Cashback Bonus will be in addition to the current rewards structures for the two student credit cards Discover has available:
Discover it® chrome for Students offers an automatic 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases quarterly.
Discover it® for Students offers 5% cash back in categories that change each quarter, up to the quarterly maximum in combined purchases, when you sign up.
Both cards earn 1% cash back on all other purchases.
When students become a new Discover card member, they receive a variety of benefits that continue even after school. All Discover card members receive their recent FICO® Credit Scores for free1 and have the ability to view key factors that impact their scores. They will have access to Freeze ItSM – an on/off switch for their card. Card members can freeze their card in seconds using our mobile app or website to prevent new purchases, balance transfers and cash advances. Discover card members also have the support of award-winning U.S.-based customer service.
“We think it’s important that students understand good credit habits and the importance of a healthy FICO® Credit Score,” Scully added. “Once a student graduates, they will continue to get these great features to help achieve their personal goals and better prepare them for the future.”
This is the second Good Grades Reward program for Discover. Discover Student Loans launched a Cash Reward for Good Grades program in 2014. Customers who have a Discover student loan can go to DiscoverStudentLoans.com/Reward for terms and conditions. Customers who obtained a Discover student loan after April 30, 2014 and are a new Discover Student card member are eligible for both bonuses and must apply for and redeem them separately.