Discover it Cash Back Credit Card Review

One of the most notable features of the Discover It Cash Back Credit Card is its 5% cash back program. Cardholders can earn 5% cash back on rotating categories each quarter, up to $1,500 in combined purchases. This means that if you earn $500 in cash back, Discover will match it for $1,000 in rewards. Enjoy 1% cash back on general purchases.

Quick Highlights

• Unlimited Cashback Match for all new card members—only from Discover. Discover will automatically match all your cash back earned at the end of your first year!
• There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
• Earn 5% cash back on everyday purchases at places you shop each quarter, like grocery stores, restaurants, and gas stations. Earn unlimited 1% cash back on all other purchases.
• Redeem your rewards for cash at any time.
• Get a 0% intro APR for 15 months on purchases. Then, based on creditworthiness, 17.24% to 28.24% Standard Variable Purchase APR applies.
• No annual fee.
• Terms and conditions apply.

Discover It Cashback Features and Benefits

The Discover It Cash Back card boasts several features and benefits that cater to everyday spenders seeking straightforward cashback rewards. Here’s a breakdown to help you decide if it fits your financial needs:

Cash Back Prowess

• 5% Cashback Bonus on rotating categories: Earn generous 5% cash back on up to $1,500 purchases in different categories each quarter (restaurants, gas stations, grocery stores, etc.). Activate the categories each quarter to maximize your earnings.
• Unlimited 1% Cashback Bonus on all other purchases: Every swipe earns you 1% cash back, regardless of the category.
• Double Cash Back Match: As a new cardholder, enjoy an incredible dollar-for-dollar match of ALL the cash back you earn in your first year, doubling your rewards!

Flexibility and convenience:

• No annual fee: Keep your hard-earned money and maximize your rewards.
• Intro APR offer: Enjoy a 0% intro APR on purchases for 15 months (then 17.24%–28.24% variable APR). Take advantage of a grace period on new purchases.
• Mobile app convenience: Manage your account, activate bonus categories, and redeem rewards quickly on the go.
• Free credit score monitoring: Keep an eye on your credit health and make informed financial decisions.

Features

• Travel protections: enjoy purchase protection, travel accident insurance, and global chip technology for secure international use.
• Purchase protection: Get reimbursed for eligible damaged or stolen purchases.
• ShopRunner membership: Enjoy free two-day shipping on millions of items at select online retailers.
• Purchase protection: Get added security against damage or theft for up to 90 days after purchase.
• Global chip technology: Enjoy secure payments worldwide with chip card technology.
• Free credit score monitoring: Keep an eye on your credit health.

• FICO score tracking: Free FICO score reports online and on monthly statements. This helps you keep track of your credit score and see how it changes over time.
• Miles for good grades: Discover will give you a $20 statement credit each school year for up to five years if your GPA is 0 or higher.

Discover it Cash Back Rates and Fee

Fees

• Annual Fee: None
• Foreign Transaction Fee: None
• Balance Transfer Fee: 3% introductory fee on balances transferred by May 10, 2024, and up to 5% on future transfers.
• Cash Advance Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater.
• Late Payment Fee: None the first time you pay late. After that, up to $41.
• Returned Payment Fee: up to $41.

APR (Annual Percentage Rate)

• Standard Purchase APR: 17.24% to 28.24% variable, based on your creditworthiness.
• Cash APR: 29.99% variable.
• Intro Balance Transfers APR: 0% APR for 15 months
• Introductory 0% APR: Enjoy 0% APR for 15 months on purchases and balance transfers from account opening.

Discover it: Cash Back Credit Card Rewards Redemption.

• Cash: You can get your cash back deposited into your bank account. It can also be redeemed as a statement credit.
• Pay with rewards: You can pay for purchases on Amazon and PayPal using your Cashback Bonus balance. You can use your rewards balance to cover part or all of your purchases by linking your card to your Amazon account. If you want to use your rewards on PayPal, simply add your Discover Card to your PayPal Wallet. Then, link your Cashback Bonus under the Discover card you want to use.
• Gift cards: Through Discover, you can shop for gift cards from retailers like Amazon, Walmart, Target, Nordstrom Rack, Sephora, and more. Gift cards start at $5.
• Charity: You can donate your cashback bonus to charity through your online Discover account. Discover currently offers nine charitable partners, including but not limited to the American Red Cross, ASPCA, and Make-A-Wish.

Is Discover it right for you?

Maximize your cashback: If you enjoy chasing bonus rewards and don’t mind a little effort, Discover it shines. It offers 5% cash back on rotating categories throughout the year, potentially boosting your earnings in specific spending areas.

Tackle high-interest debt: The 15-month 0% intro APR on both purchases and balance transfers can be a powerful tool for paying off existing credit card debt without accruing interest.

But it’s not for everyone.

Category commitment: Remember, you need to activate each quarter’s bonus categories to earn the 5%. If remembering and activating feels like a hassle, a flat-rate cash-back card might be a better fit. Consider options like the Wells Fargo Active Cash with its consistent 2% on all purchases.

Limited overseas acceptance: While Discover charges no foreign transaction fees, its acceptance abroad is lower compared to Mastercard, Visa, or American Express. If you travel frequently, a globally accepted card might be more convenient.

Discover It Cashback Application and Approval Process

• Review your credit score: Discover considers your credit score, income, and other factors when evaluating your application.
• Choose your card variant: Discover offers several “it” cards with different reward categories and benefits.

Application process:

• Visit Discover’s website: Go to Discover and choose the “Discover it® Cash Back” card.
• Fill out the application: Enter your personal information, income, employment details, and desired credit limit.
• Please review and submit: Carefully review your application and submit it.

Approval process:

• Discover will review your application and credit report.
• You may receive an instant approval decision or require further verification.
• You’ll receive a welcome email with your account details and card information if approved.
• If denied, Discover will provide reasons for the decision and may offer suggestions for improving your chances in the future.

Contact:

• Customer Service: 1-800
• Official Website: Discover It

Conclusion

The Discover It Cash Back credit card offers a compelling combination of valuable rewards and introductory bonuses, making it a strong contender for everyday spenders. The rotating 5% cash back categories on up to $1,500 in quarterly purchases are generous, and the unlimited 1% back on everything else ensures you never miss out on earning rewards.

The first-year cash-back match sweetens the deal, potentially doubling your rewards in the initial year. However, remember to activate the categories each quarter and be mindful of the spending limits. If you value simplicity and straightforward rewards without annual fees, this card is worth considering. Remember to pay your balance in full each month to avoid interest charges and maximize your reward potential.

WhatCard recommended credit cards: Capital One Venture Rewards Credit Card Review.