Rewards Plan
Sign up Bonus
Credit Rating
0% Intro
Annual Fee
APR
- High Cash Back for Select Spending Categories
- 0% Intro APR Period
- Limit on Cash Back Spending Per Quarter
- Balance Transfer Fee
Rewards Plan
Sign up Bonus
0% Intro
PROS
- High Cash Back for Select Spending Categories
- 0% Intro APR Period
CONS
- Limit on Cash Back Spending Per Quarter
- Balance Transfer Fee
APR
16.74% - 27.74% variable
Annual Fee
$0
Balance Transfer Fee
5%
Credit Requirements
Good - Excellent
The Discover it® Cash Back card is perfect for people with good credit - besides it doesn't have an annual fee, the card also offers many rewards for using it, plus there is a welcome offer when you first apply for it.
You shall also get a 5% cashback on up to $1,500 in rotating category purchases each quarter when you activate the bonus category (then 1%), as well 1% percent cash back on all other purchases
It also offers a lengthy 0% APR intro period - 15 months on purchases and balance transfers - giving you time to pay off your balance without interest. The additional bonus of matching your cash back earned in your first year can be a lucrative incentive if your comparing maximum rewards value versus other cash back credit cards.
- 0% Intro APR Period
- Cash Back for Select Spending Categories
- Discover Matches Cash Back Earned Your First 12 Months
- No Annual Fee
- Limit on Cash Back Spending Per Quarter
- Less Merchant Acceptance
- Balance Transfer Fee
- Keeping Track of Bonus Categories
When to skip the Discover it Cash Back Card?
If you want more predictability with your cashback rewards then there might be other cards outside of the Discover it Cash Back card that will be suitable for you.
Should You Move to Discover it Cash Back Card?
If you want to get good rewards from bonus categories and want access to a good signup offer then the Discover it Cash Back card could be a good fit for you.
How to maximize rewards on Discover it Cash Back Card?
If you are looking to maximize the rewards that you can get from the Discover it Cash Back card, then make the most out of the quarterly bonus categories and signup offers.
Why did Discover it Cash Back Card deny me?
You might not have met all of the requirements. You can enquire as to where your application fell short. If you cannot proceed, you can look at some of the other available options.
In This Review..
Benefits
Let’s take a look at the benefits of the Discover It Cashback card and see if it’s the right one for your wallet or not.
- 0% Intro APR Period
The first benefit of having this credit card is the 15 months on purchases and balance transfers
The 0% purchase APR is longer than most credit cards which works well if you plan to spend right away with it and pay it off slowly.
- Cash Back for Select Spending Categories
Every quarter, specific spending categories will be allowed to 5% cashback on up to $1,500 in rotating category purchases each quarter when you activate the bonus category (then 1%), as well 1% percent cash back on all other purchases.
This is easy to remember for consumers who like cash back systems that are simple. Here you can find a schedule for each quarter.
- Discover Matches Cash Back Earned Your First 12 Months
One of the key benefits of the Discover It Cash Back credit card is that Discover will match ALL of the cash back you’ve earned at the end of your first year having the credit card.
During your first 12 months as a Discover credit card holder, you’ll have ALL of your cash back that you’ve earned, matched. This can add up and be quite lucrative if you’re a high spender with credit cards.
- No Annual Fee
As with all Discover credit cards, you won’t have to pay an annual fee. You also don’t have to pay a foreign transaction fee, but you will have a balance transfer fee of 5%.
Drawbacks
- Limit on Cash Back Spending Per Quarter
While the high bonus cash back reward is a benefit of this credit card, the drawback is that Discover limits this reward to the first $1,500 spending per quarter.
If you max it out every quarter that will accrue $300 in bonus cash back while still earning 1% on all other purchases.
But this may still be a disappointment if you easily clear the $1,500 limit since other cards out there may have higher limits.
- Less Merchant Acceptance
Discover credit card is that merchants may not recognize the card at some stores in the US.
Getting acceptance outside the United States may also be more difficult as compared to Visa or MasterCard.
- Balance Transfer Fee
The Discover It Cash Back card does have a balance transfer fee of 5% which could be a drawback for some consumers.
- Keeping Track of Bonus Categories
It can be confusing trying to keep track of which spending categories are eligible for the bonus cash back reward each quarter.
If you like a simple cash back system, there are other cards that do not have rotating bonus categories.
Rewards Analysis: How Much You Can Earn?
The best way to determine whether the Discover it Cashabck card is right for you is to calculate the amount of rewards and benefits you expect to receive.
