topic Re: Discover Bank Cashback Checking! in Credit Cards

Discover Bank Cashback Checking!

IcEWoLF — Fri, 31 Oct 2014 11:21:29 GMT

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...

Re: Discover Bank Cashback Checking!

lownav67 — Fri, 31 Oct 2014 15:29:28 GMT

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.

Re: Discover Bank Cashback Checking!

TitaniumCash — Fri, 31 Oct 2014 18:58:33 GMT

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.

Re: Discover Bank Cashback Checking!

Anonymous — Fri, 31 Oct 2014 19:11:24 GMT

Using this for transactions $3 or less

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

Re: Discover Bank Cashback Checking!

Blodreina — Fri, 31 Oct 2014 19:16:04 GMT

@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.

Re: Discover Bank Cashback Checking!

14Fiesta — Fri, 31 Oct 2014 19:21:20 GMT

@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?

Re: Discover Bank Cashback Checking!

go_FICO_self — Fri, 31 Oct 2014 19:27:59 GMT

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

Re: Discover Bank Cashback Checking!

Anonymous — Fri, 31 Oct 2014 19:40:30 GMT

@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

Re: Discover Bank Cashback Checking!

14Fiesta — Sat, 01 Nov 2014 04:28:05 GMT

@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.

Re: Discover Bank Cashback Checking!

Anonymous — Sat, 01 Nov 2014 04:34:46 GMT

@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!

Re: Discover Bank Cashback Checking!

14Fiesta — Sat, 01 Nov 2014 05:02:31 GMT

@Anonymous wrote:
@14Fiesta wrote:
@go_FICO_self wrote:
How often do you make $1 purchases? That's partly why people buyhighestgc 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!

Exactly - Take that Salle Mae!

I didn't even mind the slightly confused look the older gentlemen gave me when I handed him my card to pay for it. Although I really wanted to be like "I'm doing it for the rewards", I felt that would make it more awkward lol.

Re: Discover Bank Cashback Checking!

Anonymous — Sat, 01 Nov 2014 17:09:10 GMT

@Anonymous wrote:
@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

The current best deal for places like McDs is through Amex Serve through the "Soft Card" (previously ISIS) app. (Soft card is a tap-to-pay via smartphone system like Google Wallet, for those that don't know.) Flat $1 back for every transaction through the rest of 2014.

Re: Discover Bank Cashback Checking!

Themanwhocan — Sat, 01 Nov 2014 17:29:54 GMT

@14Fiesta wrote:
@Anonymous wrote:
@14Fiesta wrote:
@go_FICO_self wrote:
How often do you make $1 purchases? That's partly why people buyhighestgc 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!
Exactly - Take that Salle Mae!

I didn't even mind the slightly confused look the older gentlemen gave me when I handed him my card to pay for it. Although I really wanted to be like "I'm doing it for the rewards", I felt that would make it more awkward lol.

I just recieved my Discover debit card and pin, so i'm looking forward to using that at CVS. I work across the street from a CVS, so its easier to go there than to get to a vending machine! Its pretty easy to split my purchases into one or two per trip, using one of the self checkout machines to process 2 transactions if necessary.

Its too bad I'm not in Citizens Bank's service area. The Green$ense card gives 25 cents cash back per transaction. I did try to get around that restriction, but just wasted a HP (5/102014 EQ)

Re: Discover Bank Cashback Checking!

lg8302ch — Sat, 01 Nov 2014 17:34:05 GMT

@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.

Same here... but I happily take the free incoming int'l wire every month that saves me 12$ every month (compared to BofA)

Re: Discover Bank Cashback Checking!

Anonymous — Sat, 01 Nov 2014 18:52:06 GMT

@Anonymous wrote:
@Anonymous wrote:
@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
The current best deal for places like McDs is through Amex Serve through the "Soft Card" (previously ISIS) app. (Soft card is a tap-to-pay via smartphone system like Google Wallet, for those that don't know.) Flat $1 back for every transaction through the rest of 2014.

Why didn't I know about this before!

Not that I eat McD's THAT often but still!