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Best of, Earning Cashback

The Best Cash Back Credit Cards for Every Category – 3% and More in January 2020

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners. This site may be compensated through a credit card partnership.

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In our analysis, there are over 25 categories where you can earn 3% or more in cash back on your credit card purchases. In this post, you’ll find the best cash back credit cards that earn more than 3% cash back in popular spending categories, such as dining, gas, airfare and groceries.

U.S. Supermarkets – up to 6% (on up to $6,000 per year in purchases, then 1%)

Blue Cash Preferred® Card from American Express

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Blue Cash Preferred® Card from American Express

Regular Purchase APR
14.49%-25.49% Variable
Intro Purchase APR
0% for 12 months
Intro BT APR
0% for 12 months
Annual fee
$95
Rewards Rate
NEW 6% Cash Back on select U.S. streaming subscriptions & 3% Cash Back on transit including taxis/rideshare, parking, tolls, trains, buses and more
Balance Transfer Fee
Either $5 or 3% of the amount of each transfer, whichever is greater.
Credit required
good-credit
Excellent/Good

The Blue Cash Preferred® Card from American Express offers the highest rate we could find for U.S. supermarket shopping: NEW 6% Cash Back on select U.S. streaming subscriptions & 3% Cash Back on transit including taxis/rideshare, parking, tolls, trains, buses and more This card does have a $95 annual fee, but if you spend $1,584 a year at U.S. supermarkets, you’d earn enough cash back to recoup the annual fee.

Gas – 5%

Fort Knox Federal Credit Union Visa® Platinum Card

Fort Knox Federal Credit Union Visa® Platinum Card

Annual fee
$0
Rewards Rate
Unlimited 5% cash back on gas and 1% cash back on all retail purchases.
Regular Purchase APR
11.50% - 18.00% Variable

You might not have heard of this credit union, but anyone can join. You just need to pay $5 to join the American Consumer Council / Kentucky and you’re eligible.

Another option includes the Sams Club® Mastercard®. You earn 5% cash back on eligible gas worldwide, including gas at Sam's Club (on the first $6,000 per year, then 1% after). Earn 3% cash back on dining and travel. Earn 1% cash back on other purchases at Sam's Club and wherever Mastercard is accepted. You need to be a Sam’s Club member to hold the card.

Dining – 4%

Capital One® Savor® Cash Rewards Credit Card

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Capital One® Savor® Cash Rewards Credit Card

Annual fee
$0 intro for first year; $95 after that
Rewards Rate
4% Cash Back on dining; 4% Cash Back on entertainment; 2% Cash Back at grocery stores; 1% Cash Back on all other purchases. Plus, earn 8% cash back on tickets at Vivid Seats through May 2020.
Regular Purchase APR
15.99% - 24.99% (Variable)
Credit required
good-credit
Excellent/Good

The Capital One® Savor® Cash Rewards Credit Card offers unlimited 4% Cash Back on dining; 4% Cash Back on entertainment; 2% Cash Back at grocery stores; 1% Cash Back on all other purchases. Plus, earn 8% cash back on tickets at Vivid Seats through May 2020. The card also lets you earn a one-time $300 cash bonus after you spend $3000 on purchases within the first 3 months from account opening.

Cardholders will be charged an annual fee of $0 intro for first year; $95 after that.

Airfare – 3%

Uber Visa Card

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The information related to Uber Visa Card has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Uber Visa Card

Annual fee
$0
Rewards Rate
5% back in Uber Cash on Uber, Uber Eats, and JUMP, 3% back in Uber Cash on dining, hotels, and airfare and 1% back in Uber Cash on all other purchases
Regular Purchase APR
17.24% - 27.99% Variable

The Uber Visa Card earns 5% back in Uber Cash on Uber, Uber Eats, and JUMP, 3% back in Uber Cash on dining, hotels, and airfare and 1% back in Uber Cash on all other purchases. The foreign transaction fee is 0% of each transaction in U.S. dollars. So it’s great if you travel outside the U.S.

General purchases: Alliant Cashback Visa® Signature Card

The Alliant Cashback Visa® Signature Card card earns Unlimited 3% cash back during the first year; 2.5% cash back afterwards (note, this does not include certain categories, such as gift cards). The card also comes with a $99 annual fee, waived the first year.