Remember that this is a general breakdown of expenses, so make sure to tailor it to your specific consumer preferences and spending habits.
| |
|---|---|
Spend Per Category | Discover it Cash Back |
$12,000 – U.S Supermarkets | $360 |
$5,000 – Restaurants | $50 |
$4,000 – Hotels | $40 |
$4,000 – Airline
| $40 |
$5,000 – Gas | $50 |
Estimated Annual Value | $540 |
How to Redeem Your Rewards?
The Discover It Cash Back card also has several redemption options. In addition to redeeming your rewards with no minimums, you can:
- Receive as statement credit
- Deposit cash into your bank account
- Pay for Amazon and PayPal purchases using your rewards at checkout.
Alternatively, you can pick from Discover Charitable Partners and donate cashback points to charity.
Make The Most of Your Card
Here are some options to help you make the most of your Discover it Cash Back card:
- Take advantage of the Signup Bonus: The signup bonus doubles your rewards in the first 12 months, which should be taken advantage of.
- Maximize the Bonus Categories: Each quarter, it's a good idea to take advantage of as many bonus cashback offers as possible, up to the $1,500 quarterly purchase limit.
- Examine the bonus categories: Discover publishes a calendar for the entire year, allowing you to see which categories will offer the best rewards each quarter. This will enable you to plan your purchases in order to maximize your rewards.
How To Apply For Discover It Cash Back Credit Card?
- 1.
Visit the Discover It Cash Back Credit Card home page, and then click on “Apply Now”.
- 2.
It takes you to the next page where you can choose your card design.
- 3.
Select one and fill in your personal details like your Names, address, email, birth date, income, employment status, etc, then click “Next.”
- 4.
Read the terms and conditions, check the two boxes to agree to the terms, and then click on “Submit.”
Is the Capital One Quicksilver Cash Rewards Card Right for You?
The Capital One Quicksilver Card is a straight-forward, easy to understand cash back rewards credit card that offers 1.5% cash back on all purchases. If you don't have time for calculations, you spend more than $1,500 monthly and you don't have specific places where you spend you money, the Chase Freedom Unlimited can be a great option for you
While other cards to offer more, the Capital One Quicksilver Card is the card that started this trend, and is still offering and doing more than most of its competitors.
This card is not for consumers with are focused on paying down a credit card balance. There are other card options with longer 0% intro APR periods than the 15 months and that doesn’t have a balance transfer fee.
Compare The Alternatives
There are several other great options out there for cash back rewards credit cards that offer lucrative sign up bonuses, competitive cash back rates, and attractive intro APR periods.
Let’s review a few of our top choices as alternative options to the Capital One Quicksilver:
|
|
| |
|---|---|---|---|
American Express EveryDay® Card | Chase Freedom Flex℠ Card | Citi® Double Cash Card | |
Annual Fee | $0
. See Fees & Rates
| $0
| $0
|
Rewards |
1X – 2X
2X at U.S. supermarkets (up to $6,000 each year), then 1x on all purchases
|
1-5%
5% cash back on up to $1,500 in combined purchases on selected categories each quarter and 5% cash back on travel purchased through Chase Ultimate Rewards®. Also, you can earn 3% cash back on dining at restaurants (including takeout and eligible delivery services), drugstore purchases , and 1% on all other purchases
|
2% (1% when purchase and another 1% upon payment)
2% cash back rewards rate – 1% every time you swipe and another 1% upon payment.
|
Welcome bonus |
10,000 points
10,000 points after you spend $1,000 in purchases on your new card within the first 3 months
|
$200
$200 bonus after you spend $500 on purchases in the first 3 months from account opening
|
None
None
|
Foreign Transaction Fee | 2.7%
| 3%
| 3%
|
Purchase APR | 17.49% – 28.49% variable
| 20.24%–28.99% variable
| 19.24% – 29.24% (Variable)
|
FAQ
There is no expiry date for these points that you earn when making purchases through the Discover it Cash Back card if you keep your account open.
When you are applying for the Discover it Cash Back card, there is no out and out request for proof of income and no transparent income requirements.
The minimum credit limit will be $300 when it comes to the Discover it Cash Back card. The exact limit that you get depends on your personal financial situation.
If you want to get good rewards from bonus categories and want access to a good signup offer then the Discover it Cash Back card could be a good fit for you.
Review Cash Back Credit Cards
Wells Fargo Active Cash
American Express Blue Cash Preferred
American Express Everyday
Bank of America Cash Rewards
Capital One Quicksilver
Capital One QuicksilverOne Cash Rewards
Capital One Savor Rewards
Capital One SavorOne Rewards
Chase Freedom Flex
Chase Freedom Unlimited
Citi Double Cash
U.S. Bank Altitude Go
U.S. Bank Cash+ Visa Signature
SoFi Card
TD Cash Card
Alliant Cash Back Visa Signature
