There are a lot of credit cards out there that offer a lot of incredible benefits. However, it’s a little bit annoying having 4 or 5 credit cards to carry around in your wallet. Fortunately, the Discover It Credit Card is one of the best out there and is the only one you need.
1. Minimum Cash Back At 2%
If you’re already a Discover It cardholder, you probably know about the 1% cash back on all purchases that it comes with. With Discover’s new Double Cash Back Promotion, you receive double the cash back that you make over the course of a year after 12 billing cycles. This essentially makes your minimum cash back at 2% (1% x 2 = 2%).
The only other credit card that offers 2% cash back on all purchases is the Citi Double Cash Card. While this is a great alternative, there are many reasons why the Discover It Card still comes out ahead by a great margin.
The Double Cash Back Promotion is only available to new members, but there’s a trick you can use to participate in the promotion if you already own the card. While originally the deal was set to expire at the end of July, it’s now been extended to September 30th.
Simply call up the number on the back of your Discover Card and ask. If they refuse and try to get you to apply to a new card, simply state that you’re considering canceling your account if you can’t get the Double Cash Back Deal. This is usually enough to make them change their minds.
2. 5% Cash Back On Rotating Categories (Now 10%)
Not only do you get a minimum of 2% cash back on all purchases, but some products qualify for 5% cash back depending on the category. These categories change every 3 months. Here is the current cash back calendar:
- Jan – March: 5% back on gas & ground transportation
- April – June: 5% back on restaurants & movies
- July – Sep: 5% back on home improvement stores, department stores, and Amazon.com
- Oct – Dec: 5% back on Amazon.com, department stores & clothing stores
If you get the Discover It Card during their Double Cash Back Promotion, all of this cash back doubles, so you’re actually getting 10% back on all of these purchases. I frequently make purchases on Amazon.com, and I love how I can get 10% back every time.
5% of the cash back will be awarded to your account at the end of the billing cycle, and the other 5% will be awarded after 12 billing cycles for a total of 10%. Cash back can be used toward other purchases, statement credit, or be directly sent to your bank account.
The maximum amount you can receive quarterly for 10% cash back is up to purchases of $1,500 dollars. If you go over this limit, you’ll be brought back down to 2% on all purchases.
3. Shopping Portal
Discover has one of the best shopping portals around called Discover Deals. Discover has partnered with hundreds of retailers online. Each time you make a purchase through one of the Discover Deals links, you receive a certain amount of cash back. The only requirement is that you use the Discover Card upon checkout.
The portal has really great deals, some that you can’t even find at other top shopping portals. For example, you can get 40% off of all purchases at Men’s Wearhouse. If you applied for the Double Cash Back, then you’re actually getting 80% off. Find out more in detail how this works here.
4. No International Fees
This one is incredibly important for me, and I wish I had known about it during my trip to Taiwan. Most credit cards charge you of up to 3% for making a purchase outside of the US. No matter what country you’re in, Discover won’t charge you for your purchase. In fact, they’ll give you 2% cash back if you’re enrolled in Double Cash Back.
The only difficulty that you might come across with this one is that a lot of international destinations are only going to accept Visa or Mastercard. While you can find some places that will accept Discover, it’s not going to be as common. It’s always a good idea to bring it just in case.
5. Free FICO Credit Score
Every owner of the Discover It Card is allowed a Free FICO credit score on their monthly statement. This credit score can be viewed by lenders when they’re deciding about whether to lend you cash or not. Being able to see your score on every statement helps you avoid surprises.
If you don’t want to have to wait until each billing cycle to check your credit score, you can always check for free with Credit Sesame. No credit card required to sign-up.
6. Cash Back Can Be Used Directly On Amazon.com
You can either claim your cash back directly to your bank, use it as statement credit, or use it automatically on your next Amazon.com purchase.
The reason why I wanted to emphasize this is because you save a lot on Amazon using the Discover It Card. You’re getting 10% cash back on all Amazon purchases made from July to December with this card, and we’ve already written about how you can get up to 18.5% off all Amazon purchases using this card.
I bought this Macbook Pro and since I’m getting 10% back, I’m actually only going to be paying $1,150 instead of the original $1,278.
7. Other Benefits
There are too many other benefits to go into a lot of detail, but here are some of the more important ones that we thought that you might like to read.
- No annual fee
- First late payment waived
- Freeze It feature for stolen or lost cards
- Card replacement with free overnight shipping
- Cash back never expires
- Paying late won’t raise APR
- Accepted at over 9.2 million merchants nationwide
If you only want to carry around one credit card in your wallet, make it the Discover It Card. You can get 2% – 10% cash back on all purchases, no foreign transaction fees, no annual fee, and your first late payment is waived. You’re not going to find another card that gives you such a high amount of cash back.
If you have the Discover It Card and are looking for more ways to save money, I recommend the following:
- Save 80% Off All Men’s Wearhouse Purchases
- Get 10% Off All Purchases at Whole Foods
- How To Save 12% On All Southwest Flights
- Discover Has The Best Cash Back Portal
You can apply for the card by clicking this link here. If you have any questions or would like to suggest a different credit card, leave them in the comments below. Thanks for reading and happy frugaling!