Keep in mind that Alliant is targeting this card to high spenders with excellent credit, so it might be tough to get approved.

Earning cash back in other popular spending categories

We’ve organized cash back cards for each of the over 25 spending categories that are currently eligible for 3% or more in cash back rewards. They include both year-round offers and quarterly rotating categories.

You’ll find three types of cash back rewards, in the order of hassle factor:

  • Unlimited cash back – This is the simplest form. You usually won’t find the very highest 5%+ rewards this way, but we’ve found some great cards that get you 3% or more in some popular categories.
  • Cash back with limits – This is where a card limits the cash back you earn by putting a cap on the spending which earns the cash back in the specific category, on a combination of categories, or the card as a whole.
  • Quarterly rotating categories – These are the cards with the big headline 5% rates. Don’t be fooled. While you can earn the 5% rate, you may have to opt in to categories each quarter manually and be hit with caps on how much you can earn.

Airfare

Unlimited

With limits

  • 3%: Huntington Voice Credit Card® – 3X points in one of 10 categories (capped at $2,000 each quarter or 6000 points), and all other purchases earn 1X points.

Amazon.com

Unlimited

  • 5%: Amazon Prime Rewards Visa® Signature Card* (Prime members only)
  • 3%: Amazon Rewards Visa® Signature Card*

Bookstores

With limits

  • 5%: U.S. Bank Cash+™ Visa Signature® Card* up to $2,000 / quarter across two 5% categories you choose

Car Rentals

Unlimited

With limits

  • 5%: U.S. Bank Cash+™ Visa Signature® Card up to $2,000 / quarter across two 5% categories you choose
  • 3%: Huntington Voice Credit Card® – 3X points in one of 10 categories (capped at $2,000 each quarter or 6000 points), and all other purchases earn 1X points.
  • 3%: Visa Rewards Credit Card from InFirst FCU (no annual fee -join FAPAC at a reduced rate of $10 using discount code INFIRST)

Cell phone

With limits

  • 5%: Chase Freedom® – up to $1,500 when you activate – Jan – March 2020
  • 5%: U.S. Bank Cash+™ Visa Signature® Card – up to $2,000 / quarter across two 5% categories you choose
  • 5%: Ink Business Cash℠ Credit Card* – on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year

Clothing Stores

With limits

  • 5%: U.S. Bank Cash+™ Visa Signature® Card* up to $2,000 / quarter across two 5% categories you choose
  • 3%: Huntington Voice Credit Card® – 3X points in one of 10 categories (capped at $2,000 each quarter or 6000 points), and all other purchases earn 1X points.

Commuting, Taxis

Unlimited

  • 3%: Citi PremierSM Card* ($95 annual fee)

Department Stores

Select U.S. department stores. See the list here.

  • 3%: Blue Cash Preferred® Card from American Express ( $95 annual fee). See Rates & Fees.

With limits

  • 5%: U.S. Bank Cash+™ Visa Signature® Card* up to $2,000 / quarter across two 5% categories you choose
  • 3%: Huntington Voice Credit Card® – 3X points in one of 10 categories (capped at $2,000 each quarter or 6000 points), and all other purchases earn 1X points.

Discount Stores

With limits

  • 3%: Huntington Voice Credit Card® – 3X points in one of 10 categories (capped at $2,000 each quarter or 6000 points), and all other purchases earn 1X points.

Drugstores

With limits

  • 5%: Discover it® Cash Back – up to $1,500 when you activate – Jan – March 2020 (CVS and Walgreens)
  • 3%: Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer* – 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, 1% on all other purchases
  • 3%: Huntington Voice Credit Card® – 3X points in one of 10 categories (capped at $2,000 each quarter or 6000 points), and all other purchases earn 1X points.

Electronics

With limits

  • 5%: U.S. Bank Cash+™ Visa Signature® Card* up to $2,000 / quarter across two 5% categories you choose
  • 3%: Huntington Voice Credit Card®* – 3X points in one of 10 categories (capped at $2,000 each quarter or 6000 points), and all other purchases earn 1X points.

