The
Discover it® Cash Back is a good credit card that's worth it for people with a credit score of
700+ who want a
$0 annual fee and a high rewards rate.
Discover it® Cash Back offers 5% cash back on purchases in bonus categories up to a quarterly maximum, and Discover will match the rewards you earn the first year. The 5% bonus categories change quarterly and require activation, though.
The card has more than cash back going for it, too. Other
Discover it® Cash Back benefits include 0% intro rates on new purchases and balance transfers that last much longer than the market average (followed by a standard regular APR). Plus, there are no foreign transaction fees, and you won't owe a late fee the first time you miss a due date.
If you’re still undecided about applying for
Discover it® Cash Back, we’ll summarize it's biggest strengths and weaknesses below.
Discover it® Cash Back Review Highlights
1. Bonus categories you have to activate quarterly
The
Discover it® Cash Back credit card gives you 5% back on the first $1,500 you spend in designated purchase categories each quarter. That means you can earn as much as $300 from this 5% rate each year. But it’s easier said than done.
You have to sign up for the new bonus categories each quarter. Plus, there’s no guarantee the things you spend the most money on will qualify. And you will earn 1% cash back on purchases that don’t qualify, which is roughly
the market average for a rewards card.
2. First-year-rewards match is a great feature
The
Discover it® Cash Back will double your first-year earnings. That’s a great deal, worth an extra
$525 to the average person, according to our calculations. But it’s not unique, as all of Discover’s rewards cards currently have this promotion.
3. 0% Intro APR for 15 months
For context, the average 0% intro rate lasts about
11 months for new purchases and
13 months for balance transfers, according to WalletHub’s latest
Credit Card Landscape Report. The Discover it Cash Back card’s regular APR is
17.24% - 28.24% Variable.
4. Low fees
With no annual fee,
Discover it® Cash Back is roughly
$21.58 per year cheaper than the average credit card offer. That’s crucial if you don’t plan to use your card every day. But if you do, paying a fee for better rewards can make sense. The
0% foreign fee on
Discover it® Cash Back will also save you about
1.56% on international purchases, compared to the average credit card offer.
5. Good credit required
Not just anyone can get this card. But everyone can
check their latest credit score for free on WalletHub to gauge their approval odds. This will also help you narrow down your other options.
Finally, it’s worth pointing out that
Discover it® Cash Back is one of several
Discover it credit cards available right now. It’s not even the only offer with cash back rewards. So, you have options. And you can find more information to help you make up your mind below.
Learn More About Discover it® Cash Back
1. Discover it Cash Back minimum credit score
The minimum credit score we recommend for having good odds of being approved for the Discover it Cash Back card is
700. Applicants generally need a
good credit score at a minimum, in other words.
2. Discover it Cash Back fees
The Discover it Cash Back card has a
$0 annual fee and a
0% foreign transaction fee. There is no fee for your first late payment, either. However, that does not mean Discover it Cash Back is fee-free. It charges a
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*, for example, along with a max late fee of
$41 and a cash advance fee:
Either $10 or 5% of the amount of each cash advance, whichever is greater.
3. Discover it Cash Back grace period
The Discover it Cash Back grace period is at least 23 days, running from the end of an account’s billing period to the due date. Cardholders who always pay in full by the due date do not incur any interest charges during this period.
