Discover IT: King of "Quarterly Rotating" Cash Cack Cards?
The Discover IT card is a great option for anyone looking to get some cash back with NO annual fee. Something that makes this card unique is that Discover will "match" your cash back dollar for dollar at the end of the first year. For instance, if you earned $300 in cash back at the end of year one, Discover will then give you another $300 totaling your earnings up to $600.
Cash back: How it works?
With the Discover IT card you'll have two different categories per quarter to obtain your 5% cash back from. These are preselected by Discover and you also have to register for them before the quarter starts.
For instance Q1 of 2023 might be "Gas stations and restaurants". Other categories include grocery stores, gym memberships, Pay Pal, Target, digital wallets and Amazon. There's a limit of $1,500 in spend on the 5% categories per quarter, after that it's unlimited 1% cash back. In all reality this card will give you a minimum return of 2% on all purchases for the first year thanks to the matching cash back.
How you receive your cash back?
Discover will let you cash out with as little as 1 cent. You can choose to have your cash back directly deposited into your checking account. Another way is to enroll into a monthly statement credit, or you can simply pay at checkout with your cash back.
Discover allows you to also redeem for gift cards which can be handy especially around Christmas. Lastly you can donate to any one of the 9 charities Discover works with.
More Benefits
When you get the Discover IT card you'll get quite a few perks. For instance, social security number monitoring, privacy protection for your personal information, and of course $0 purchase protection. Discover also allows you to track your FICO score per TransUnion data.
As a Card holder you'll also have a 100% US based customer service team ready to help your needs. At the time of writing this there's an offer of 0% intro APR for 15 months on any new purchases or balance transfers. There's also no foreign transaction fees with this card.
Final Thoughts
I think the Discover IT card is a viable option for everyone, whether or not your a beginner or an expert. This card will give you great value, especially in the first year. If you're more cash back oriented, this would definitely go well with a two or three card setup. The qualifications for this card aren't to high so odds of approval should be high if you have decent credit and income. Given the tremendous value and benefits you receive from this card, I don't think it'll have a problem finding a home in your wallet.