These two cards are similar in many ways; both cards have 5% bonus categories and a cash-back match for your first year. In general, it should be easier for students with limited income to qualify for the student card; plus, the waiving of your first late fee is unique to the student card. Meanwhile, the Discover it Cash Back has a more attractive promotion, including 0% APR for both purchases and balance transfers for 15 months. After the intro period, its APR increases to 14.24%-25.24%.Â