I spotted a new opportunity with JumpStart Jack’s new Discover it for Students card, and I have come to a conclusion.
Discover it for Students is the best discover card available.
The student card has every normal Discover perk including quarterly 5x cash back categories (currently home improvement stores). The word student isn’t written anywhere on the card, and looks just like my Discover it card.
In addition to the normal Discover perks, students can earn 20$ for each year with a 3.0 GPA. I believe fear of physical violence from his father a personal drive from within, will be JS Jack’s motivation. I doubt the 20$ incentive will change his behavior at college much. However, if he is going to be successful throughout college, he may as well pick up an extra 80 bucks from Discover.
I already have the Discover it and Discover miles cards, and I can’t think of a way to represent as a 43 year old, who recently made the honor role, but the potential an extra 80$ in four years is an added bonus only available to students.
Back to the recently spotted opportunity.
There was a Discover benefit that I forgot about. A few years ago Discover began doubling cash back, for the first year, for new customers. Discover waits until your 12 month anniversary, and then gives a lump sum bonus equal to all earnings from that first year.
When they began this perk, many existing customers contacted Discover begging for the perk. There was a period of time where the begging was successful. That was followed by a period of time when begging was futile. At the time an Apple pay bonus coincided making for some lucrative deals for the credit card hacking community.
Anyway, the following was displayed in JS Jack’s Discover account and reminded me of the double first year benefit. Discover hasn’t sent any reminders or advertisements about the doubling, and it didn’t even require an activation link to be clicked. I don’t remember the term “cashback match” but the concept is not new.
Based on this perk, our first $1500 of Lowes and Home Depot spend this quarter must go through JS Jack’s card. Mrs. JumpStart and I both have Discover cards, and can earn $75 cash back by spending $1500. Instead, we will rout that spend through JS Jack’s account, since he earns 75$ now and $75 next May. We give up 75$ so our kid can get 150$.
Maximizing this perk.
As teachers, with summer unemployment, and moderate construction skills, we naturally spend money at home improvement stores, particularly in the summer. Third party gift card purchases are also an option. P.F. Changs, Shell, and BP cards with a 10% rebate are always treasured by the JumpStart family. It is important to not let the gift card deal make our Chinese food intake and driving distance increase though.
My plan is to let the Discover cash build until graduation. At graduation, JS Jack’s balances and credit score will demonstrate just how effectiveness of his “JumpStart from Scratch”.