Furniture

With Limits

  • 5%: U.S. Bank Cash+™ Visa Signature® Card up to $2,000 / quarter across two 5% categories you choose
  • 3%: Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer – 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, 1% on all other purchases

Gas

Unlimited

  • 5%: Fort Knox Federal Credit Union Visa® Platinum Card (anyone can join the credit union by becoming a member of the American Consumer Council for $5)
  • 4.25%: PenFed Platinum Rewards Visa Signature® Card (anyone can become a member of PenFed paying a one time dues to Voices for America’s Troops for $14 or National Military Family Association for $15)
  • 4%: Visa Rewards Credit Card from InFirst FCU (no annual fee – can join FAPAC at a reduced rate of $10 using discount code INFIRST)
  • 3-5%: PenFed Power Cash Rewards Visa Signature® Card
  • 3%: Blue Cash Preferred® Card from American Express ( $95 annual fee). See Rates & Fees.
  • 3%: AARP® Credit Card from Chase Bank*
  • 3%: The Farmers® Rewards Visa® Card from Comenity Bank
  • 3%: Coastal Credit Union, Apple Credit Union, Vystar, and several other credit unions
  • 3%: Citi PremierSM Card* ($95 annual fee)

With limits

  • 5%: Chase Freedom® – up to $1,500 when you activate – Jan – March 2020
  • 5%: USAA® Cashback Rewards Plus American Express® Card – up to $3,000 a year in purchases
  • 5%: Sams Club® Mastercard® – up to $6,000 cash back a year
  • 5%: Visa® Platinum Cash Rewards credit card from Nusenda Credit Union – Jan – March 2020 – up to $1,500
  • 4%: Costco Anywhere Visa® Card by Citi* – for the first $7,000 per year and then 1% thereafter
  • 3%: U.S. Pride® Credit Card from Bank of America* – on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter
  • 3%: Huntington Voice Credit Card® – up to $2,000 in spending a quarter in one category of your choice
  • 3%: Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer* – on the first $2,500 in combined grocery/wholesale club/gas purchases each quarter

Supermarket Spending

Unlimited

  • 5%: Amazon Prime Rewards Visa® Signature Card* – Earn 5% at Whole Foods Market
  • 3%: Amazon Rewards Visa® Signature Card* – Earn 3% at Whole Foods Market

With limits

  • 6%: Blue Cash Preferred® Card from American Express – Earn 6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). Terms apply.
  • 5%: Discover it® Cash Back – up to $1,500 when you activate – Jan – March 2020
  • 5%: Visa® Platinum Cash Rewards credit card from Nusenda Credit Union – Jan – March 2020 – up to $1,500
  • 3%: Visa Signature Cash Rebate Card from Consumers CU – up to $6,000 rebate per year – anyone can become a member of the credit union
  • 3%: Huntington Voice Credit Card® – up to $2,000 a quarter
  • 3%: Blue Cash Everyday® Card from American Express – Earn 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). Terms apply.

Gyms

With Limits

  • 5%: U.S. Bank Cash+™ Visa Signature® Card* up to $2,000 / quarter across two 5% categories you choose

Home Improvement

No limits

  • 3%: The Farmers® Rewards Visa® Card from Comenity Bank*

With limits

  • 3%: Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer* – 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, 1% on all other purchases
  • 3%: Huntington Voice Credit Card® – up to $2,000 in spending a quarter in one category of your choice

Hotels

Unlimited

  • 3%: Uber Visa Card*
  • 3%: AAA Member Rewards Visa Signature® Card*
  • 3%: Citi PremierSM Card* ($95 annual fee)
  • 3%: Costco Anywhere Visa® Card by Citi* (need to be a Costco member)
  • 3%: Visa Rewards Credit Card from InFirst FCU (no annual fee – can join FAPAC at a reduced rate of $10 using discount code INFIRST)
  • 3%: Sams Club® Mastercard®

With limits

  • 3%: Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer* – 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, 1% on all other purchases
  • 3%: Huntington Voice Credit Card® – up to $2,000 in spending a quarter in one category of your choice

Movie Theaters

With Limits

  • 5%: U.S. Bank Cash+™ Visa Signature® Card* up to $2,000 / quarter across two 5% categories you choose

Office Supply Stores

With limits

  • 5%: Ink Business Cash℠ Credit Card* – up to $50,000 in bonus purchases a year
  • 3%: Huntington Voice Credit Card® – up to $2,000 in spending a quarter in one category of your choice

