Discover it Cash Back credit card review (2024)
The APR on the Discover it® Cash Back [Discover it Cash Back] credit card, issued by Discover Bank, is in the range of 14.99% to 25.99%, depending on a client's credit score. However, for all new clients, the APR is 0% for the first 15 months of using the card. Plus, there is no annual fee. Under the current special offer, the fee for each balance change transaction is 3%. After the offer ends, the fee will rise to 5%. The standard cash back is 1% of the amount of each purchase but for some categories, it’s 5%. Cash back is paid as money, and not as points, like at most other banks.
About the Discover it Cash Back credit card
Discover Bank is one of the largest in the USA. It specializes in student and mortgage cards but also issues several credit card types. The Discover it Cash Back card is considered to be the most popular because, while its APR is market average, it has several benefits.
For example, new clients get a 0% APR for 15 months. Also, there is no annual fee or any other additional charges. The bank operates transparently, and its clients know all the fees before they process transactions.
In Discover’s Cash Back program its cash back bonuses accrue as real money, unlike most other banks whose cash back is in the form of points. For most purchases and orders, the return is 1% of the amount but for some categories, it’s 5%. The favorable categories change regularly. For instance, in spring, it may be groceries and fitness clubs, and in summer, it may be gasoline.
The bank’s security system deserves special attention. For example, after registration, it searches the darknet for a card owner’s social security number and other personal information to see if there is evidence of unauthorized use of personal or financial data.
Basic features of the Discover it Cash Back credit card
To understand how favorable a credit card may be for you, consider its basic parameters, which include, for example, the APR and annual fee (one or both may be absent). The experts at the Traders Union have gathered up-to-date information on the Discover it Cash Back credit card and presents it in the following table.
| Parameters | Discover it Cash Back |
|---|---|
Annual fee |
$0 |
APR |
14.99%-25.99% |
Introductory APR |
0% for 15 months |
Recommended credit score |
690-850 (excellent) |
Discover it Cash Back credit card | Pros and cons
While choosing a credit card, it’s important to assess its distinctive features. The Traders Union experts explore its pros and cons in the comparative table below.
👍 Pros
•No annual fee
•0% intro APR for 15 months
•Cash back accrues as money, and not as points
•For special categories, cash back is 5% instead of 1%
•Advanced system of protection of user funds and data
•Integration with the bank’s mobile app
👎 Cons
•Getting a card requires a high credit score
•Users cannot choose high cash back categories
•The APR for cash advances is 27.99%
Bonuses and special features of the Discover it Cash Back credit card
You cannot assess a credit card without analyzing its bonuses. You can scour the details of Discover Bank’s official website or conveniently discover its bonuses by reading the Traders Union review below. The information is frequently updated.
0% APR
As soon as your application is approved and you get your card, a 15-month period starts when you are considered to be a new client and your APR on all transactions is 0%. It means you can use the bank’s credit services on the Discover it Cash Back card for free and you won’t be charged interest.
High cash back as real funds
Many banks provide cash back as points that may later be exchanged for real funds or partially used to make purchases. The Discover it Cash Back card pays cash back as fiat currency, which can be applied without limits to 99% of the credit card’s transactions. The standard cash back is 1% but for some categories, it’s 5%. You can learn about the current categories on the bank’s website or in the mobile app.
No interest
The loan payment term is 25 days (23 days in February) after the close of each billing period. If a Discover it Cash Back cardholder makes a timely loan payment, the bank won’t charge any additional interest.
Discover it Cash Back credit card fees
For many clients, a bank’s credit card commission policy is a key criterion. This is wise because if commissions are high, no bonuses or additional options will make it favorable to use a card. The Traders Union experts have gathered the following important information on Discover it Cash Back card fees:
The APR is 0% for the first 15 months, and then 14.99% to 25.99% depending on a client’s credit score.
The APR for cash advances is 27.99% but it can be lower because it also depends on the credit score.
The minimum charge for transactions is $0.5, and there is no penalty APR.
