Both members of the Cash Cow Couple maintain active Discover credit cards and have done so for many years. With zero annual fees, quality customer support, and a slew of rewards, the Discover it® card remains an essential part of our financial toolkit.
Furthermore, Discover is offering a double cash back promotion throughout the first 12 months of card ownership. That means 2% cash back on everyday purchases and a whopping 10% cash back on rotating quarterly categories. You will also receive a $50 cash signup bonus upon making your first purchase. The $50 is applied automatically as a statement credit to your Discover account.
New applicants who are approved using our unique referral code will automatically receive all of these offers (note, the direct application page will not explicitly show all of these bonus offers, but you can call or chat with Discover to verify. Dozens of people from the Cash Cow Community have been approved and every single person has received the $50 bonus + double cash back).
Discover it® Credit Card Design
The Discover it® Card offers multiple card art designs that are available at this time. Available colors include:
All card designs share the same fee and rewards structure, so feel free to select your favorite design.
Discover it® Credit Card Rewards
The Discover it® Credit Card earns a minimum of 1% cash back on all purchases. This cash back is doubled after your first year of card ownership, resulting in a 2% effective cash back rate on all purchases in the first year.
In addition, you will earn 5% cash back on rotating bonus categories, up to $1,500 spent per quarter. The 2020 bonus categories are summarized below:
|Quarterly Dates||Bonus Category|
|Q1 2021 (Jan. 1 – March 31)||Grocery Stores, Walgreens, and CVS|
|Q2 2021 (April 1 – June 30)||Gas Stations, Wholesale Clubs, and Select Streaming Services|
|Q3 2021 (July 1 – Sept. 30)||Restaurants and Paypal|
|Q4 2021 (Oct. 1 – Dec. 31)||Amazon.com, Walmart.com, and Target.com|
All cash back earned from the rotating 5% categories will be doubled in your first year of card ownership, effectively providing 10% cash back.
Redeeming Your Cash Back
As you earn cash back, Discover makes it easy to redeem your rewards.
- Direct Deposit – You can redeem your cash back directly into your bank account.
- Statement Credit – You can redeem as a credit on your monthly statement.
- Direct Amazon Purchases – You can purchase items from Amazon and pay using the cash back you have earned.
- Special Gift Card Redemptions – You can get another 10-25% discount when you redeem your cash back for gift cards from participating retailers through Discover. For example, Discover offers many $30 gift cards for just $25. There are physical and e-gift card options available, and the e-gift options are delivered instantly and available for immediate use.
You can redeem your rewards for any amount, at any time, through your online account or mobile app.
Discover it® Credit Card Features
Fraud Protection – If there are any unknown or wrongful charges on your Discover card, you won’t pay a dime. They take care of everything for you.
Free FICO Credit Score – You can now check your real FICO credit score for free each month through your online account, mobile app, or printed monthly statement.
Free Credit Monitoring – Free alerts let you know when any new credit card, mortgage, car loan or other account shows up on your Experian® credit report.
Free Card Replacement – Receive free overnight shipping when you request a card replacement to any U.S. address.
Freeze Your Discover Account – prevent new purchases, cash advances, and balance transfers if your account is compromised. Freeze or unfreeze your account in seconds via the website or mobile app.
U.S Based, 24-Hour Customer Support – Call anytime and be able to speak with a real human being. All Discover call centers are in the United States, which means English is the language of choice.
Discover it® Credit Card Fees
After looking through the documentation on Discover’s website, I’ve summarized the most important fees in the table below:
|Type of Fee||Fee Amount|
|Cash Advance Fee||Either $10 or 5% of the amount
(whichever is greater)
|Balance Transfer Fee||3% of the transfer amount|
|Foreign Transaction Fee||$0|
|First Late Payment||$0|
|Additional Late Payments||up to $37|
(when your purchases exceed your credit limit)
Compared to other credit cards, this fee schedule is generous.
The Cash Cow Conclusion
Vanessa and I both own the Discover it® Card and have earned a significant amount of cash back from the 5% rotating categories. Remember, for new applicants, all cash back accumulated in the first year will be doubled by Discover.
The generous cash back, robust features, and excellent fee schedule have made the Discover it® Credit Card an outstanding option. If you are interested in applying, you will likely need a credit score greater than 650 to be approved. You can find the complete application and earn a $50 cash bonus through our referral link.