Restaurants

Unlimited

  • 3%: Uber Visa Card*
  • 3%: AARP® Credit Card from Chase Bank*
  • 3%: Sams Club® Mastercard®
  • 3%: Marvel Mastercard®*
  • 3%: Costco Anywhere Visa® Card by Citi* (need to be a Costco member)
  • 3%: Visa Rewards Credit Card from InFirst FCU (no annual fee – can join FAPAC at a reduced rate of only $10 using discount code INFIRST)

With Limits

  • 3%: Huntington Voice Credit Card® – up to $2,000 in spending a quarter in one category of your choice

Sporting Goods Stores

With limits

  • 5%: U.S. Bank Cash+™ Visa Signature® Card* up to $2,000 / quarter across two 5% categories you choose
  • 3%: Huntington Voice Credit Card® – up to $2,000 a quarter

Target

Unlimited

  • 5%: Target REDcard™ Credit Card

Trains, Cruises, Other Vacation

Unlimited

  • 3%: AAA Member Rewards Visa Signature® Card*
  • 3%: Citi PremierSM Card* ($95 annual fee)
  • 3%: Visa Rewards Credit Card from InFirst FCU (no annual fee – can join FAPAC at a reduced rate of $10, using discount code INFIRST)
  • 3%: Sams Club® Mastercard®

With limits

  • 3%: Huntington Voice Credit Card® – up to $2,000 in spending a quarter in one category of your choice

Utilities

  • 3%: Huntington Voice Credit Card® – up to $2,000 in spending a quarter in one category of your choice

*The information related to this offer has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply to American Express credit card offers. See americanexpress.com for more information. These offers and/or promotions may have since changed, expired, or are no longer available.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Alexandria White
Alexandria White |

Alexandria White is a writer at MagnifyMoney. You can email Alexandria at [email protected]

Tracy Brackman
Tracy Brackman |

Tracy Brackman is a writer at MagnifyMoney. You can email Tracy here

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Earning Cashback, Reviews

Chase Freedom or Discover it: Who is the King of 5% Bonus Cash?

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

Chase Freedom or Discover it: Who is the King of 5% Bonus Cash?

If you’re going to use a credit card, choosing one that rewards you for spending is a given. Choosing the right card? That’s another story. With so many cards offering similar cash back programs and terms it can be difficult to choose one over another.

For example, should you get the Chase Freedom® or Discover it® Cash Back?

Both offer 5% cash back categories that change each quarter, with that 5% limited to your first $1,500 in spending on those categories each quarter. Where they differ is in the actual 5% bonus categories, the introductory bonus offer, and some fine print.

In this post, we’re going to dissect both cards and how they stack up against each other.

Chase Freedom®

Chase Freedom®

The information related to Chase Freedom® has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Chase Freedom®

Regular Purchase APR
16.49% - 25.24% Variable
Annual fee
$0
Rewards Rate
Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases.

With Chase Freedom®, you can Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases. Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.

Discover it® Cash Back

Discover it® Cash Back

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Rates & Fees

Discover it® Cash Back

Regular APR
13.49% - 24.49% Variable
Annual fee
$0
Rewards Rate
5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate, 1% unlimited cash back on all other purchases - automatically.

You earn 5% cash back at different places each quarter like grocery stores, gas stations, Uber and Lyft, restaurants, and Amazon.com up to the quarterly maximum each time you activate. The 5% is limited to $1,500 spending per quarter, 1% after that.

  • January – March 2020 – Grocery stores, Walgreens and CVS
  • April – June 2020 – Gas Stations, Uber and Lyft, wholesale clubs
  • July – September 2020 – Restaurants and PayPal
  • October – December 2020 – Amazon.com, Target.com, and Walmart.com

All other purchases get unlimited 1% cash back, automatically. You can redeem cash back for gifts cards, statement credits, charitable donations, deposits to an account or merchandise.

Aside from the cash back program, Discover it® has special introductory offers. There’s an intro APR of 0% for 14 months on purchases and balance transfers. There is a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*.

Pros and Cons

Now, let’s dive into the pros and cons of both cash back programs.

Chase Freedom®

Pro: A competitive intro bonus for small spenders. Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.
This sign-on bonus is great perk for new customers.

Pro: Flexible points. While you can always use your points for cash back, the Freedom earns Chase Ultimate Rewards® points. That means you can also use them for travel, gift cards, and other items. In addition, if you have another card that earns Chase Ultimate Rewards® points you can combine the points for more reward opportunities.

