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Discover it Cash Back: Popular card offering rotating categories of cash back rewards.
Discover it Cash Back: Popular Card Offering Rotating Categories of Cash Back Rewards
The Discover it Cash Back is a leading cashback credit card issued by Discover Financial Services. This highly sought-after credit card is designed for consumers looking to earn rewards on everyday purchases without the burden of an annual fee. Lets explore the distinct features that make this card a popular choice for many cardholders.
Card Type
The Discover it Cash Back is primarily a cashback credit card. It rewards users with cashback on every purchase, allowing cardholders to maximize their spending potential across various categories.
Annual Fee
One of the cards most attractive features is its no annual fee policy. This benefit makes it an appealing option for those who want to earn rewards without incurring extra costs each year.
Rewards Program
The card offers a unique rewards structure featuring rotating categories that change every quarter. Cardholders can earn 5% cashback on up to $1,500 spent in bonus categories such as grocery stores, restaurants, and gas stations. Furthermore, all other purchases yield a competitive 1% cashback. The rewards are redeemable as statement credits, gift cards, or even deposited into a bank account, providing flexibility in how users can cash in their rewards.
Sign-Up Bonus
New users can benefit from an attractive welcome bonus. After spending $500 on purchases in the first three months from account opening, cardholders receive an automatic cashback match, meaning that Discover will match all the cash back earned in the first year. This offer can significantly increase the card’s benefits during the initial period.
APR (Annual Percentage Rate)
The Discover it Cash Back features a regular APR ranging from 17.24% to 28.24% depending on creditworthiness. Importantly, there is also an introductory 0% APR offer on purchases and balance transfers for the first 14 months, providing an excellent opportunity for new cardholders to manage their finances more effectively.
Foreign Transaction Fees
This card does not charge foreign transaction fees, making it an ideal choice for international travelers who wish to avoid unnecessary costs while spending in foreign currencies.
Balance Transfer Options
For those with existing debt, the Discover it Cash Back offers an attractive balance transfer option. Cardholders can transfer balances with a 0% APR for the first 14 months, followed by the regular APR thereafter. Note that there is a balance transfer fee of either 3% of each transfer or a minimum of $5, whichever is greater.
Additional Fees
While the card remains fee-friendly, cardholders should be aware of other potential fees. A late payment fee may apply, limited to $40, and cash advances incur a fee of either 5% of the amount or a minimum of $10, whichever is higher.
Card Benefits and Perks
The Discover it Cash Back comes with several valuable benefits and perks. These include identity theft protection, zero liability for unauthorized purchases, and access to the Discover Deals program for additional discounts at various merchants.
Customer Protections and Insurance
Cardholders can enjoy robust customer protections, including purchase protection for new purchases that are damaged or stolen within a specific timeframe. Furthermore, Discover offers extended warranty and rental car insurance, adding layers of security for users.
Eligibility and Credit Score Requirements
While specific eligibility requirements can vary, potential applicants typically should have a credit score of good to excellent, usually around 700 or higher. Factors like income and existing debt will also be considered during the approval process.
Introductory Offers
The card includes a notable introductory offer of 0% APR on both purchases and balance transfers for the first 14 months. This can alleviate financial pressure for users looking to make a significant purchase or transfer existing credit card debt.
Special Features or Unique Selling Points
One standout feature of the Discover it Cash Back card is its cashback match program in the first year, essentially doubling the amount of cashback earned. Additionally, consumers appreciate the rotating categories, which allows them to strategize spending to maximize their rewards.