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Want a credit card that really puts money back in your pocket? The Discover it Cash Back card is one of the most popular options in the United States for those looking for rewards.
However, with so many cashback cards on the market, it is difficult to choose one. And understanding the particularities of each one is crucial to ensure that you are maximizing your gains.
After all, what does the Discover it Cash Back card offer? How to apply? Is it a reliable company? These and other questions we intend to answer today from a complete and quick analysis of everything the card offers. Let’s go!
Is Discover it Cash Back card the best card for cash back?
What really makes the Discover it Cash Back card stand out is its cash back system, which is quite dynamic.
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This is because by using the card you will be earning money back in the categories determined by the bank. It works like this, every quarter, the cashback categories change.
By activating the offer, you can earn 5% back on up to $1,500 in spending in these rotating categories.
Activation is mandatory and can be done through the app, website or by phone.
The most interesting thing is that the categories are designed for your daily life.
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For example, from January to March, bonus categories include Restaurants, Home Improvement Stores, and Select Streaming Services. In the last quarter, from October to December, things change for Amazon.com and Drugstores, which is perfect for holiday shopping, isn’t it?
This approach encourages you to use the card wisely to earn cash back.
To help you even more, all other purchases you make, outside of these 5% categories, automatically give you 1% unlimited cashback.
Unlimited Cashback Match makes all the difference on the Discover card
If you are considering becoming a Discover customer, know that the Unlimited Cashback Match is the biggest highlight of this card.
Discover simply matches all the cashback you accumulate in your first year as a cardholder dollar for dollar. And the best: there is no limit to the amount they will match.
Imagine that you accumulated $500.00 in cashback during your first year. Discover will give you an additional $500 bonus, bringing your rewards to $1,000.
To qualify, you just need to keep your account open and up to date, and the corresponding amount is added to your rewards account within two invoice cycles after the end of your first year.
More Than Just Reward
The Discover it Cash Back card isn’t just about getting cash back.
It comes with a package of additional benefits that make it a pretty solid option.
For example, the absence of an annuity. In addition, if you usually travel or shop on international websites, you will not pay any extra fees on them.
You can still redeem your cashback at any time and in any amount.
They offer a $0 Fraud Liability guarantee. Thus, you will never be responsible for unauthorized purchases.
Another interesting feature is Freeze it®, where you can freeze and unfreeze your account through the app or website, blocking new purchases and cash withdrawals if you lose the card.
Fees charged on Discover it Cash Back card
Like any credit card, it is essential to understand the costs involved.
Firstly, for new customers, the introductory APR rate is 0% on purchases and balance transfers for 15 months.
After this period, the standard purchase APR ranges from 18.24% to 27.24%, depending on your credit history.
The interest rate for cash advances is even higher, at 29.24%.
And while the card will forgive the first fee for late payment, future delays can cost up to $41.00.
Guide to ordering your Discover it Cash Back card
The process to apply for the Discover it Cash Back card is pretty straightforward.
First, to get started, you need to be at least 18 years old, and provide information about your annual income and your monthly housing payment
Here’s the tip! Having a good credit history (with a score of 670 or higher) increases your chances of approval and getting better rates and limits. By the way, in Discover you can pre-approve online;
It allows you to check if you are eligible for an offer without hurting your credit score.
The application process itself is fast. Simply fill out an online form with your personal and financial details and, in some cases, receive an approval decision in just 90 seconds. Once approved, the physical card arrives in the mail.
If you know that your score is very low and you will hardly be approved, it is best to know the secured credt cards for beginners. Some of them even offer cashback.
Frequently Asked Questions (FAQs)
1. How does Unlimited Cashback Match work for new cardholders?
Discover will automatically match all cashback you earn at the end of your first year, with no limit on the amount. It is an automatic benefit that does not require registration.
2. Are there annual or international transaction fees?
No. The Discover it Cash Back card has no annual fee and also does not charge an international transaction fee, which is great for use abroad.
3. What is the pre-approval process and does it affect my credit score?
Discover’s pre-approval tool allows you to verify your eligibility without hurting your credit score. The complete application for the card, however, is a rigid consultation and can lower your score.
Conclusion: A Holistic Assessment
The Discover it Cash Back card has a very interesting proposal, especially for new customers, with the Cashback Match and the absence of an annual fee.
Its 5% rotating categories and versatile redemption options make it an excellent option.
However, a thorough analysis reveals a significant discrepancy between advertised benefits and customer-reported issues, particularly regarding customer service and dispute resolution.
While the card is competitive and feature-packed, the lack of support in critical areas is a factor that should be considered.
The card is ideal for experienced users, who can take advantage of the rewards and introductory APRs. But it can be problematic for those who need customer support to resolve issues.