Discover it Cash Back Card | Maximize Your Rewards | Review 2023

Cash back credit cards have become increasingly popular in recent years, offering cardholders the opportunity to earn a percentage of their purchases back as cash rewards. These types of credit cards are typically offered by card issuers who provide a cash back calendar outlining categories eligible for higher cash back rewards. While these cards can offer many benefits, it's important for cardholders to understand the potential drawbacks and how they can manage their balances effectively.

One of the primary benefits of using a cash back credit card is the ability to earn money back on everyday purchases. This can be especially helpful for those who use their credit cards frequently and want to maximize their rewards. Some card issuers offer higher cash back rewards for certain categories such as groceries, gas, or dining out. By paying attention to these categories, cardholders can earn even more cash back on purchases they would already be making.

However, it's important to note that some cash back credit cards may have higher APRs compared to other types of credit cards. This means that if you carry a balance from month-to-month, you could end up paying more in interest charges over time. To avoid this, it's crucial for cardholders to pay off their balances in full each month.

In addition to earning cash back rewards on purchases, some cash back credit cards also offer additional benefits such as gift cards and intro balance transfer APRs. For example, Discover it Cash Back offers new members an intro balance transfer APR for 14 months along with no annual fee and unlimited 1% cashback on all other purchases.

When considering applying for a cash back credit card, there are several factors to keep in mind beyond just the potential rewards. Cardholders should consider things like the card issuer's reputation and customer service record along with any fees associated with membership such as annual fees or foreign transaction fees.

It's also important for potential applicants to understand how using a new credit card could impact their credit score. Applying for a new credit card can temporarily lower your credit score, but using it responsibly and making payments on time can help build your credit over time.

Benefits of Cash Back Credit Cards

Earn Money Back on Everyday Expenses with Cash Back Credit Cards

Cash back credit cards are a popular choice among consumers who want to earn rewards for their everyday purchases. With cash back credit cards, you can earn money back on everything from groceries and gas to dining out and online shopping. In this section, we'll explore the benefits of using cash back credit cards.

Rewards for Every Purchase Made

One of the primary benefits of using a cash back credit card is that you can earn rewards for every purchase made. This provides an opportunity to earn money back on everyday expenses, which can add up over time. For example, if you spend $1,000 per month on your credit card and earn 1% cash back, you'll receive $120 in rewards over the course of a year.

Incentivize Responsible Spending

To qualify for most cash back credit cards, a good credit score is typically required. This incentivizes responsible spending and timely payments, as missed or late payments can negatively impact your credit score. By using your cash back credit card responsibly, you can not only earn rewards but also improve your credit score.

Lower APRs Compared to Other Types of Credit Cards

Some cash back credit cards offer lower APRs (annual percentage rates) compared to other types of credit cards. This can potentially save cardholders money on interest charges if they carry a balance from month to month. However, it's important to note that carrying a balance can also lead to additional fees and charges.

Flexible Redemption Options

Cash back rewards earned through your credit card can be redeemed for statement credits, direct deposits into your bank account, or even gift cards. This provides flexibility and convenience for cardholders who may prefer one redemption option over another.

Different Types of Cash Back Credit Cards

Fee-Based Cash Back Cards: Higher Rewards, But at a Cost

Fee-based cash back credit cards are an option for those who want to earn higher rewards but are willing to pay an annual fee. These cards typically offer more significant cash back percentages than their no-fee counterparts. However, the annual fee can eat into your earnings if you don't spend enough on the card.

One example of a fee-based cash back card is the Chase Sapphire Preferred Card. This card offers 2x points on travel and dining purchases and 1x point on all other purchases. The annual fee for this card is $95, but it also comes with a sign-up bonus of 60,000 points after spending $4,000 in the first three months.

No-Fee Cash Back Cards: Lower Rewards, but No Annual Fee

If you're not interested in paying an annual fee for a credit card, no-fee cash back cards might be more up your alley. While these cards typically offer lower cash back percentages than their fee-based counterparts, they can still be a great way to earn some extra money on your everyday purchases without having to pay anything extra.

One example of a no-fee cash back card is the Citi Double Cash Card. This card offers 2% cash back on all purchases - 1% when you make the purchase and another 1% when you pay it off. There's no limit to how much cash back you can earn with this card, and there's no annual fee.

Bonus Category Cash Back Cards: Extra Rewards for Specific Purchases

Some cash back credit cards offer bonus rewards for specific categories such as gas, groceries, or dining. These bonus categories can change from time to time or stay consistent throughout the year.

