Discover it® Cash Back Credit Card: Maximize Rewards and Exclusive Benefits
The Discover it® Cash Back Credit Card is renowned for its generous cash back rewards program and valuable benefits. This card stands out in the market, offering cardholders the opportunity to earn significant rewards on everyday purchases, making it a practical choice for many consumers. With its unique features like the Cashback Match and rotating 5% cash back categories, it provides an exceptional value proposition.
Additionally, the card’s zero annual fee and comprehensive purchase protection enhance its appeal. In this article, we will guide you through the process of applying for this card, highlight its key benefits, and provide useful tips for maximizing its value. Whether you’re looking to save on your everyday expenses or simply want a reliable credit card with substantial perks, the Discover it® Cash Back Credit Card is worth considering.
History of Discover
Discover Financial Services was established in 1986, launched by Sears as a new player in the credit card market. Discover aimed to differentiate itself by introducing a cash back rewards program and eliminating annual fees. This strategy quickly distinguished Discover from its competitors and garnered a loyal customer base.
Over the years, Discover has expanded significantly, offering a range of financial products beyond credit cards, including personal loans and banking services. The company’s commitment to customer-centric values, innovative products, and robust rewards programs has solidified its reputation as a trusted name in the financial services industry. Discover continues to innovate and prioritize customer satisfaction as it grows and evolves in the market.
Benefits of the Discover it® Cash Back Credit Card
The Discover it® Cash Back Credit Card offers numerous benefits that make it an attractive option for consumers. Here are some of the key features:
- Cash Back Rewards: One of the most appealing aspects of the Discover it® Cash Back Credit Card is its cash back rewards program. Cardholders can earn 5% cash back on everyday purchases at different places each quarter, such as Amazon.com, grocery stores, restaurants, gas stations, and when you pay using PayPal, up to the quarterly maximum when you activate. Additionally, you earn unlimited 1% cash back on all other purchases automatically.
- Cashback Match: Discover offers a unique Cashback Match program for new cardholders. At the end of your first year, Discover will match all the cash back you’ve earned, dollar for dollar. There is no limit to how much is matched, making it a lucrative offer for new users.
- No Annual Fee: The Discover it® Cash Back Credit Card comes with no annual fee, allowing you to enjoy all the benefits without any yearly charges. This feature makes it an excellent choice for budget-conscious consumers.
- Purchase Protection: The card offers comprehensive purchase protection, including zero fraud liability, which means you won’t be held responsible for unauthorized purchases. Additionally, you get free access to your FICO® Credit Score, helping you monitor your credit health.
Introductory APR
New cardholders benefit from an introductory 0% APR on purchases for the first 14 months, followed by a variable APR based on your creditworthiness. This feature can be particularly useful if you plan to make large purchases and pay them off over time.
Loan Options and Installment Program
Flexible Payment Options
Discover provides flexible payment options to suit your financial needs. You can take advantage of the card’s balance transfer feature, allowing you to transfer high-interest balances from other cards to your Discover card and pay them off at a lower rate.
Installment Plans
The Discover it® Cash Back Credit Card offers an installment plan option, enabling you to pay for large purchases over a set period with fixed monthly payments. This program can help manage your budget more effectively and avoid high-interest charges.
Eligibility for the Discover it® Cash Back Credit Card
Credit Score Requirements
To be eligible for the Discover it® Cash Back Credit Card, you generally need a good to excellent credit score. This typically means having a FICO® Score of 670 or higher. However, Discover considers various factors beyond just your credit score, so it’s worth applying even if your score is slightly lower.
Age and Residency
Applicants must be at least 18 years old and residents of Canada to qualify for the Discover it® Cash Back Credit Card. You will also need to provide proof of identity and residency during the application process.
Income Requirements
While Discover does not specify a minimum income requirement, having a stable income source is essential to demonstrate your ability to repay the credit card debt. Providing accurate information about your income and employment status is crucial when applying.
How to Apply
Step-by-Step Application Process
- Visit the Official Website: Go to the official Discover it® Cash Back Credit Card page here.
- Fill Out the Application Form: Provide the required personal information, including your name, address, social insurance number, and employment details.
- Submit the Application: Review your information carefully before submitting your application. You may receive an instant decision, or Discover might need additional time to review your application.
- Receive Your Card: If approved, you will receive your Discover it® Cash Back Credit Card in the mail within 7-10 business days. Activate your card and start enjoying the benefits.
Additional Tips
Evaluating the Benefits
The Discover it® Cash Back Credit Card offers numerous advantages, including robust cash back rewards, no annual fee, and purchase protection. The Cashback Match program is particularly appealing, effectively doubling your cash back earnings for the first year.
Considerations and Drawbacks
While the card has many benefits, it’s important to consider potential drawbacks. The 5% cash back categories rotate quarterly, requiring activation each quarter to earn the maximum rewards. Additionally, the card’s acceptance might be limited compared to Visa or MasterCard, depending on the merchant.
Tips for Maximizing Rewards
- Activate Quarterly Categories: Ensure you activate the 5% cash back categories each quarter to maximize your rewards.
- Use for Everyday Purchases: Use the card for everyday purchases like groceries and gas to earn cash back on essential spending.
- Pay Your Balance in Full: Avoid interest charges by paying your balance in full each month. This practice also helps maintain a good credit score.
Environmental Impact
Discover is committed to sustainability and minimizing its environmental footprint. The company actively supports green initiatives, such as renewable energy projects and waste reduction programs. Discover also encourages responsible credit usage among its cardholders, promoting sustainability in financial decisions. By choosing the Discover it® Cash Back Credit Card, you’re supporting a company that values environmental responsibility and contributes to positive environmental practices in the financial industry.
Customer Service
For any inquiries or assistance with your Discover it® Cash Back Credit Card, you can reach Discover’s customer service through the following channels:
- Website: Discover Website
- Phone: 1-800-DISCOVER (1-800-347-2683)
- Email: Use the secure messaging feature through your online account.
- Mobile App: Download the Discover mobile app for Android and iOS for account management and support.
The Discover it® Cash Back Credit Card is a valuable tool for earning cash back on everyday purchases and managing your finances effectively. Its numerous benefits, including no annual fee, Cashback Match, and purchase protection, make it an excellent choice for Canadian residents. By understanding the application process, eligibility criteria, and maximizing rewards, you can make the most of this credit card.
Found this information useful? Check out other credit card choices for Canadians here.