Con: You need to activate your 5% bonus. Another negative of the Chase Freedom® card is the 5% bonus category requires activation each quarter. If you forget to subscribe to the program, you’ll only get 1% cash back for all spending, so this is a card that you’ll have to actively manage. Plus, the 5% bonus categories are announced quarterly, so it can be difficult to plan ahead.

Discover it® Cash Back

Pro: A good introductory offer for big spenders. You can get a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically (new cardmembers only). That can really add up if you tend to be a big spender, though the catch is that bonus double cash back doesn’t hit your account until the very end of your first year. The Chase Freedom®‘s introductory offer hits your account after just 3 months worth of spending.

Con: You need to activate your 5% bonus. Like the Chase Freedom® card, Discover it® makes you subscribe to the 5% bonus place each quarter. You can set up email reminders, but it’s still a hassle to actively opt-in instead of being about to set that on auto pilot. So, again, this isn’t a card where you can passively earn cash back.

When to Consider Both Cards

Now, it’s possible to have the best of both worlds if it makes sense.

You can get both cards and alternate use throughout quarters so you can take advantage of both card’s 5% bonus categories to get 5% on more of your spending.

Of course, you’ll have to remember to activate each bonus category and label the cards in your wallet to know which one to use at what time.

But, if you spend in these areas anyway why not earn cash back for doing so?

There’s no annual fee for either card.

Other Cash Back Card Options

Visa® Platinum Rewards Credit Card from Nusenda Credit Union

Visa® Platinum Rewards Credit Card from Nusenda Credit Union

Regular Purchase APR
11.00% - 15.00% Variable
Annual fee
$0
Rewards Rate
Earn 3 bonus points, or 5% cash back, respectively, for every dollar they spend on purchases for movies, restaurants, and home improvements (up to $1,500 per quarter).

The Visa® Platinum Rewards Credit Card from Nusenda Credit Union let you Earn 3 bonus points, or 5% cash back, respectively, for every dollar they spend on purchases for movies, restaurants, and home improvements (up to $1,500 per quarter). Rates are 11.00% - 15.00% Variable APR with no balance transfer fee. There’s an intro 5% APR Intro Rate for all Balance Transfers (first six cycles after card opening).

Even better, you don’t have to activate the categories each quarter. Here are the 5% cash back categories in detail:

  • January to March – Groceries and gas expenses
  • April to June – Movies, restaurants and home improvement
  • July to September – Gas and education expenses
  • October to December – Restaurants, hotels and airfare

U.S. Bank Cash+™ Visa Signature® Card

U.S. Bank Cash+™ Visa Signature® Card

Regular Purchase APR
15.74% - 25.24%* (Variable)
Annual fee
$0*
Rewards Rate
5% cash back on your first $2,000 in combined eligible net purchases ($100 per quarter) on two categories you choose. That adds up to $400 cash back!

The U.S. Bank Cash+™ Visa Signature® Card has a rewards program that’s a little different than all three offers above. With this card you can earn 5% cash back on your first $2,000 in combined eligible net purchases ($100 per quarter) on two categories you choose. That adds up to $400 cash back!

Which Card Will Benefit You the Most?

Overall, the Chase Freedom® and Discover it® Cash Backare similar cards. Both earn 5% cash back in revolving categories (up to $1,500 in combined purchases each quarter you activate). If you’re making a choice of one over the other, your choice would ultimately depend on your spending habits, so you can use the card (or a combination of both cards) to maximize your regular purchases.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Taylor Gordon
Taylor Gordon |

Taylor Gordon is a writer at MagnifyMoney. You can email Taylor here

Advertiser Disclosure

Earning Cashback

How to Earn and Receive Cashback with Discover

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

How to Earn and Receive Cashback with Discover

Discover has a wide range of credit card options, including student cards, travel cards, secured cards, and cashback cards. When it comes to its cashback card, Discover offers some special features for cardholders looking to cash in on rewards.

For starters, the Discover it® Cash Back card has a $0 annual fee, earn 5% cash back in select, rotating categories up to the quarterly maximum, and 1% unlimited cash back automatically on all other purchases. The 5% is limited to $1500 spending per quarter, 1% after that. Activation is required. Cardholders can also redeem their cash back at any time.

