Discover it® - Cashback Match™ Review
The cash back rewards start with 5% cash back (up to the quarterly max - currently $1,500 - then 1% back) in rotating quarterly categories and a standard 1% cash back on all other purchases. The 5% categories for Q1 of 2017 (Jan 1st - March 31st) are gas stations, ground transportation such as taxis, Lyft, Uber, railways, and rental cars, and wholesale clubs like Sam's Club, BJ's and Costco online. For Q2 (April 1st - June 30th) they are home improvement stores and wholesale clubs (having this category again in Q2 is great for those who shop at these stores frequently!). You do need to sign up for the 5% back each quarter, but Discover offers free automatic reminder emails (just make sure to register for them in your online account) to help keep you on track. In addition, users will earn double the cash back they've earned in their first year of card ownership. That's a big deal! You will literally get 2x the cash back you earned in the first year. That means if you earn $250 in your first year, Discover will double it to $500. If you do the math it's like getting 10% cash back in rotating categories the first year you have the card!
Right now Cardholders will also receive a free TransUnion FICO® Score on their monthly statement, which can help keep track of their credit over time. Although Equifax and Experian scores aren't provided, it's nice that the TransUnion score is included as it's at least one data point in your credit history. And globetrotters will appreciate that there are no foreign transaction fees on purchases made outside the U.S.
Also included is the Discover Freeze it feature, which allows users to "freeze" their account from their smartphone or computer if their card is misplaced. Freezing the account prevents new purchases, cash advances and balance transfers from occurring. This is a great feature, especially in those situations where you're not sure where your card is but you're not quite ready to call and have it cancelled.
Overall Discover it® - Cashback Match™ is a smart pick for anyone wishing to combine generous cash back rewards (2x cash back in the first year!) with a 0% intro APR on purchases and balance transfers. It is also a good card for travelers as it has no foreign transactions fees.
Highlights From Discover
- You could turn $200 into $400 with Cashback Match™. Get a dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically.
- Earn 5% cash back in rotating categories each quarter like gas stations, Amazon.com, restaurants, wholesale clubs and more, up to the quarterly maximum each time you activate. Plus, 1% cash back on all other purchases.
- Redeem your cash back for any amount, any time. Cash rewards never expire.
- 100% U.S. based customer service.
- Get your FICO® Credit Score for free on monthly statements, on mobile and online.
- No annual fee.
- Click "APPLY NOW" to see rates, rewards, FICO® Credit Score terms, Cashback Match™ details & other information.
- Discover will automatically double all the cash back you've earned at the end of your first year. This offer is only for new cardmembers.
- Earn 5% cash back in rotating categories each quarter up to the quarterly maximum (currently $1,500) each time you activate.
- Earn 1% cash back on all other purchases, with no limit on how much you can earn.
- Earn 5% to 20% Cashback Bonus through exclusive online shopping mall.
- Rewards are redeemable in any amount at any time.
- Deposit into your bank account or credit your Discover card account.
- Turn your cash rewards into more when you redeem for gift cards or eCertificates from over 100 brand-name Partners.
Fees and APR
- Annual Fee: $0
- Foreign Transaction Fee: None.
- 0% Intro Purchase APR: 0% APR for the first 14 months, then Purchase APR.
- Purchase APR: 11.74% – 23.74% Variable, depending on creditworthiness.
- Balance Transfers: 0% Intro APR for 14 months, then Purchase APR. Balance transfer fee is 3% of the amount of each transfer.
|Features:||Matches your cash back at end of 1st year; 5% cash back on purchases within select categories up to the quarterly maximum (signup required); 1% on all other purchases|
|Purchase APR:||0% for 14 months, then 11.74% – 23.74% Variable|
|Balance Transfer APR:||0% for 14 months, then 11.74% – 23.74% Variable|
|Credit Needed:||Excellent, Good, Average|
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