Discover It Cash Back Review 2024

If you’re looking for a cash back rewards credit card that makes earning and redeeming rewards simple, the card_name should be on your short-list. This no-annual-fee card offers a minimum of 1% cash back on all spending, with some categories earning 5% back, plus it doubles your earnings after the first year.

Here’s a look at everything the card_name offers and why it might deserve a spot in your wallet.

TIME’s Take

The card_name is a no-annual-fee rewards card that offers an impressive introductory 0% APR period and free FICO score tracking. Any rewards earned in the first year are doubled after 12 months, giving cardholders between 2% and 10% back on all purchases made that year.

As far as no-fee cards go, this card is a strong contender based on its redemption options alone. However, it lacks key consumer protection features, and its best bonus categories only apply for a single quarter. Because of this, the card_name isn’t ideal for consumers who wish to book travel with transferred points and miles, or those looking for bonus rewards in specific categories all year long.

Pros & cons

Who is the card for?

If you’re looking for a no-annual-fee credit card that offers rewards on all spending, the card_name might be worth a look. The card offers up to 5% cash back on spending within certain quarterly categories and unlimited 1% on all other spending, so it’s not geared toward niche spending, the way that travel credit cards or gas credit cards might be. This flexibility is great for anyone who wants straightforward cash back earning with no annual fee.

With that said, the 1% standard cash back rate is lower than many other cards. And the card_name doesn’t include the same protections and benefits other cards offer, such as airline credits, extended warranty coverage, or cellphone insurance.

Features

Here’s a closer look at some of the key features of the card_name .

No annual fee

The card_name doesn’t charge an annual fee, whereas many rewards cards only waive the annual fee for the first year.

Rewards

Cardholders earn 5% cash back on spending within rotating quarterly categories. These categories change yearly but can include gas stations, restaurants, grocery stores, warehouse stores, Amazon.com purchases, and more.

You’ll have to remember to opt-in to these categories and activate your bonus rewards offer before the quarter hits, or you might lose out on the extra cash back. Additionally, you won’t earn 5% back on all of your relevant spending, as there is a quarterly spending maximum. Once you reach it, you’re earning rate will drop back to 1%, even if a purchase falls into the bonus category.

Outside of the quarterly rotating bonus categories, you’ll earn unlimited 1% cash back on all purchases. The card also offers Cashback Match, which doubles any rewards you earn during the first year. For example, if you earn $500 in rewards that first year, it’ll become $1,000.

You can redeem your rewards as a cash deposit into the bank account of your choice, a statement credit on your Discover card, or use them to pay for purchases on Amazon or through Paypal.

Introductory APR

The card_name offers 15 months at 0% APR on both purchases and balance transfers. This allows you to either pay off a large purchase over time or consolidate and repay an existing debt without incurring interest charges. After the introductory period ends, any remaining balance (or new purchases) will be at the standard APR of 17.24% to 28.24%.

The fine print

It’s important to read the fine print of any credit card product to ensure that you understand the fees, limitations, and benefits involved. This will help you avoid any surprises or unexpected costs along the way.

Fees

The card_name has no annual fee, so you don’t have to worry about that recurring cost each year. There is also no late fee the first time you miss your payment. However, a late_payment_fee of up to $41 may be imposed beginning with the second late payment. There is also a returned payment fee of up to $41.

You may encounter other fees depending on how you utilize the account. Balance transfers, for example, are subject to a 3% fee during the introductory offer period, after which the fee jumps to 5% of the transfer amount. There is also a cash advance fee of 5% (minimum $10).

Interest charges

Once the intro_apr_rate,intro_apr_duration period ends, any balance you carry from one month to the next will be subject to finance charges in the form of interest. The APR on this card for both purchases and balance transfers ranges from 17.24% to 28.24%, depending on creditworthiness and other factors. Cash advances have a higher APR of 29.99%, though there is no penalty APR.

Additional hidden perks

In addition to the benefits we’ve already mentioned, here are some other perks you can enjoy with the card_name.

Free FICO credit score

Discover will provide you with a free FICO credit score, which is calculated using data from your TransUnion credit report. Your FICO score allows you to track your credit progress and watch for red flags, though it might not be the same score that potential lenders will pull.

Discover Identity Alerts

Discover will also send you free identity alerts if it detects a relevant change. These alerts include changes to your Experian credit report, like a new credit inquiry or a new account being reported. You’ll also be notified if your personal information—such as your Social Security Number or other sensitive info—is found on the dark web.

What could be improved

While the card_name is a solid no-fee option, there is always something that could be improved.

For example, this card has no welcome offer, so you can’t pile up the rewards upfront, even if you have a large purchase to make. Of course, Discover does double any cash back you earn in the first year, so that’s a nice perk.

The card_name earns straight cash back instead of points or miles. While this is helpful for cardholders who appreciate a simple redemption process, you can’t transfer points to travel partners, such as hotel or airline brands. These types of transfers give savvy travelers the ability to get even better deals on award flights and hotel stays, so only having one cash back redemption option is rather limiting.

Additionally, the card’s 5% categories are only quarterly and have a spending cap. Once a new quarter begins, you’ll earn in a different category, so you’ll have to not only opt in but also track these categories and your spending to maximize your earnings.

Card alternatives

Bottom line

The card_name is a great option for anyone looking to earn cash back rewards on all of their spending without worrying about an annual fee. With 5% quarterly bonuses, cardholders can amplify their rewards in specific spending categories for three months at a time.

Cashback Match also doubles any rewards you earn in the first year. The card doesn’t have transfer partners or provide any travel or consumer protections, but it is still pretty competitive, especially with the 15-month introductory APR offer on purchases and balance transfers.

Frequently asked questions (FAQs)

Is the card_name worth it?

The card_name has no annual fee, making it an affordable choice. While cardholders may be able to earn higher cashback returns elsewhere after the first year, the Discover it’s Cashback Match feature doubles any rewards earned in the first year, so it’s probably worth a try for at least 12 months.

Can I get cash back with Discover it?

The card_name offers unlimited 1% cash back on everyday purchases and 5% in select quarterly categories. Rewards can be redeemed as a bank deposit, statement credit, or toward online purchases through Amazon or Paypal.

What is the Discover it 2% cashback bonus?

Discover Cashback Match doubles any rewards earned on card_name in the first 12 months. So if you earn 1% back on everyday purchases, these rewards will be doubled after the first year, making your earnings 2% overall (or 10% in bonus categories).

What FICO score do you need for a card_name?

The card_name has no published minimum score. However, you will likely need good credit or better to qualify. Discover has other rewards credit cards available to applicants with fair credit or no credit.