Under the current offer, the fee for each balance-changing transaction will be 3% until January 10, 2023, and after that, 5%.
The fee for cash deposits is 5% of the amount or $10, whichever is greater.
If you don’t make a timely loan payment, the bank will charge you a fixed $41 penalty.
Note that getting a Discover it Cash Back card requires that your credit score be at least 690 but this minimum value doesn’t guarantee the approval of your application. The application will surely be approved if the credit score is about 850.
Best Crypto CardsDiscover it Cash Back card compared with its competitors
For many people, the main part of a credit card analysis is the comparison of its features with those of its competitors. An analytic comparison is a rather scrupulous process that requires much time and attention. The Traders Union experts have done all the work for you. The comparative table below presents the results among Discover’s competitors. The data is frequently updated.
| Discover it Cash Back | Capital One Venture X Rewards credit card | Citi Double cash card | Citi Rewards+ | Bank of America Travel Rewards credit card | |
|---|---|---|---|---|---|
Annual fee |
$0 |
$395 |
$0 |
$0 |
$0 |
APR |
14.99%-25.99% |
18.49%-25.49% |
16.24%-26.24% |
16.49%-26.49% |
16.24%-26.24% |
Intro APR |
0% for 15 months |
The same as regular APR |
0% on money transfers for 18 months |
0% for 15 months |
0% on purchases for 18 billing periods. 0% on money transfers for 2 months |
Recommended credit score |
690-850 (excellent) |
720-850 (excellent) |
690-850 (excellent) |
690-850 (good, excellent) |
690-850 (excellent) |
Who best benefits from the Discover it Cash Back credit card
Discover it Cash Back is an all-purpose credit card that is suitable for most clients of the bank regardless of their financial activity. Cardholders with average expenses get the biggest benefits. For example, the 5% cash back on payments at gas stations is only available on the first $1,500. This $1,500 limit is used for most bonus categories, including fitness clubs.
Discover it Cash Back card is accepted wherever Visa cards and MasterCards are applicable. It is used most frequently to pay for online orders. One special benefit of using the card is that you don’t have to convert cash back because it accrues not as points but as real funds that can be spent without limitations. Considering the market average fees and APR, it may be concluded that the Discover it Cash Back card is perfect for average consumers.
How to Send Money Internationally?Conclusion
The Discover it Cash Back credit card has its pros and cons. The main benefits are the absence of an annual fee, 0% APR for the first 15 months, cash back as real funds, and bonus categories on which the return is 5% instead of the standard 1%. The cons are that you need a serious credit score to get this card and you won’t be able to choose bonus categories. Also, remember that the APR on cash advances is quite high. On the other hand, Discover it Cash Back card doesn’t have a penalty APR, and the fee for each balance-changing transaction is 3% (after January 10, 2023, it will be 5%).
FAQ
What is required to get a Discover it Cash Back credit card?
You need to visit the official website of Discover Bank, register, and choose this card type. The application is filed online, and verification is required (you will need to provide pictures of ID documents). Note that the bank will check your credit score, which must be in the range of 690-850.
What are the Discover it Cash Back credit card conditions?
For the first 15 months, the APR is 0%. After that, it will depend on a client’s credit score and will be in the range of 14.99%-25.99%. The higher the credit score, the lower the rate. The fee for each balance-changing transaction is 3% but from January 10, 2024, it will be 5%. The average APR for cash advances is 27.99%, and there is no penalty APR.
The Discover it Cash Back credit card offers what bonuses?
Besides the 0% intro APR for 15 months, you get cash back as money, and not as points. It accrues on all expenses, including purchases at stores and online orders. The standard cash back is 1% and for some categories it’s 5%. You cannot choose the higher cash back categories. They change with the seasons.
How does Discover Bank secure cardholders’ funds and data?
Social security numbers and other personal client data are automatically searched for on the darknet. The bank informs clients about probable leakage channels, deletes insider information if possible, and gives clients expert recommendations. Integration of this card with the Freeze it feature provides protection from theft, fraud, or loss.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.