Anyone receive their Discover Double Cashback yet

[grillandwinemaster]

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@rockup55 wrote:

I confirmed a couple of weeks ago that I would be receiving my double cashback reward in July so this is my last month for earning double cashback. I am expecting my total payout to be a little over $2500.  I have already gotten approved for and received my Discover miles card so after this month, I will cut back dramatically on using the basic IT card except for the quarterly categories and shift most of my spending to the miles card to take advantage of double cashback for another year on that card.

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That's fantastic!! How much are you forecasting to earn on the Discover miles? My original plan was to apply for the Chase Freedom, but I'm thinking Discover is the way to go. 

[UncleB]

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@JagerBombs89 wrote:

Discover double cashback wasn't available until June 1st, 2015, so it would be impossible for anyone to have 12 statements yet.  I signed up within a couple days of it being released and they sent me the following email, which shows I should be getting my cashback on/around my 13th statement.

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I can confirm the same as well... I got my account the end of July, and they sent me the following email:

Also, I changed my billing date by nearly two weeks, so in my case I won't be surprised if they push my 'double date" out another month to October.

That's OK with me... I'll appreciate it whenever I get it! 

[rockup55]

I presently pay all my bills with my Discover IT card in addition to normal spending so I ran pretty close to $4000/month on average through the IT card.  Assuming I shift virtually all that spending over to the miles card with the 1.5 that doubles, I will get close to $1500 when I convert it to cash.  I will also add my wife and son as authorize users on my miles card so I think $2000 in total is not a unrealistic goal.  The Apple Pay promotion was helpful with the IT rewards but don't have that advantage for the Miles card.

[rockup55]

Logged into my Discover account today and found my cashback reward reflected as $2350 including the one year anniversary double portion.  I t  came right on time on my 13th billing cycle.  I have already shipped the money to my bank account where I will keep the $350 to spend on something fun and transfer the $2000 to my day trading brokerage account to invest for short term profits.  Now I am focusing on my Discover miles card to take advantage of the double cashback for that one.

[RonM21]

Nice amount! Wish I had a shot at that.

[longtimelurker]

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@rockup55 wrote:

I presently pay all my bills with my Discover IT card in addition to normal spending so I ran pretty close to $4000/month on average through the IT card.  Assuming I shift virtually all that spending over to the miles card with the 1.5 that doubles, I will get close to $1500 when I convert it to cash.  I will also add my wife and son as authorize users on my miles card so I think $2000 in total is not a unrealistic goal.  The Apple Pay promotion was helpful with the IT rewards but don't have that advantage for the Miles card.

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And hopefully in a year's time your wife can apply for IT Miles (assuming the promo is still running)  We did that so are now on our second year of 3%

[rockup55]

That is exactly my plan for my wife to apply for the miles card after the year is up for me.  I wish I had done the same thing with the IT card instead of both of us getting the IT around the same time.  She is receiving a little over $700 for her Discover IT cashback but there was only so much total spend we had to run through both cards in the first year.  Better to maximize usage on one card at a time using  authorize user strategy and stretch the whole process out time wise for getting double cashbacks.