Discover it® Cash Back Review: Up to 5% Back


Top perks

Earn up to 5% cash back

This card’s killer feature is that cardholders earn 5% cash back on everyday purchases at different places each quarter like, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum of $1,500 on purchases and when you activate. All other purchases earn 1% cash back. Cardholders maxing out the quarterly spending categories in one year ($6,000 of total spending) would net $300 in cash-back rewards.

Unlimited Cashback Match sign-up bonus

The Discover it® Cash Back offers a bonus in which Discover will automatically match all the cash back you’ve earned at the end of your first year. This sign-up bonus is only available during the first year and for new cardholders, but it can be particularly lucrative since the match is unlimited.

So, if you max out the bonus categories ($300 of rewards) and have another $5,000 of spending outside bonus categories ($50 of rewards), you’d earn $700 of total cash back with the match.

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0% intro APR for purchases

This card blends the features of a rewards card and a 0% intro APR card, offering 14 months of 0% intro APR on purchases. The go-to variable rate applies after the 0% intro APR expires.

0% intro APR for balance transfers

The card also offers a 0% intro APR on balance transfers for 14 months. The go-to variable rate applies after the 0% intro APR expires. On nice feature is that the 0% intro APR kicks in on your first transfer before the deadline, not from the account opening, which gives you flexibility to use it on your own timeline.

No annual fee

The Discover it® Cash Back has a $0 annual fee. You’d expect a credit card with such a deep bench of perks to charge an annual fee, but that’s not the case here.

No foreign transaction fees

The Discover it® Cash Back has no foreign transaction fee. Many cards charge a 3% fee when making purchases internationally, which can add up to $60 of savings on $2,000 of foreign spend when traveling or purchasing products from vendors who operate abroad.

Other benefits

Discover credit cards all pack in a lineup of secondary perks that are worth reviewing, including the following:

  • Flexible cash back redemptions: Discover it® Cash Back offers redemption methods where you can redeem your rewards in amounts as little as $0.01. This makes it ideal for even smaller spenders, who might otherwise have to wait months to accrue enough rewards to top the $25 or $50 minimum redemption requirement of other rewards cards. Cash back can be redeemed many ways, including for statement credits, bank transfer, and gift cards.
  • FICO® Score for free: Cardholders get access to a real FICO® Score for free to monitor their credit history.
  • No penalty APR: If you happen to miss a payment, Discover won’t increase your APR as a penalty.
  • First late payment fee waiver: While it’s not good to miss payments, particularly to maintain a good credit score, Discover will waive your first late payment fee.
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