Disco bank savings trick

Anonymous · ‎06-26-2018

So I have both Disco IT card and Disco savings account... I consider the IT card a min $600 cash back card in year 1 with the 5% categories and end of year 1 match. I just linked both accounts and phoned in to see if I could transfer my cash back rewards I earned so far to the savings account and they transferred my cash back to the savings... Not a bad way to boost savings account.

Next year I plan on doing this with 2 disco cards and player 2 with her 1st disco once she is done getting her 5/24 cards...

Anonymous · ‎06-26-2018

Your thread title is going to have a lot of people panicking mate.

Jnbmom · ‎06-26-2018

Yes people think "hack" is bad which most times it is.

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iced · ‎06-27-2018

Several cash back cards have the option to do direct deposit. Savings and checking accounts use the same routing/account number system so any card that does deposits into a checking account can also deposit into a savings account.

What’s Discover doing differently that makes this a trick/hack?

Anonymous · ‎06-27-2018

@iced wrote:
Several cash back cards have the option to do direct deposit. Savings and checking accounts use the same routing/account number system so any card that does deposits into a checking account can also deposit into a savings account.

What’s Discover doing differently that makes this a trick/hack?

I have Amex savings and BCP card and asked if they could do the same thing with Amex and they said not possibe... it's cool that Disco does.. I like earning interest in a savings account from cash back a lot more than just statement credits...

Anonymous · ‎06-27-2018

BofA does this with their cash rewards card AND pays a % over and above if you use your rewards in this fashion.

Anonymous · ‎06-28-2018

@Anonymous wrote:
BofA does this with their cash rewards card AND pays a % over and above if you use your rewards in this fashion.

This. Then I pay the card right out of the savings account!

Anonymous · ‎06-28-2018

@Anonymous wrote:
BofA does this with their cash rewards card AND pays a % over and above if you use your rewards in this fashion.

yeah... I use BoA as well for this... 10% bonus for transferring into BoA checking or savings then it goes up depending how much $$$ you have in BoA or Merrill... $20k is 25% bonus... $50k is 50% bonus and $100k+ is 75% bonus...