- Rotating 5% cash back for different categories every quarter in addition to 1% cash back on everything
- Ability to "freeze" your account if you misplace your card
- Travel happy with no foreign transaction fees
Discover It Cashback Match offers a whopping 5% cash back on rotating categories each quarter (for up to $1,500/quarter). Cash back categories have included many regular areas of spending, like gas stations, restaurants, home improvement stores, and even purchases on Amazon.com. Besides useful rotating categories, cash back redemption terms are extremely flexible. The Points Guy sees this credit card as a lucrative opportunity for earning double cash back.
If you're using credit cards primarily for groceries, you're better off with another of the best cash back credit cards on this list. Discover It Cashback Match has not offered grocery stores as a bonus category as of yet, and it's not looking good for the future. As is the case with cash back credit cards of this type, it can be a hassle to activate categories quarterly (and remember them when looking through your wallet for credit card to use for each purchase you make!), so avoid this card if that's not something you can commit to.
You may remember Discover’s old tagline, “It pays to Discover.” That slogan still rings true 20+ years later, especially if you choose a card like the Discover it® Cashback Match.
Cash rewards are common in the credit card world, but few companies are as generous as Discover. The company pays between 1% and 5% cash back on every purchase you make with the Discover it® Cashback Match, and there’s also a bonus for new cardholders (more on that below). You are limited to specific categories if you want 5% back, but aside from that, it’s fairly easy to rake in rewards with this popular credit card.
DISCOVER IT CASHBACK MATCH CREDIT CARD REVIEW
Think of the Discover it® Cashback Match as that kid in high school who was friends with everyone and had no real enemies. If you skim online reviews or talk to Discover cardholders, you’ll notice very few people have major complaints about this card.
Sure, some cards offer better benefits, but this one ranks pretty highly on our list of the best credit card offers. That’s why we chose it as our favorite no-annual-fee card.
Speaking of fees, you won’t pay many of them with this card. It has fewer fees than most credit cards we’ve reviewed, and the fees that do exist aren’t always implemented. For example, Discover waives your first late payment fee - a benefit many cardholders appreciate.
DISCOVER IT CASHBACK MATCH CREDIT CARD REWARDS AND PERKS
The Discover it® Cashback Match rewards cardholders with as much as 5% cash back per purchase. Cardholders score 5% back for the first $1,500 spent in rotating quarterly bonus categories, which means you could collect as much as $300 per year.
Your rewards don’t stop there, though. Cardholders also get unlimited 1% cash back rewards for purchases that don’t qualify for the rotating bonus categories. This includes purchases made in bonus categories that have already hit the $1,500 limit that quarter.
Make sure you activate the bonus categories if you want to get 5% cash back; Discover doesn’t do it for you. Categories change 4 times a year, so keep an eye on them so you can maximize your rewards.
Redemption is hassle free, even if you aren’t a big spender. You don’t have to wait until you hit a certain rewards total unless you want an eCertificate or gift card. Those require at least $20.
Aside from that, you only need $0.01 in your account if you want to request a statement credit or bank deposit. You can also donate rewards to charity or pay for Amazon.com purchases with them.
Don’t forget to take advantage of the new cardholder bonus. After 12 billing cycles, Discover matches all of the cash-back rewards from your first year as a cardholder. Depending on how often you use your card and what you buy with it, you could earn hundreds - or even thousands - of cash-back rewards your first year.
DISCOVER IT CASHBACK MATCH CREDIT CARD BENEFITS
The Discover it® Cashback Match has many benefits commonly found on credit cards, plus a few extra perks. Here are some of the benefits you’ll receive:
- Account freezes via a digital on-off switch
- Free Credit Scorecard that includes your FICO score
- Social Security alerts
- Experian credit report alerts
- Free overnight shipping for replacement cards
- $0 liability for fraudulent charges
- 24/7 US-based customer service
If you’ve been a victim of identity theft before or simply want to reduce the odds of it happening, this is the credit card for you.
DISCOVER IT CASHBACK MATCH CREDIT CARD COSTS AND FEES
There’s no annual fee for the Discover it® Cashback Match. There are standard fees for balance transfers and cash advances, as well as potential fees for late and/or returned payments.
You can expect these fees with your card:
- A balance transfer fee that’s 3% of each transfer amount
- A cash advance fee for $10 or 5% of each cash advance amount, whichever is greater
- Up to $37 for late payments
- Up to $37 for returned payments
The late payment fee isn’t set in stone; Discover waives it the first time you fall behind on your bill. There’s no overlimit fee, and you foreign transactions don’t have fees either.
During the first 14 months, Discover treats new cardholders to a 0% promotional APR for purchases and balance transfers. The post-promo variable APR for purchases ranges from 13.74% to 24.74% depending on your credit history.
Balance transfers also have a variable APR that falls between 13.74% and 24.74%. Cash advances have a variable APR of 26.74%. There is no penalty APR if you pay your bill late.
DOES THE DISCOVER IT CASHBACK MATCH CREDIT CARD MAKE SENSE FOR ME?
Yes, if you’re organized enough to handle a rewards card with rotating bonus categories. If you aren’t sure, it doesn’t hurt to test drive the Discover it® Cashback Match for a year or so. There’s no annual fee, plus you can take advantage of the first-year cash-back match and promotional APR.
You might also like some of Discover’s other cards. Discover has a secured card for people who are building or repairing their credit, as well as a student card and a travel card. Check out the company’s preapproval tool to see what you might be eligible to get.
Application Process: Apply online in minutes, with an answer in 60 seconds.
Annual Fee: Absolutely none! More money for you to maximize.
APR: 0% intro APR on purchases and balance transfers for the first 14 months (that's a long time compared to the standard intro offer). Then, a 11.74% to 23.74% variable APR depending on your credit score, with a 3% fee for balance transfers.
Rewards: Rewards options are numerous and flexible to fit your lifestyle, with a few options you won't see on any other card on our list of the best cash back credit cards:
- Deposit to your bank account
- Apply to your Discover bill
- Redeem as a charitable donation
- Pay with rewards at Amazon.com
- Gift cards
Bonus Offers: No specific sign up bonuses are available to the general public. However, if you refer friends, you get an additional $50 cash back when their account is approved.
- Rated #7 in Best Cash Back Credit Cards
- Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
- Earn 1% unlimited cash back automatically on all other purchases.
- INTRO OFFER: Discover will match ALL the cash back earned at the end of your first year, automatically.
- Redeem your cash back for any amount, any time. Cash rewards never expire.
- Use your rewards instantly at Amazon.com checkout.
- No annual fee.