One example of a bonus category cash back card is the Blue Cash Preferred Card from American Express. This card offers 6% cashback at U.S supermarkets (up to $6,000 per year in purchases), 6% cashback on select U.S. streaming subscriptions, 3% cash back at U.S gas stations and on transit, and 1% cash back on all other purchases. The annual fee for this card is $95.

Rotating Category Cash Back Cards: Changing Bonus Rewards Every Quarter

Rotating category cash back cards offer bonus rewards that change every quarter. These cards can be a great option if you're willing to keep track of the bonus categories and adjust your spending accordingly.

One example of a rotating category cash back card is the Discover it Cash Back Card. This card offers 5% cashback on up to $1,500 in purchases in rotating categories each quarter (activation required). All other purchases earn 1% cashback. There's no annual fee for this card, and Discover will match all the cashback you've earned at the end of your first year as a cardholder.

Flat-Rate Cash Back Cards: Consistent Earnings on All Purchases

Flat-rate cash back credit cards offer a consistent percentage of cash back on all purchases - typically between 1-2%. These cards are great if you don't want to worry about keeping track of bonus categories or spending limits.

One example of a flat-rate cash back card is the Capital One Quicksilver Card. This card offers unlimited 1.5% cash back on all purchases with no annual fee. It also comes with a sign-up bonus of $200 after spending $500 in the first three months.

Discover It Cash Back Card Review

5% Cash Back on Rotating Categories

Discover It Cash Back is a popular credit card offered by Discover Cards that provides its users with many benefits. One of the most notable features of this card is the 5% cash back it offers on rotating categories such as gas stations, grocery stores, and restaurants. The rotating categories change every quarter, so cardholders can take advantage of different opportunities to earn cash back throughout the year.

The best part about Discover It Cash Back's rewards program is that there are no limits on how much cash back you can earn. This means that if you frequently use your credit card for purchases in the rotating categories, you can accumulate significant rewards over time. The rewards never expire, so you don't have to worry about losing them if you don't use them right away.

0% Intro APR on Purchases and Balance Transfers

Another great benefit of Discover It Cash Back is its 0% intro APR on purchases and balance transfers for the first 14 months. This feature can help cardholders save money on interest charges if they need to make a large purchase or transfer an existing balance from another credit card.

If you're considering applying for this credit card, keep in mind that after the intro period ends, the regular variable APR will apply. Therefore, it's important to pay off your balances before the end of the intro period or be prepared for higher interest charges.

Easy Redemption Options

Discover It Cash Back also offers easy redemption options for its cash back rewards. Cardholders can choose to redeem their rewards as statement credits, direct deposit into their bank accounts, or gift cards from various retailers.

Redemption options start at $20 and can be made at any time through Discover's online portal or mobile app. Discover often runs special promotions where you can get bonus cash back when redeeming your rewards with certain retailers or services.

Free FICO Credit Score Access

Finally, Discover It Cash Back provides free access to your FICO credit score. This feature can help you monitor your credit health and make informed financial decisions. You can view your score at any time through Discover's online portal or mobile app.

Discover also provides helpful tools and resources to help you understand how your credit score is calculated and what actions you can take to improve it. By monitoring your credit score regularly, you can stay on top of any changes or potential issues that may arise.

Cash Back Earning Potential with Discover It Card

Earn Cash Back on Every Purchase with Discover It Card

Discover It cardholders have a unique opportunity to earn cash back on every purchase they make with the card. This means that for every dollar spent, a certain percentage of the amount is returned to the cardholder in the form of cash back. The cash back earning potential of the Discover It card is up to 5% on rotating categories and 1% on all other purchases.

Get Up to 5% Cash Back on Rotating Categories

One of the best features of Discover It cash back credit cards is its rotating categories program. With this program, Discover It cardholders can earn up to 5% cash back on purchases made in specific categories that change every quarter. These categories include gas stations, grocery stores, restaurants, and Amazon.com purchases.

The great thing about this program is that it allows you to maximize your rewards by simply making everyday purchases in these categories using your Discover It card. For example, if you spend $500 at a grocery store during a quarter when groceries are one of the rotating categories, you will earn $25 in cash back (5% of $500).

Earn Unlimited 1% Cash Back on All Other Purchases

In addition to earning up to 5% cash back on rotating categories, Discover It cardholders also earn unlimited 1% cash back on all other purchases they make with their cards. This means that regardless of where or what you purchase with your Discover It card, you will always receive at least 1% cash back.

