Discover It Cash Credit Card

discover-it-credit-card

Discover It 5% rebate categories changed starting April 1

From April 1 to June 30 Discover cardholders earn 5% cash back rewards on items purchased:

  • at gas stations
  • with Uber and Lyft
  • at wholesale clubs such as Costco

The wholesale club category may be of interest in today’s times. According to an article titled Coronavirus: Six things that are booming in sales. These items are particularly in demand right now:

  • Bicycles and exercise gear
  • Outdoor and indoor games (pool tables)
  • Home and garden items
  • Electrical goods (freezers, computers)

Note there is a $1,500 max spend for the 5% rebate. Amounts over that get only 1% rewards, which limits the extra cash back to no more than $120 per quarter. But that can add up to a bonus of $480 for the first year.


New Account Incentives

  1. Get 0% financing on all your purchases for 14 months from the date of account opening to help spread out the bill for a large purchase, plus the rewards.
  2. For new account holders Discover matches cash back rebates at the end of your first year, that’s up to 10% cash back (limits apply).

Note: if the account is closed before 12 billing cycles complete, there will be no match.


You can redeem your rewards several ways

  1. Statement credit no minimum amount to qualify
  2. Direct deposit to your bank account
  3. Use on purchases at Amazon.com
  4. Buy featured gift cards with $5 added to certain ones, e.g. a Dell $50 gift card can obtained with only $45 cash rewards
  5. Donate to participating charities

All these perks are given to the cardholder with NO annual fee!

Other Discover it Credit Card benefits include

  • Get cash over your purchases, up to $120 per purchase every 24 hours, without ATM fees, at select retail locations, such as Food Lion, Harris Teeter, Walmart
  • 24/7 U.S. based customer service
  • Should you lose your card, you can freeze your account in seconds with an on/off switch with the Discover App on your smartphone or the discovercard website
  • $0 fraud liability guarantee on unknown purchases
  • Free monthly FICO scores to monitor your credit rating
  • Text alerts on account activity
  • Free Social Security number and new account alerts in case of unauthorized access
  • Automatic payments available so you never miss a payment
  • Paperless statement option
  • Year-end expense report and summary

The fine print (subject to change):

  • Annual fee: $0
  • No interest if balance paid in full with 25 days
  • Fee for balance transfer: 5% ($5 min)
  • Fee for cash advance: 5% ($10 min)
  • Fee for foreign transaction: 0%
  • Fee for late payment: $0 first time; $40 after that
  • Fee for returned payment: up to $40
  • Fee for going over your credit limit: $0

 

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