Nilson Report Feb. 2020 chart, U.S. general purpose brandsDiscover rewards program and best redemption options
There are a few key rewards programs attached to Discover credit cards, with some cards offering bonuses in an array of rotating spending categories and others offering bonus cash back in just a couple of spending categories.
The following cards offer 5% cash back in rotating categories each quarter upon enrollment (up to the quarterly max, then 1%):
- Discover it Cash Back
- Discover it Balance Transfer
- Discover it Student Cash Back
The following cards offer 2% back at gas stations and restaurants (on up to $1,000 combined purchases quarterly, then 1%):
- Discover it chrome
- Discover it Student chrome
- Discover it Secured
While quarterly activation is required for the Discover cards with rotating categories, cash back for the chrome cards is automatic.
Discover 5% cashback calendar 2020
Discover’s 2020 cashback calendar is now live, so you can get a sense of how your spending habits line up and start planning your purchases accordingly.
| Winter (January – March) | Spring (April – June) | Summer (July – September) | Holiday (October – December) |
|---|
- Grocery stores
- Walgreens
- CVS
| - Gas stations
- Uber and Lyft
- Wholesale clubs
| | - Amazon.com
- Target.com
- Walmart.com
|
To ensure you earn the full 5% cashback bonus, keep the following in mind:
- You must activate the bonus each quarter to receive 5% back.
- Your bonus is active from the first day of the first month of each quarter – or the date on which you activate it, whichever is later – through the last day of the last month of each quarter.
- You earn bonus cash back up to the quarterly maximum.
- All spending over the quarterly maximum and all purchases outside a quarter’s bonus category earn 1% cash back.
Best Discover reward redemption options
Since cash back reward values are pretty straightforward, the best cash back redemption options are often the most convenient for you at the moment without sacrificing reward value. For gift card lovers, however, Discover has a great deal: There is an added value on each gift card you redeem for (for example, certain merchants offer a $25 gift card for $20 of cash back rewards).
When you’re ready to collect your hard-earned Discover credit card rewards, here’s a quick rundown of your Discover redemption options.
- Cash, either as a direct deposit or a statement credit – 1 cent minimum redemption
- Amazon.com or PayPal purchases, using the “Cashback Bonus® option at checkout ($1 Cashback Bonus = $1) – no minimum redemption value
- Gift cards (with an added bonus value) – $5 minimum redemption
- Charity donations – 1 cent minimum redemption
Discover it Miles can be redeemed as a credit toward eligible travel purchases on your credit card statement or as a bank account direct deposit, both at 1 cent per 1 mile. Plus, Discover cash back and miles don’t expire. Rather than erasing your rewards, Discover will credit your account with your cash back or miles balance if your account is closed or it hasn’t been used within 18 months.
No annual fees on Discover cards
You won’t pay an annual fee or foreign transaction fee on Discover cards. Annual fees can run in the hundreds of dollars, and foreign transaction fees — which are fees added on top of your purchase when you use your credit card at a non-U.S. retailer — are typically 3% of the charge. That’s a whole lot of money saved with those two fees waived. Discover cards carry a host of other features, as we’ll talk about next.
Which Discover card should you get?
Because Discover credit cards have such different structures from competitors, it’s a good idea to compare with any other cards you have your eye on. Discover offers the gamut – credit building, student, travel and cash back cards. Which is best for you?
Consumer with a big balance – If you have a balance on another card, the Discover it Balance Transfer is one of the most generous on the market, with 0% intro APR for 18 months on balance transfers. However, the intro purchase offer is only 6 months, so even though this card offers 5% back on rotating categories after activation (up to the quarterly maximum, then 1%), don’t plan on carrying any of those purchases over past 6 months, because interest rates will kick in at a variable rate of (see terms).
Shopper with a plan – There are a couple of options here, including the Discover it Cash Back and the Discover it chrome. The Discover it Cash Back is a good card for someone who enjoys angling to maximize their cash back rewards, while the chrome is a good option for someone who frequents restaurants or is a road warrior.
Occasional traveler – If you are looking for one of the 48 million merchants in 190 countries and territories, with international acceptance continuing to grow. You can check out Discover’s online map to see if your card is likely to be accepted where you’re traveling, but rest assured that many popular destinations in South and Central America, Europe and Asia have a moderate or high rate of Discover acceptance. Countries with a high Discover acceptance rate include:
- Argentina
- Austria
- Bahamas
- Belize
- Brazil
- Chile
- Croatia
- Czech Republic
- Ecuador
- Greece
- India
- Israel
- Jamaica
- Japan
- Kazakhstan
- Kenya
- Morocco
- Paraguay
- Peru
- Poland
- Slovakia
- South Korea
- Switzerland
Discover also offers a variety of lending products, including checking accounts, personal and student loans, and more. Here’s what it offers:
- Credit cards. You already know that these products provide excellent value, but they also offer great service and security.
- Banking. Discover also offers savings, checking, IRAs and CDs with a competitive APY for 12 months and a minimum $2,500.
- Personal loans. Discover’s variety of loans can be used for major purchases, life events, remodeling or debt consolidation.
- Student loans. All manner of student loans are offered, with a fixed rate undergraduate loan’s starting fixed rates ranging from 4.24%-12.39%.
- 数字货币交易软件_数字货币手机app下载home equity. These loans range from 3.99%-11.99% fixed APR for $35,000-$200,000. That’s with no application fee, origination fee or appraisal fee.
Recap: The Best Discover Credit Cards of 2020
| Credit Card | Best For: | hfyhpf120.com Rating | Annual Fee |
|---|
| Discover it® Cash Back | Cash back with rotating rewards categories | 4.3 / 5 | $0 |
| Discover it® Balance Transfer | Long balance transfer offer | 4.5 / 5 | $0 |
| Discover it® Miles | Earning airline miles | 4.0 / 5 | $0 |
| Discover it® chrome | Gas and dining rewards with cash back match | 4.1 / 5 | $0 |
| Discover it® Student Cash Back | Good Grades Rewards and rotating categories | 4.2 / 5 | $0 |
| Discover it® Student chrome | Good Grades Rewards, gas stations and restaurants | 4.2 / 5 | $0 |
| Discover it® Secured | Establishing credit | 4.1 / 5 | $0 |
Laura is an editor and writer at hfyhpf120.com. She has written extensively on all things credit cards and works to bring you the most up-to-date analysis and advice. Laura’s work has been cited in such publications as the New York Times and
Associated Press. You can reach her by e-mail at @creditcards_lm.
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