Update: Now the signup bonus comes in the form of a $50 statement credit, not cash back. That means that it will not be doubled. So it’s just a $50 signup bonus instead of $100. You still earn double cashback for the first year though. That means 2% everywhere and 10% on rotating quarterly categories.
The Discover It card is a cash back card that earns 1% cash back on all purchases and 5% on rotating bonus categories. But for the first 12 consecutive billing periods that your new account is open, they will match all of the cash back rewards you’ve earned and apply them to your account in the following one or two billing periods. So that makes this a 2% cash back card with rotating 10% bonus categories.
Besides all this, they will also double any cash back you earn from Discover Deals, a cash back portal for Discover cardmembers that usually offers great cash back rates already.
Once you sign up, you will receive double cash back for the next 12 billing periods, but all the bonus cash back will be credited on the 13th billing period, which is the only bad thing about this deal. But it will be a lump sum.
So if you sign up now (my referral link) for the card, which you definitely should, you will receive $100 instead of the $50 after you make your first purchase within 3 months. I would get $100 as well. The card has had a $150 bonus in the past, but that was prior to the Double Cash Back Promo, so I don’t believe we’ll see it again any time soon.
Quarterly CashBack Bonus Categories
As mentioned above this card has rotating 5% CashBack Bonus Categories, that becomes 10% when doubled. The current category now through June 2016 is Restaurants and Movies. If you spend the maximum of $1,500 in these categories, you can earn $150 cash back per card. Not bad at all.
Keep in mind that you have to Activate these manually every quarter. But Discover will send you reminders by email, just in case you forget.
Can You Have More Than One Card?
The answer is yes. If you’ve had the card for more than one year, then you can apply again for a second card. This way you’ll now have $3000 in spend for quarterly bonus categories across two cards. And you’ll get the sign up bonus.
Get Referral CashBack
Once you have your own card, or if you already have it, then go here to send referrals of your own. You will get $50 per referral after the referee make a purchase within 3 months, up to $500 per calendar year and it will be doubled if you’re still within your first 12 months since opening the card. If you have your card, refer your spouse for example and that will be a total of $200 cash back after being doubled.
You can also find your referral link in your online account. Go to Rewards on top menu and select Refer a Friend. You can refer by email or just get the refer link. You can post your links in the comments below, but please also help our blog by sharing this post on social media. Post a link of the shared post on the website field in your comment. I’m not very strict on this requirement, but I would appreciate your appreciation.
Offer Details
- Apply Here (referral link)
- $50 Sign Up Bonus after first purchase within 3 months (Doubled to $100)
- No Annual Fee
- 1% cash back on all other purchases automatically (Doubled to $2%)
- 5% cash back in categories that change each quarter on up to $1,500 in purchases (Doubled to $10%)
- Doubled cashback will be awarded as lump sum on 13th statement
- Intro purchase APR is 0% for 12 months from date of account opening
