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Designed specifically for customers who, as cardholders are able to pay their bills on time, through rewards credit cards, banking institutions seek to attract responsible customers, therefore, each has used different strategies such as frequent flyer miles, competitive rates, returns of money, among others.
The most attractive rewards are the returns of money because you can get extra money to pay your bills on time and use it in the most convenient way for you, instead of having to use your rewards exclusively for trips, for example.
A very attractive money back card is the Discover it Cash Back card, and we will explain what its advantages are.
Rates and Fees
Initially, we must mention that applying for this card you will get an introductory APR of 0% during the first 14 months, applicable in purchases and balance transfers, which is excellent for cards like these; then, a regular rate of 14.24% to 25.24% variable will be applied.
Related to the rewards, you can earn a 5% refund in cash at different charges on your card each quarter, such as service stations, supermarkets, restaurants, Amazon and more, up to the quarterly maximum ($ 1500). However, you should know that to enjoy these rewards you must activate them manually every quarter through your online user. For 2019 the rewards calendar is as follows:
- January to March: food stores.
- April to June: service stations, Lyft and Uber.
- July to September: restaurants.
- October to December: shopping at Amazon.com.
In addition, Discover offers you 1% cash back for all your purchases throughout the life of your card and, in case you are a new customer, the rebate rate for all purchases is 2% during the first year that you have with the card. They do not have fees for transactions abroad.
If you wish you can redeem your refund for gift cards in certain stores, and you can get more than $ 1 for each dollar of exchanges in exchange for a gift card, for example:
- Redeem $ 20 to get a $ 25 gift card to Brooks Brothers.
- In exchange for $ 5, you get a $ 50 gift card at Chili’s.
- For $ 45, get a $ 50 gift card for iTunes.
- By redeeming $ 90 you will get a $ 100 gift card at Sephora.
You have free access to negative effects to check your FICO score and for free, in this case, through the rating agency TransUnion.
This is especially useful if you are working on improving your credit score and do not have many options to periodically review your progress in this regard. In addition, Discover also offers tips and information about credit scores, breaking down your score by categories and giving you practical tips to improve it.
Although it is available in a few businesses, Discover can reward you with up to $ 120 in cash every 24 hours for buying in identified stores, but without having to actually request the cash advance. Among the businesses that offer this service is the Walmart store network.
We cannot ignore that you have account and identity protection, fraud protection, the ability to freeze your card quickly if necessary and outstanding customer service.
Why Use This Card
Receiving a decent customer service is always the least we expect from any organization, especially if it is a financial institution.
In the case of Discover, this is an issue that stands out. He has often won or seconded JD Power’s annual US credit card satisfaction survey, ranking second in 2013, tying with American Express in 2014, and earning such distinction in 2015, 2016 and 2017.
On the other hand, if you are looking for a credit card to give wide use during the first year, then you should seriously consider this, because with 0% of APR during the first 14 months you will save money in interest while you get rewards for using your card.
Also, if you are one of the people who prefer to personally ensure things instead of relying on automatic systems, this card requires you to personally activate the reward options each quarter to receive bonuses or rewards for using the card for certain expenses, with a 5% refund.
How to Use the Card?
Try to give it a wide use the first year, so you will take better advantage of the reward system that this card raises.
To enjoy certain benefits it will be necessary to register a user on the official Discover website.
You can transfer a balance from this card with an APR rate of 0% 14 months after its issue, take advantage of this window will help you, among other things, to consolidate debts or pay for certain services.
How to Apply For This Card
It is very easy to make an online request for this card. When entering the website you go to the credit card section and click, then select this card (or another from this lender if you prefer) and complete a simple three-step online form, where you must provide personal information and banking to complete the application.
Remember that it is a financial product and, as expected, it will be necessary for the issuer to obtain your credit rating, so you must provide reliable and accurate data, so that they can offer you a product in harmony with your current financial situation, not doing so can be counterproductive. You will need a relatively good rating to approve your application.
When you are already a cardholder, you can get a cash refund for the friends you refer to request credit cards with Discover. You need to send them the reference link you get from Discover through your user, and they should use that link to apply. Assuming your friend is approved, you will have earned a $ 50 rebate bonus.
Additionally, in case your friend makes his first purchase within 3 months after opening the account, you will also earn a $ 50 rebate bonus. You can recommend a maximum of 10 friends each year, and your account should not be delayed in payments or exceed the credit limit.
How to Use The Rewards?
Regardless of the exchange method you choose, you can get at least $ 1 for every dollar in cash reimbursement you’ve earned through your rewards and rewards.
The gift card option offers you more than $ 1 of reimbursement for every dollar you have earned, so it is the most rewarding method available to you. On average, a person can get up to $ 35 in one year, and have five different options to redeem refunds:
- As an account credit to reduce the debit balance.
- Directly in a bank account of your choice.
- For gift cards.
- Make a charitable donation.
- Pay with rewards in select stores, such as Amazon.com.
It draws attention to the fact that, in addition to the benefits of the rewards system used by this card, there is no charge for delays in the first payment, and as for the late payment, this will not increase your APR.
However, that is not a reason to incur late payments, remember that doing so negatively affects your credit rating.
As for the minimum credit limit, we can mention that it is respectable, of about $ 500. That amount is enough to pay off most applicable products or services for refunds.
In addition, throughout the life of the card, you can request an extension of the credit limit.
The Cash function when paying is an excellent alternative to obtain cash with your credit card because it will count as a purchase and not as a cash advance.
But you should know that it is only available in some participating stores, and although Discover does not charge a fee, the merchant may have its own limits and fees.
Within this banking system, it is increasingly difficult to feel truly favored with one of its products, this card shows that, as long as you make your payments on time, you can benefit from a reward system designed for people willing to pay off their debts with the bank quickly.
It is logical to think that there is a risk within a card like this, like a maximum APR of 25.24%, but from which you can be far away with good management.
Consider this card as an option if you have no problems with registering the new rewards system every three months and if you feel comfortable with a quarterly limit to be rewarded for $ 1500. It is certainly worth trying with this card from a recognized issuer and widely involved in the nation’s financial growth.
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