Discover it® Cash Back Review
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Written by
Jasmin Baron
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Edited by
Emily Gadd
If you are looking for a high cash back rewards rate and do not mind putting in some work to earn it (activating quarterly categories), then the Discover it® Cash Back‘s rewards can add up quickly. There is a unique bonus to be earned at the end of your first year and a generous intro APR to consider as well.
Intro Bonus
Discover will match all the cash back you’ve earned at the end of your first year.
Purchase and Balance Transfer APR
0% Intro APR on purchases and on balance transfers for 15 months, then 18.24% – 27.24% Variable APR.
Cash Back
Earn 5% Cash Back At Different Places Each Quarter Up To The Quarterly Maximum When You Activate.
Earn 1% Unlimited Cash Back On All Other Purchases – Automatically
Recommended Credit Score
Excellent/Good
670 – 850*
Annual Fee
$0
CardCritics™ Opinion
This cash back card offers a unique opportunity to earn an unlimited cash back bonus at the end of your first year. If you take advantage of the elevated cash back rate on rotating categories, this end-of-year bonus will really add up. It also offers a generous intro APR on purchases and balance transfers and charges no annual fee, making it a well-rounded option.
Our Critical Analysis:
Discover it® Cash Back
- The dollar for dollar cash back match bonus at the end of your first year has no limit, so the earning potential is huge
- Generous Intro APR
- No annual fee
- Cash back redemption options are flexible and robust
PROS
- You have to activate the 5% category each quarter
- The 5% category cash back is capped at $1,500 in combined purchases each quarter
CONS
Earn Up to 5% Cash Back
You will earn a generous 5% back on everyday purchases at different places each quarter like grocery stores, restaurants and gas stations (up to $1,500 in combined purchases each quarter, then you earn 1%).
You do have to activate the 5% categories each quarter, but they make it easy to do so online or over the phone. You will earn 1% back on all of your other purchases.
Unlimited Cash Back Match®
Discover’s unique cash back bonus can add up to a big payout at the end of your first year. All the cash back you have earned in your first year is matched. There are no minimums, maximums, or hoops to jump through to earn this bonus. It’s easy and can be very lucrative if you use your card regularly and take advantage of the 5% categories.
This bonus is set up differently than most competitor cards which pay out a specific bonus amount after you meet a spend requirement within a specific time frame. While you do have to wait until the end of your first year to earn your bonus with this card, the upside will likely be worth the wait.
Generous Intro APR
Getting approved for the Discover it Cash Back card also means you’ll get a 0% Intro APR on purchases and on balance transfers for 15 months, then 18.24% – 27.24% Variable APR. There is a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*, but this fee is usually worth it if you’re currently carrying a balance on another card that charges interest.
Flexible Redemption
If you are looking for flexibility when it comes time to redeem your cash back then the Discover it Cash Back is a great option. You can redeem your cash back via:
- Direct deposit to any account
- Statement credits on your credit card
- Donations to select charities
- Shopping through PayPal or at Amazon
For Amazon shopping you just have to link your eligible Discover card to your Amazon account, pay with that card and then apply any cash back you’ve earned to your purchase at checkout. All of the previously mentioned redemption options can be completed in any dollar increment. There are also gift card and eCertificate redemption options that start at $5.
Additional Benefits
With this card, you can stay up to date with free access to your FICO credit score and Discover’s free social security number monitoring. There are also 25 card designs to choose from so you can opt for your favorite color or go with one of their unique design options. Updating your card design is free and easy to do when you are logged into your account.
Is it the Right Card For You?
The Discover it Cash Back card may be the right fit for you if any of the following apply:
- You want to earn elevated rewards in a variety of spend categories.
- You do not want to pay an annual fee.
- You will spend regularly on the card, making the end-of-year bonus a lucrative cash back opportunity.
- You are interested in a card that offers a welcome bonus but do not want to worry about hitting a specific spend requirement to earn it.
- You are looking for a card with a generous intro APR on purchases and/or balance transfers, but you are willing to give up a few months of an introductory rate in exchange for cash rewards benefits (most cards with longer intro APRs don’t offer rewards).
Card Details From Discover
- INTRO OFFER: Unlimited Cashback Match for all new cardmembers–only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
- Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.
- Redeem cash back for any amount
- Apply now and you could get a decision in as little as 90 seconds. No annual fee.
- Start shopping and earning rewards in minutes with your virtual card, before your physical card arrives in the mail, if eligible.
- Get a 0% intro APR for 15 months on purchases. Then 18.24% to 27.24% Standard Variable Purchase APR applies, based on credit worthiness.
- Terms and conditions apply.
Frequently Asked Questions
These answers to some frequently asked questions will help you decide if the Discover it Cash Back card is the right card for you.
Is the Discover it Cash Back welcome bonus hard to earn?
The bonus you can earn at the end of your first year is straightforward to earn. All the cash back you’ve earned in that first year is matched. There are no minimums, maximums or hoops to jump through to earn this bonus.
Does the Discover it Cash Back card charge an annual fee?
No, the Discover it Cash Back card does not charge an annual fee.
What credit score is needed for the Discover it Cash Back card?
The Discover it Cash Back card requires good to excellent credit. Typically a FICO credit score of 670* or above meets this criteria. However, having a credit score of 670 or above does not guarantee approval since other factors are taken into consideration.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.
*CardCritics™ references a FICO® 8 score, which is one of many different types of credit scores. A financial institution may use a different score when evaluating your application.