Redeem Your Cash Back Anytime You Want

Once you’ve earned some cashback rewards through your Discover It credit card, redeeming them is easy and flexible. You can redeem your rewards as statement credits towards your account balance or direct deposits into your bank account. Alternatively, you can choose from a variety of gift cards from popular retailers like Amazon.com and Starbucks.

Unlike other credit cards that charge a fee for cash advances, Discover It cardholders can earn cash back without worrying about a cash advance fee. Furthermore, the cash back earned with the Discover It card never expires and can be redeemed at any time.

Rotating Categories for Cash Back Rewards

Discover it Cash Back is a credit card that offers a unique cash back rewards program. One of the standout features of this card is its rotating bonus categories, which change every quarter to offer cardholders up to 5% cash back on select purchases. Let's take a closer look at how these rotating categories work.

Rotating Bonus Categories Explained

Every three months, Discover it Cash Back announces new rotating bonus categories that will be eligible for cash back rewards. These categories can include popular spending areas such as gas stations, grocery stores, restaurants, and wholesale clubs. Cardholders can earn up to 5% cash back on purchases made within the quarterly bonus categories.

To qualify for the bonus cash back rate, cardholders must activate the new category each quarter by logging into their account or calling customer service. Once activated, all eligible purchases made within that category during the promotional period will earn 5% cash back, up to a maximum spending limit of $1,500 per quarter.

Ongoing Rewards

In addition to the rotating bonus categories, Discover it Cash Back also offers ongoing rewards of 1% cash back on all other purchases. This means that even when you're not shopping in one of the quarterly bonus categories, you'll still earn some amount of cash back on your regular spending.

Redeeming Your Rewards

Once you've earned some cash back rewards with your Discover it Cash Back card, you have several options for redemption. You can choose to receive a statement credit or direct deposit into your bank account. You can also use your rewards to shop directly on Amazon.com or redeem them for gift cards from popular retailers.

According to WalletHub and NerdWallet ratings and reviews, Discover it Cash Back has consistently ranked among the top credit cards in terms of its reward program and overall value proposition.

Unlimited Cashback Match Offer

Discover it Cash Back offers an incredible opportunity to earn rewards through its Unlimited Cashback Match offer. This offer matches all the cash back earned at the end of the first year of account opening, with no limit on the amount that can be matched. This means that you have a chance to maximize your rewards and earn even more cash back than you would with other credit cards.

The welcome bonus for this match offer is a dollar-for-dollar match of all cash back earned in the first year. The cashback match applies to all cash back earned, including the 5% cashback categories and 1% cash back on all other purchases. This makes it easier for cardholders to earn rewards on their everyday purchases without having to worry about category restrictions or limits.

In addition to the Unlimited Cashback Match offer, Discover it Cash Back also has an intro offer for new cardholders. This includes a 0% APR on purchases and balance transfers for the first 14 months, making it a great option for those looking to make large payments without accruing interest. With this intro offer, you can take advantage of both earning rewards and saving money on interest charges.

Bonus Rate

One of the most significant benefits of Discover it Cash Back is its bonus rate program. Cardholders can earn up to 5% cash back on rotating categories each quarter, which makes it easy to earn rewards on everyday purchases. Some examples of previous categories include gas stations, restaurants, grocery stores, Amazon.com, and more.

Moreover, Discover has made things simpler by providing an easy-to-use calendar feature that shows users which categories are eligible each quarter so they can plan their spending accordingly. You'll never miss out on earning valuable rewards because you forgot about a specific category.

Cash Advance

Another benefit worth mentioning is that Discover it Cash Back allows up to $120 in daily ATM withdrawals as part of its cash advance feature. This is a handy feature that can help you avoid high-interest rates and fees when you need cash quickly.

Minimum Requirements for Discover It Card Application

FICO Score Requirement

To apply for a Discover It card, one must have a minimum FICO score of 670. While this is not the only factor considered in the approval process, it is an important one. A FICO score is a credit score developed by the Fair Isaac Corporation and used by many lenders to determine creditworthiness. The higher your FICO score, the better your chances of being approved for the Discover It card.

Minimum Spending Requirement

Once you are approved for the Discover It card, there is a minimum spending requirement within the first three months of opening your account to receive the cashback bonus. This amount varies depending on current promotions but can range from $500-$1500. It's important to note that this spending requirement should be easily achievable if you plan on using your new card regularly.

