We've Found the Highest Paying Cash Back CardHow would you like a card that not only earns 5% cash back on purchases in different categories throughout the year and a hefty intro bonus, but also offers a long 0% intro APR on purchases and balance transfers? The Discover it Cash Back card, the highest-paying cash back credit card with no annual fee that we’ve reviewed, offers exactly that and so much more. To start, you’ll earn 5% cash back on rotating categories every quarter you activate (up to the quarterly maximum, currently $1,500, then it’s 1% back), along with 1% cash back on all other purchases. The rotating categories allow you to earn cash back on a number of different purchases throughout the year. For example, 2018’s categories include gas stations and wholesale clubs from January to March, grocery stores from April to June, restaurants from July to September as well as Amazon.com and wholesale clubs from October to December.

On top of that, Discover will match all of the cash back you’ve earned at the end of your first year as a cardholder. This bonus really sets it apart, as your earning potential for the first year is essentially doubled. The bonus, which is only available to new cardholders, has no limit to how much Discover will match, making it even more appealing. Here’s how it works: if you earn $300 in your first year, Discover will match that $300 to give you a total of $600 back! As if the perks can’t get any better, the Discover it Cash Back card also offers a 14-month 0% intro APR on purchases and balance transfers (after that, the go-to variable rate applies). There is a 3% balance transfer fee, but this one-time fee is likely a lot lower than your current credit card’s ongoing interest, making a balance transfer worthwhile. What’s more, Discover it Cash Back is available to those with average to excellent credit (usually a score of 670 or higher). Want to learn more about the highest-paying cash back card? Keep reading to get a complete breakdown.

Why is Discover the highest-paying card?

We’ve given Discover the title of the highest-paying cash back credit card with no annual fee for one main reason: that Cashback Match bonus can increase your earning potential significantly in the first year. That’s because Discover doesn’t cap the bonus, while its competitors offer flat intro bonuses of $150 or $200. This means if you use the card for the 5% cash back categories and make it your primary credit card for the first year (e.g., you use it to pay your monthly bills and for your groceries), you’ll be able to earn some serious rewards in year 1. For example, if you max out the 5% cash back categories for your first year, you’ll earn a total of $300 back ($75 per quarter). When you add in the Cashback Match bonus, your total cash back earned in the first year jumps to $600! As you can see, Discover’s bonus opportunity is much higher than its competitors. Remember that our example only includes the 5% cash back potential, which means you can earn even more if you use the card for all of your purchases.

Other perks of Discover it Cash Back

The cash back rewards and 0% intro APR opportunity are only the tip of the iceberg. The Discover it Cash Back card has no annual fee and no foreign transaction fees, which is perfect for those who often travel overseas. It also comes with a whole host of perks. If you worry about keeping your personal information safe, like your social security number, you’ll want to take advantage of Discover’s free identity alerts. This feature not only monitors your Experian credit report daily and alerts you of any new accounts, but it also monitors thousands of risky websites daily and alerts you if your social security number is found. You’ll also be able to temporarily block and unblock your card with the Discover it Freeze feature, which is available through Discover’s mobile app and website. Want a preview of your credit health? Discover it Cash Back will provide you with a free TransUnion FICO Score on your monthly statement.

When you’re ready to redeem cash back earned with Discover it Cash Back, you can redeem at any time in any amount. Cash back of $0.01 or more can be redeemed for a statement credit on your account, an electronic deposit into your bank account and a donation to select charities. You can also use your rewards to pay at Amazon.com. Starting at $20, rewards can be redeemed for gift cards or instant eCertificates from Discover’s partners.

Are there downsides?

Discover it Cash Back is a well-rounded credit card, but one thing that some may find unappealing is the rotating categories. Although rotating categories provide cardholders with a higher earning potential, they aren’t for everyone, as some people don’t want deal with spending categories or activate their rewards every quarter. If that describes you, you’re likely looking for a card that earns a flat cash back rate on all purchases, like the Wells Fargo Cash Wise Visa Card. This card earns an unlimited 1.5% cash back on all purchases, meaning you don’t have to worry about categories or spending caps. It also has a generous intro bonus opportunity: cardholders who spend $1,000 on purchases in the first 3 months will receive a $200 cash back bonus! On top of that, cardholders who use mobile wallets, like Apple Pay or Google Pay, will earn 1.8% cash back on qualified mobile wallet purchases made in the first 12 months of account opening. The Wells Fargo Cash Wise Visa Card also has no annual fee and a 12-month 0% intro APR on purchases and balance transfers (with an intro balance transfer fee of 3% for 12 months, then it’s 5%). Similar to Discover it Cash Back, the Wells Fargo Cash Wise Visa Card also offers a unique perk. When cardholders use their Wells Fargo Cash Wise Visa Card to pay their monthly cell phone bill, they’ll receive up to $600 mobile phone protection against covered damage and theft. Note that there’s a $25 deductible per claim and a maximum of 2 claims per year.

Should I apply for Discover it Cash Back?

We've Found the Highest Paying Cash Back CardBottom line, Discover it Cash Back is the highest-earning cash back card with no annual fee we’ve reviewed, especially when you take the Cashback Match into consideration. As such, if you want a card that earns the most on select categories throughout the year, this is the card you want in your wallet. In addition, its 14-month 0% intro APR opportunity, no annual fee, no foreign transaction fees and plethora of added perks make it an appealing option for most consumers. Visit our Discover it Cash Back review to learn more about the card and apply online.

Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but card terms and conditions may change at any time. This site may be compensated through the credit card issuer Affiliate Program.