Small update:Â This offer is now being reported on the homepage of Discover.com, it makes it seem that this promotion is only for new cardholders but it’s available to existing cardholders as well.
Two days ago we were the first to report a new deal offered by Discover, they will be doubling the the cash back bonus for Discover it cardholders for their next 12 statement cycles. Keep reading to better understand the full details of this offer.
The Offer
To enroll in this offer you can call 800-347-3085  and request to be enrolled in this offer, hopefully they will also let you sign up online at some stage.
- Discover it cardholders will receive double the cash back for the next twelve statement cycles, this means that the card will earn at the following rates:
- 10% cash back in rotating categories
- 2% cash back on all purchases
I was told that Discover Deals would also be doubled by the representative. But I have a query with the Discover media team to confirm this as it sounds too good to be true and the Discover it Miles also offers double cash back for the first twelve months and Discover Deals is not doubled (reps also thought this would be doubled and it’s not).
The Fine Print
- Must enroll in this offer to be eligible
- Available to new and existing cardholders
- You have until July 31st to enroll
- You’ll receive your double cash back bonus with your 13th statement after you’ve enrolled in this offered
- This offer does not begin until your next statement period begins (when you call, they’ll be able to tell you when this period begins). It’s possible to change when your statement cuts out by calling Discover as well
- No earning caps
Full fine print from credit card application page:
After the first 12 consecutive billing periods that your new account is open, we will double all the cash back rewards you’ve earned and apply them to your account in the next billing cycle. You’ve earned rewards when they have posted to your account by the end of the 12th consecutive billing period. You will not receive Double Cash Back if your account is closed or no longer in the cash back reward program as of the award date. This promotional offer may not be offered in the future.
Discover It Sign Up Bonuses
Discover usually offers a sign up bonus of $150 once a year on this card, unfortunately that offer is only available to some people via targeted means at the moment. The best sign up bonus is a $100 Amazon gift card has been reduced to $50 (although the official site is also offering an introductory APR of 0% for 14 months). Also keep in mind that it’s possible to have more than one Discover it card.
Having multiple Discover it cards could be very useful for people who spend more than $1,500 per quarter in any of the rotating categories. You can have a maximum of two Discover credit cards and your first card must have been opened for a period of one year before you’ll be eligible to open a second.
Our Verdict
I’m glad to see that the 5% cash back categories will be doubled, this means that it’s possible to earn 10% cash back in those categories. If your statement cut out before June 30th you could receive 10% cash back for 2015: Q2, Q3, Q4 and 2016: Q1 & Q2 for a potential of $750 in cash back per Discover it card. Obviously some people will have already have maxed out Q2 2015 but that’s still a potential of $600 in cash back. Below is a list of the current, future and past rotating categories for the Discover it:
| Q1 | Q2 | Q3 | Q4 | |
|---|---|---|---|---|
| 2018 | Gas Stations & Wholesale Clubs | Grocery Stores | Restaurants | Amazon & Wholesale Clubs |
| 2017 | Gas Stations, Ground Transportation & Wholesale Clubs | Home Improvement & Wholesale Clubs | Restaurants. Some cardholders targeted for Amazon | Amazon and Target |
| 2016 | Gas and Ground Transportation | Restaurants & Movies | Amazon, Home Improvement | Sam’s Club, Amazon, and Department Stores |
| 2015 | Gas Stations & Ground Transportation | Summer Spruce Up? | Home Improvement Stores, Department Stores, and Amazon.com | Amazon, department stores, and clothing stores |
| 2014 | Restaurants and Movies | Home Improvement Stores, Furniture Stores and Bed Bath & Beyond | Gas stations | Department Stores and Online Shopping |
| 2013 | Restaurants and Movies | Home Improvement Stores | Gas stations | Online Shopping |
| 2012 | Gas stations, Movie theaters and Museums | Restaurants and Movies | Gas stations, Movies and Theme parks | Department Stores and Online Shopping |
| 2011 | Travel and Restaurants | Home and Fashion | Gas, Hotels, Movies and Theme Parks | Restaurants and Fashion |
*2011 had a limit of $800 in spend per quarter rather than the $1,500 currently offered.
2% cash back is nice, but there are a lot of cards that already offer that rate or higher, without having to wait over a year to get the cash back. The advantage of Discover is that they have relationships with JCB and UnionPay which means their acceptance should be better than Visa, Mastercard or American Express in places like Japan and China. You can read our tips for using Discover internationally here.
There is one thing that I don’t like about this promotion though and that’s the fact that you need to wait a full 13 statement cycles before you receive the double cash back.
If Discover Deals does also offer double cash back then this deal is out of control good. Discover Deals is often best in show when it comes to cash back shopping portals. As an example, Sears is currently 10% cash back with Discover Deals doubled would make it 20% cash back and it’s also possible to double dip making this 40% cash back. Obviously this isn’t sustainable, which is why I think Discover Deals will not be doubled. The other option Discover has is simply to reduce the rates on merchants that are being abused and possibly shut down the accounts of the abusers (again waiting 13 months for your cash back is never a good thing).
