If you’re looking Cashback Credit Card Without an annual fee, you probably considered Discover IT® Cashback. One of the most popular Rotation Bonus Category CardDiscoverIT® Cashback is offered 5% back to your first $1,500 spend in the bonus category that spins each quarter (on activation, you will then earn 1%).
However, cashback is not the only advantage Discover IT® Cashback. The card also boasts potentially advantageous welcome bonuses, flexible redemptions, limited fees, no annual or foreign transaction fees, and no charges for a fee or penalty APR on your first late payment (then faces a fee of up to $41 for all late payments).
Let’s take a closer look at your card products and how to make the most of them.
Discover IT® Cashback Card Benefits
One of the most obvious benefits of DiscoverIT® cashback is its generous reward rates combined with daily spending categories. It also stands out in a unique welcome bonus that matches all the rewards you earn at the end of your first year. The card also boasts a long-term introductory APR offer and consumer protection tools for cardholders.
Benefits of rewards
DiscoverIT® Cashback offers some of the best rewards on the market along with one of the easily welcome bonuses to earn. If you like to plan your spending in advance and don’t want to get the minimum bonus, this card is perfect for you.
High income opportunities
DiscoverIT® Cashback offers impressive reward rates in several spin bonus categories. Activating a quarterly bonus category will earn you 5% on the first $1,500 you spend on that category each quarter, then your rate will drop to 1%. You can also earn 1% on all other purchases.
Discover a 5% cashback calendar We will be releasing card bonus categories every quarter, and tend to be relatively consistent every year. In the past, the calendar included the following bonus categories:
- grocery store
- Drugstore
- Gas station
- Wholesale Club
- restaurant
- PayPal
- Home improvement store
It is available in a quarter only in each category and is limited to the first $1,500 purchase, but this rate is one of the best you can easily get in many of these bonus categories. Most other cards offer only 2-3% back in such categories, so depending on how much you spend, the reward rate for DiscoverIT® Cashback Cards may offer more value despite quarterly limits.
“I have squeezed a lot of value out of the online shopping category of cards, especially over the past few years,” says Nouri Zarrugh, senior credit card editor at Bankrate and a longtime IT® cashback card holder.
Superstores like Walmart and Target rarely count as grocery stores with most cashback cards, but DiscoverIT® Cashbacks both offer a 5% bonus category.
– Nouri Zarrugh, Senior Credit Card Editor, Bank Rate
Cashback match
Instead of offering tradition Welcome bonus To do this, you must meet the minimum spending requirements. The discovery matches all rewards you earn at the end of your first year in the cashback match program.
If you make the most of the $1,500 limit in the 5% cashback category, you can earn $75 per quarter or $300 per year cashback. If you have a cashback match at the end of your first year, you can earn an additional $300 for a total of $600. Also, general purchases earn 1% cashback and increase the size of cashback matches.
Cashback matches are unlimited, so the discovery IT® cashback card bonus may be more valuable than other bonuses No cashback every year cardwhich is usually around $200, and there is a spending requirement of between $500 and $1,500 in the first three months.
Flexible repayment
Once you start racking up Discover the rewardyou can redeem them in the best way, including cash deposited in your bank account, statement credits, gift cards, charities of your choice, and even payments for check-out purchases on Amazon.com and PayPal.com.
You may also redeem any amount of rewards or statement credits for cashback or account statement credits, even if you only have a few dollars to burn. Having this kind of flexibility in a reward program means you will never stay with rewards that you cannot use.
Benefits of Introductory APR
Another neat advantage of the card is the 0% introductory APR. You will not pay interest for the first 15 months on both purchases and transfers in your qualifying balance (after that 18.24%-27.24% Variation APR Applicable). This is shorter than the intro APR period, but with a dedicated balanced transfer Zero Opposition Cardthe annual cashback card is impressive. Some competing cards only offer long intro APR with purchases or balance transfers, not both. Strategic use of your card not only allows you to earn top-notch cashback rates at the time of purchase, but also allows you to pay it back over time, minimizing interest.
The cost of transferring balances is also relatively low. The card will charge you the first intro Balance transfer fee 3% increase to 5% on future balance transfers of discovery cards (see terms) – this is as low as balanced transfer fees are available in today’s market. Many competing cashback and balanced transfer cards charge 5% from the start.
Depending on the amount of debt you need to pay back, cards with shorter Intro APR periods and lower balance transfer fees can save you overall over cards with advanced balanced transfer fees and longer intro APR periods.
Other Benefits
DiscoverIT® cashback doesn’t have any flashy benefits, but it has solid protection to look for on every credit card you have.
There is no charge for initial late payments
Usually, late payments with credit cards will face late fees. Penalty APR Or both. With DiscoverIT® Cashback Cards, there is no penalty APR for late payments and no penalty fees for postponements first (though you will discover a fee of up to $41 for all subsequent late payments). This generous fee structure could make your card fit better if you’re still new to your credit card or have struggled to manage due dates in the past.
“One of the drawbacks of carrying a wallet full of cards, like me, carrying a wallet full of cards, is that payment dues can be difficult to juggle,” says Zarrugh. “When I missed the discovery card deadline (first and only time), I was so grateful that it was my second chance to sort things out.”
Benefits of identity and fraud protection
Like most Find a credit cardDiscoverIT® Cashback offers $0 fraud liability for unauthorized transactions or purchases. If your card is lost or stolen, Discover can freeze the card to prevent additional transactions such as purchases and cash advances. You can also opt-in to services that monitor dark social security numbers and malicious websites.
Maximize DiscoverIT® Cashback
To get the most out of DiscoverIT® cashback, activate the 5% cashback category per quarter. Activation categories are just a few clicks on the Discover Online Account Management page or the Discover app, but you need to do it quarterly to access the 5% reward rate. Until you activate the quarterly bonus category, you can only earn 1% on purchase and forget to activate at the beginning of the quarter, you will not be able to make up for the rewards you missed.
Also, be aware of the changing IT® cashback calendar changes and which bonus categories apply to a particular month. Please note that these categories are announced once a quarter at a time, so you will need to check in to see what they are throughout the year.
For each DiscoverIT® Cashback Cap Bonus Bonus Reward, we recommend pairing it with another cashback credit card for other purchases, as we only offer 1% against other spending. Consider getting a flat credit card that offers a 1.5-2% cash reward for everything you buy.
Finally, don’t forget that the Intro APR offer for this card applies only for a limited time only and you will need to pay a high variable APR afterwards. Take advantage of the intro offers if necessary. However, make sure the balance is paid near $0 or before it finishes.
Conclusion
Discover IT® cashback perks, and although there are many different benefits, the biggest perks you can get with this card will be provided in the form of rewards you earn. This card contains one of the best reward rates you can get in a variety of popular spending categories. This is especially valuable in the first year, thanks to Discover’s cashback match offer.
That being said, it never hurts Compare other cashback credit cards Before applying. There are also several different pairings available Rewards your credit card Therefore, you are earning the best cashback for each amount you spend.