If you have the Discover it® Cash Back card in your wallet, the Discover website is the one-stop shop for managing your credit card and checking on your cash back and redeeming it.

In this article, we’ll touch on:

  • How to earn cash back with your Discover it® card
  • Navigating the Discovercard.com portal
  • How to redeem your cash back

How to Earn Cash Back with Discover

It’s easy to earn cash back with your Discover it® Cash Back, which can make it a top contender when choosing which card you’ll use to make everyday purchases.

In order to take advantage of the 5% cashback offer year-round, you’ll need to spend in certain rotating categories throughout the year.

  • January – March 2020 – Grocery stores, Walgreens and CVS
  • April – June 2020 – Gas Stations, Uber and Lyft, wholesale clubs
  • July – September 2020 – Restaurants and PayPal
  • October – December 2020 – Amazon.com, Target.com, and Walmart.com

With Discover’s 5% cash back, there’s a spending cap of $1,500 each quarter, meaning you can earn a maximum of $75 in cash back each quarter or $300 per year. Activation is required.

However, you can also earn 1% unlimited cash back automatically on all other purchases, and there’s no cap on how much you can spend or how much cash back you can receive, so if you want to maximize cashback rewards, you could possibly earn more than $300 per year.

Don’t Forget …

Discover cardholders have to “opt in” each quarter to start receiving 5% cash back when spending in the rotating spending categories. This is important to remember and easy to do by simply following the prompts in Discover’s reminder email or logging on to your account.

Cash back also doesn’t expire as long as your account is in good standing, so you can stack up your rewards over time if you forget.

New customers may receive special offers like cashback matching, which is when Discover it® matches all the cash back you earn dollar for dollar at the end of your first year. The double cash back will be applied to your account balance after the end of the twelfth billing cycle.

How to Access Cash Back Rewards

When you start earning cash back with your Discover it® card, you can check your available Cashback Bonus right on Discover’s online portal, which is called the Account Center.

Go to Discover.com and type in your login information. Make sure the drop-down menu below the password field says “credit card” so you can access your online account for your Discover it credit card.

discover cash back 1

After you log in, you should see a screen similar to the one shown below. Below you can see the Cashback Bonus available is clearly displayed on this first page along with information about the current quarter’s spending categories and a link to the Cashback Bonus calendar, which provides more information about each 5% cashback spending category.

discover cash back 2

You can click on the button underneath your cashback rewards summary to see a more detailed page, which should look similar to the one below.

Here, you can learn more about earning cash back and redeeming your Cashback Bonus.

discover cash back 3

 

Options for Redemption

Discover it® cardholders can redeem their Cashback Bonus at any time, and you have a variety of options to choose from.

  • Statement credit
  • Amazon.com purchases
  • Gift cards and eCertificates
  • Donation
  • Cash deposit to your bank account

Transferring cash back to your bank

To redeem your cashback rewards for cash, you’ll have to click on the “Redeem For Cash” button after scrolling down to view your redemption options for your credit card account on Discover’s Account Center portal.

When you see a screen similar to the one shown below, enter the amount of cash back you’d like to redeem and click the option that says “Direct deposit to your bank account” if you want to receive the cash instead of applying it to your credit card balance.

Your checking account that you use to pay your credit card bill each month should already be connected to your Discover it®.

account, so you can select it from the drop-down menu below. For the time being, Discover, won’t let you add another account to transfer your Cashback Bonus to.

discover cash bank 7

When you’ve selected the amount you’d like to redeem and the account you’d like to transfer it to, click “Continue” and approve and confirm the transaction.

After you redeem your Cashback Bonus, the time it takes to receive your reward can vary based on the redemption method you chose.

  • Partner gift cards will be mailed to your billing address within 10 business days
  • Electronic deposits will appear in your bank account within 72 hours
  • Account credits will post to your account within 2 business days

Final Word

The Discover it® Cash Back card is a great option for people who like to earn cashback, thanks to its 5% cashback rewards and no annual fee, and it also provides a flexible range of redemption options.

Whether you want to apply your Cashback Bonus to your current balance, use it to shop online or at your favorite department store, or deposit the cash straight to your checking account so you can spend it however you please, you can do all of that and more.

The Account Center portal is also very user friendly and easy to navigate when trying to redeem cash back.

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Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at [email protected]