Minimum Payment Due Each Month

To avoid late fees and penalty APR, it's important to make at least the minimum payment due each month on your Discover It card. The minimum payment due will vary based on your balance and interest rate but will always be clearly stated on your monthly statement. Making only the minimum payment due each month may result in accruing more interest over time, so it's best to pay off as much as possible each billing cycle.

Minimum Interest Charge

The Discover It card has a minimum interest charge of $0.50. This means that even if you carry a small balance from month-to-month, you'll still be charged at least $0.50 in interest charges each billing cycle.

Approval Odds

Meeting these minimum requirements does not guarantee approval for the Discover It card; however, they are good indicators of whether or not you meet their basic qualifications for approval. Other factors such as income, employment status, and credit history will also be taken into consideration when applying for any credit card.

Acceptance in Europe

While acceptance of Discover cards in Europe is growing, it is still not as widely accepted as other credit card brands. If you plan on traveling to Europe and want to use your Discover It card, it's best to have a backup payment method such as cash or another credit card that is more widely accepted.

How to Apply for Discover It Cash Back Card Online

Visit the Discover Website and Click on the "Credit Cards" Tab

To apply for a Discover it Cash Back card online, you must first visit the Discover website. Once there, click on the "Credit Cards" tab at the top of the page. This will take you to a page where you can view all of Discover's available credit cards.

Select the "Discover it Cash Back" Card and Click on the "Apply Now" Button

After clicking on the "Credit Cards" tab, scroll down until you find the "Discover it Cash Back" card. Click on this card to be taken to its dedicated page. On this page, you will see an orange button that says "Apply Now." Click on this button to begin your application.

Fill Out The Online Application Form with Your Personal Information

Once you have clicked on the "Apply Now" button, a new window will open up with an online application form. You will need to fill out this form with your personal information, employment details, and financial information. Some of the information that you will need to provide includes your name, address, date of birth, social security number, income information and more.

Review Your Application and Submit It for Approval

After filling out all of your information in the online application form, review it carefully before submitting it for approval. Make sure that all of your information is correct and accurate before hitting submit.

Wait For A Response From Discover Which Can Take Up To Several Weeks

After submitting your application for a Discover it Cash Back card online, you will need to wait for a response from Discover which can take up to several weeks. If approved, you should receive your new credit card in 7-10 business days.

How To Get Cashback With Discover It Card?

With a Discover it Cash Back card, getting cash back is easy! You can earn 5% cash back at different places each quarter like gas stations or grocery stores up to the quarterly maximum, each time you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically. You can redeem your cashback for statement credits, direct deposit into your bank account, or use it to pay for purchases at Amazon.com.

How To Activate Discover It Cash Back?

Activating your Discover it Cash Back card is easy! Once you receive your new credit card in the mail, you will need to call the phone number on the sticker attached to the front of your card and follow the prompts to activate it. Alternatively, you can also activate your card online by logging into your Discover account and following the instructions provided.

Where To Get Discover Cash Back?

You can get Discover cash back by using a Discover it Cash Back card for eligible purchases. You can earn 5% cash back at different places each quarter like gas stations or grocery stores up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.

Where Do I See What Discover It Cash Back Designs Are Available?

Discover offers a variety of designs for their credit cards including seasonal designs and special edition designs. To see what designs are currently available for a Discover it Cash Back card, log into your account online and click on "Manage Cards." From there, select "Design Your Card" to view all available design options.

How To Redeem?

Redeeming your cash back with a Discover it Cash Back card is easy! You can redeem your rewards for statement credits, direct deposit into your bank account or use them to pay for purchases at Amazon.com. Simply log into your account online and select "Rewards" from the menu bar to view and redeem any available rewards.

Is Discover It Cash Back Card Right for You?

In conclusion, the Discover It Cash Back Card is an excellent option for those who want to earn cash back rewards on their everyday purchases. With its rotating categories and unlimited cashback match offer, you have the potential to earn a significant amount of cash back throughout the year.

One of the best things about this card is that it has no annual fee, making it accessible to many people. The minimum requirements for application are relatively reasonable, so you don't need a perfect credit score to be approved.

If you're someone who likes to maximize your rewards potential and take advantage of different spending categories throughout the year, then this card is definitely right for you. However, if you prefer a more straightforward rewards program or don't want to keep track of changing categories every quarter, then another cash back card may be a better fit.