Earn More Cash Back with the Discover it® Cashback Match™

By Christina Majaski. Last updated 18 May 2017. 0 comments

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There’s no shortage of cards offering cash back and other rewards for a variety of types of purchases, but very few are as well-known as Discover for offering as much as 5% cash back. Plus, with Discover it® Cashback Match™, as a new cardholder, Discover will match all the cash back you earn after your first year – automatically. If you’re looking for a rewards credit card that can get you the most cash back for your purchases, this could be the card for you.

Why We Like This Card

  • Cashback Match™
  • 5% cash back on rotating bonus categories

How This Card Works

This card awards 5% cash back in rotating categories, like gas, restaurants, and Amazon.com, up to the quarterly maximum each time you activate, and 1% cash back on all other purchases. You must sign up for the bonus quarters, and when you have reached the $1,500 purchase limit for the quarter, those purchases earn an unlimited 1% cash back. There is no annual fee for this card.

Sign-up offer. Discover will match all the cash back you earn as a new cardholder, at the end of your first year, automatically, with Cashback Match™.  (See also: Credit Cards with the Best Cash Back Sign-Up Bonuses)

You can redeem your cash back in any amount as a credit to your account or electronic deposit into your bank account. You can also redeem for gift cards or eCertificates, starting at $20. There are no limits to the cash back you can earn in the 1% category, and your rewards do not expire.

Other Benefits

Free FICO Credit Score. You can access your FICO score free either online or on your statements, to keep track of and manage your credit rating.

Freeze ItSM. Discover’s Freeze ItSM feature allows you to freeze or unfreeze your account within seconds. This feature is helpful if you lose or misplace your card and need to prevent new account activity right away.

Costs

  • $0 Annual Fee
  • 11.49% - 23.49% Variable APR. (0% introductory APR for 14 months on purchases and balance transfers)
  • Balance Transfer Fee: 3% 
  • $0 Foreign Transaction Fee

Considerations

Rotating categories. In order to earn the 5% cash back in the rotating categories, you have to remember to activate the bonus categories each quarter. For some people, this can become a hassle, and you risk forgetting to sign up for the categories that award the most cash back. If you don’t activate the bonus categories, those purchases only earn 1% cash back. If you aren’t able to plan your spending or continuously keep track of rotating categories, you can earn more cash back with a credit card that awards specific purchases, like a card that offers gas rewards or grocery rewards, all year. (See also: Best Credit Cards that Offer Flat Rate Rewards for All Spending)

Who This Card Is Best For

This card is best for those whose purchases vary, rather than fall into a single category, and for those who don’t mind activating the quarterly categories in order to earn bonus cash back. It’s also ideal if you can take advantage of and save some money with the introductory APR. Further, this card is also a solid choice if you’re looking for a low-fee credit card that also has no foreign transaction fee to use while you travel abroad. (See also: Best Credit Cards with No Foreign Transaction Fees)

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