Discover Bank Cashback Checking!

IcEWoLF · ‎10-31-2014

Hi guys, logged on my Discover It account and saw an offer recently about getting $50 bonus by opening an account with an opening deposit of $25...plus .10 cents for up to 100 transactions per month is very attractive for smaller purchases. I am really digging it.

My only concern before I open the account is the Discover Debit card...a lot of merchants don't accept discover, will this become more of a problem? I visit stores like Savemart, Whole Foods, Trader Joes, Winco, Walgreens,Target....so it would be useful to use this card at those places. Only if their debit card is accepted at those places...

lownav67 · ‎10-31-2014

The merchant needs to be on the Discover network, but if they accept the credit card you can use the debit card.

The $0.10 back on transcations applies to debit purchases, online bill payments, and any checks cleared (up to 100 total a month).

You can apply your cashback bonus to your checking account (basically cash), or you can transfer it to your credit card cashback bonus account.

The $50 sign-up bonus was paid to me a little over a month after I opened the account.

Discover is also currently offering a promotion (it may be a targeted one) where for the months of November and December you get double the cashback on debit card purchases ($0.20 instead of $0.10). Those tend to pop up occassionally.

As you suggested, the account is great for small purchases under $5.00. Buy a soda at a convenience store for $1 and essentially get 10% cash back (20% with the targeted promotion). No credit card can match that for small purchases.

Any transfer of funds to the account does take about 3-4 business days to clear and be part of your available balance, however. So, you need to make sure your account is sufficiently funded several days in advance of wanting/needing to access the funds.

The account is easily accessed, as it shows up right under your credit card account when you sign-in to the Discover site.

If you don't mind dealing with the minimal hassles of funding an online checking account, there is no reason not to open one if you are a Discover credit card holder - both for the bonus and the monthly cashback.

TitaniumCash · ‎10-31-2014

Most big stores accept Discover and some of the ones listed should accept Discover so I think you will be fine. It's convenient too since you have their credit card already and the $0 monthly fee is great. I hate how BoA, Wells Fargo, and other banks charge $10 or more if you don't meet their min requirements.

Anonymous · ‎10-31-2014

Using this for transactions $3 or less

If we'd gotten the $.20c/transaction offer I'd be using it for $5 or less.

Blodreina · ‎10-31-2014

@Anonymous wrote:
Using this for transactions $3 or less

If we'd gotten the $.20c/transaction offer I'd be using it for $5 or less.

I question whether doing this is worth it. Yes, you get an amazing percentage of cashback. But in looking at the actual value, is 10 cent worth the effort? Not for me.

14Fiesta · ‎10-31-2014

@Simba501 wrote:
@Anonymous wrote:
Using this for transactions $3 or less

If we'd gotten the $.20c/transaction offer I'd be using it for $5 or less.
I question whether doing this is worth it. Yes, you get an amazing percentage of cashback. But in looking at the actual value, is 10 cent worth the effort? Not for me.

But look at it this way, a 5% cashback credit card only gets 5 cents on a $1 purchase. Now is it worth it?

EX FICO (AMEX): 728 (4/29/17) | TU FICO (Discover): 737 (4/7/17) | EQ FICO (Citi): 746 (3/28/17)

go_FICO_self · ‎10-31-2014

How often do you make $1 purchases? That's partly why people buy highest gc possible with their 5% cards.

Anonymous · ‎10-31-2014

@go_FICO_self wrote:
How often do you make $1 purchases? That's partly why people buy highest gc possible with their 5% cards.

You ever drop by 7-11 for a pop, or McD's for just a double cheeseburger?

It happens

14Fiesta · ‎10-31-2014

@go_FICO_self wrote:
How often do you make $1 purchases? That's partly why people buy highestgc possible with their 5% cards.

A lot actually. Just tonight I bought a bottle of water for $0.68 on my work break (I work in a grocery store). I also frequent vending machines and on Tuesday I paid $0.16 for a scantron test sheet for a college class I had. Both times I paid with my Discover Debit card.

EX FICO (AMEX): 728 (4/29/17) | TU FICO (Discover): 737 (4/7/17) | EQ FICO (Citi): 746 (3/28/17)

Anonymous · ‎10-31-2014

@14Fiesta wrote:
@go_FICO_self wrote:
How often do you make $1 purchases? That's partly why people buy highestgc possible with their 5% cards.
A lot actually. Just tonight I bought a bottle of water for $0.68 on my work break (I work in a grocery store). I also frequent vending machines and on Tuesday I paid $0.16 for a scantron test sheet for a college class I had. Both times I paid with my Discover Debit card.

63% cashback. Nice!