08-13-2012 08:52 PM
I'm new to discovermore and confused about their rewards system (mostly was interested in their 0% APR promo, have chase freedom/checking for rewards).
How does their rewards break down? Is it 5% on some categories, .25% (changing to 1% after 3k purchases) on others, nothing in between?
08-13-2012 09:36 PM
True, nothing in between. They give you 0.25% till you hit 3K mark, after that 1%.
08-13-2012 09:38 PM
.25% until you spend $3000 then it's 1%. If you buy stuff at discount or warehouse club stores (i.e. Wal-mart, Sam's Club) it's always .25%.
The 5% categories every quarter are on up to $1,500 dollars in purchases which will net you $75 cash back.
Online shopping through discover.com's "Shop Discover" nets you 5% to 20% depending on the store.
Cash can be redeemed at $50. If you have less than that you can also redeem for gift cards and merchandise. Also you can link your Amazon account and pay for merchandise with your cashback as well.
08-13-2012 10:16 PM
Not sure if it was clearly stated here, but technically it's .25% on the first $3k, and then 1% on all transactions after the first $3k. It doesn't literallly switch to 1%. So, for example if you spent $10k this year, you would wind up with -
$3k @ .25% = $7.50
$7k @ 1% = $70
Anyone feel free to correct me if I have it wrong.
08-14-2012 07:38 AM
They have some 2% rewards as well. Right now, you get 2% cashback earnings if you use auto pay for certain TV/cable/wireless bills.
Also, the 5% purchases don't count towards your annual $3k requirement to go from 0.25% to 1%, which stinks. At this point, I'm only using my Discover for the 2% and up reward categories. Anything else goes on my Chase Amazon Visa, for 1% earnings.
08-14-2012 08:27 AM
The Shop Discover feature is very nice offering a range of 10 -15% cashback on many online merchants.
Also, the cash over purchase at participating merchants is a nice touch. I use this feature rather than my atm card. Also, they have some payment sites such as chargesmart who will waive the transaction fee when using a Discover.
Regular spending is certainly not this card's most attractive feature.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.