Rosalind Evans
Discover’s “Discover it® Cash Back” credit card boasts rotating 5% cash back bonus categories, capping at $1,500 in purchases every quarter. As we step closer to autumn, the company has unveiled its Q4 2023 categories.
From October 1 to December 31, 2023, cardholders can earn 5% cash back on purchases from Amazon.com and Target with the Discover it Cash Back card. Considering the holiday season is within this quarter, these categories present numerous chances to capitalize on the cash-back offer. If neither merchant is your usual go-to, consider purchasing gift cards for future use or even third-party merchant gift cards, ensuring you still gain the 5% cash back.
For existing Discover it Cash Back cardholders, don’t forget the active Q3 2023 categories: gas stations and digital wallets. You have one more month to maximize your returns.
Note that the 5% cash back on the Discover card tops out at $1,500 in combined quarterly purchases. So, by simply enrolling in the appropriate categories and shopping at the specified merchants, cardholders have the potential to earn up to $75 in bonus cash back every quarter.
Considering the Discover it Cash Back card? Apart from cash-back benefits, the card extends an introductory 0% APR on all purchases for the initial 15 months. Plus, a 0% APR on balance transfers for the first 15 months from the initial transfer, applicable to transfers posted by November 10, 2023 (a 3% fee applies initially, followed by up to 5% for subsequent transfers; see conditions). After the promo periods, the APR varies between 17.24% and 28.24%. Ensure any debt is settled prior to this shift.
A cherry on top: New card members receive a match of their accumulated cash back after the first year, effectively doubling the 5% cash back to 10% for the inaugural year. On top of this, there’s a consistent 1% cash back on all other expenses, which becomes 2% in the first year with the cashback match feature.
Exploring alternative cards? The Chase Freedom Flex℠ offers similar 5% cash back rotating categories, complemented by a set of permanent bonus categories. Alternatively, the Citi Custom Cash℠ Card rewards users with 5% cash back on the category they spend most in each billing cycle, up to a $500 limit.
In an ever-evolving financial landscape, credit card perks remain a significant factor in consumer choices. Discover’s latest announcements further highlight the company’s commitment to rewarding its customers. While the Discover it Cash Back card is an attractive option, always ensure to assess individual spending habits, evaluate potential rewards, and diligently manage balances to avoid unnecessary fees. Whether you’re a dedicated Discover enthusiast or exploring alternatives, the end game is to capitalize on rewards while maintaining fiscal responsibility.
