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Sorry if that headline sounds clickbait-y but I’m seriously considering getting the Discover It card.
Update: I got “it!”
I’m not crazy about the name of the card. It’s hard to refer to “It.”
– Where’s my “It”?
– Your what?
– My “It!” Discover “It!”
– You’ve lost your damn mind.
But no for reals when I looked at the categories and did the math, I thought how lucrative this no annual fee card could be.
In This Post
The cashback of the Discover It
- Link: Discover It
Discover offers 5% cash back in rotating quarterly categories on the first $1,500.
So what? The Chase Freedom card has that too. 5% of $1,500 is $75. Over a year’s time, that’s an easy $300.
But Discover will double the cashback after the first 12 billing cycles for:
- 5% categories
- Daily spend
- Portal shopping!
Not only that, but the 5% categories are good.
Restaurants, Amazon.com, and department stores? Hell yeah, I can max the crap out of those. So I’ll get $75 each quarter. $300 a year. And then get it doubled to $600 after the first 12 billing cycles. Hellz to the yeah.
The shopping portal is interesting
Which would double to 20%.
And if you found the magic combination of 10% portal payout + 5% bonus category, that’s 15%.
Which would double to 30%.
30% cashback is pretty freaking incredible. Especially when you consider that portals advertise discount / promo codes, too.
Even 20% cashback is good. Like at my beloved Kohl’s.
In fact, there’s a quintuple dip opportunity with Kohl’s:
- 1st dip: 5% cashback
- 2nd dip: 5% portal bonus
- 3rd dip: Double cashback
- 4th dip: Kohl’s cash + Kohl’s discounts from portal
- 5th dip: Kohl’s MVC status / free shipping
Say you spend $100 at Kohl’s.
- $5 back from Discover It
- $5 back from the portal
- $10 back from double cash promo
- $20 back in Kohl’s cash
- Plus whatever discounts you added when you checked out
So that’s… pretty incredible.
The Discover It card has:
- No annual fee
- No foreign transaction fees
- Minimum cash back redemptions starting at 1 cent
- Free FICO credit score
- 0% APR for 12 months
For a card to have no annual fee and no foreign transaction fees is a pretty rare combo.
And for that reason, you can keep the card forever to help age your credit accounts. And to take advantage of any other promos and quarterly categories in the future.
And if you have the Chase Freedom card, you can max out the Freedom 5% categories AND the Discover It categories.
Max them both out the 1st year you have your Discover It card and get $900 back ($600 from Discover It and $300 from Chase Freedom).
For 2 no annual fee credit cards, that’s an amazing deal.
- Discover isn’t as widely accepted as other cards. But for online shopping, you’ll be fine
- Don’t max out the categories on stuff you don’t need just to get the cash back. That makes no sense
- Don’t carry a balance unless you’re taking advantage of the 0% APR or have a damn good reason
- Some peeps may find it hard to remember the various categories and quarters and bonuses on multiple cards
In fact, going along with the last point, some may prefer the Discover It Miles card instead. It has a flat 1.5 “miles” per dollar spent AND has the same double miles offer that the Discover It card has. So 3 miles per $1 spent the 1st year.
You’ll also still gain access to Discover Deals to get the great portal bonuses.
I think I’m gonna snap up this card in a couple of weeks. That way, if the 3rd quarter bonuses repeat again next year, I’ll have a whole month to take advantage of Amazon.com and department stores in Q3.
The Discover It card has my attention, especially consider the fantastic double cash promotion for new cardmembers.
The 5% cashback categories are an easy $600 the 1st year. And when you factor in portal bonuses, no annual fee, and many ways to combine it with other deals, it really increases the value proposition of the Discover It card.
Only downside is that there’s no sign-up bonus. But to get an easy $600, I think I can get over it.
Both the Discover It and Discover It Miles cards are accessible via my links – and I thank you for using them!
What’s your take on the Discover It card? Hell yeah or not so much?
Editorial Note: Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.