- Unlike many other rewards cards, Discover cards don't come with an initial sign-up bonus. However, they do come with the Discover Cashback Match program.
- This program matches the rewards you earn during your first year with a Discover card, so if earned $500 in cash back it would be matched for a total of $1,000.
- You don't need to do anything to activate the match; it will happen automatically after your first year with a card.
- Since Discover rewards credit cards don't charge an annual fee, they're a good option for anyone who wants to rack up cash back or travel miles without paying extra.
- See Business Insider's list of the best rewards credit cards.
Many cash-back and rewards credit cards offer a sign-up bonus of some type, which is usually earned when you meet a minimum spending requirement within the first three months. As an example, with the
However, some rewards credit cards don't offer an initial bonus at all, instead offering a higher rate of return on all spending. The
Discover rewards cards also do things a bit differently. For one, none of its cards charge an annual fee; they favor simplicity over long lists of cardholder perks.
And instead of an initial bonus or a higher rate of return on all your spending, Discover credit cards offer a "delayed" bonus of sorts, which can be hugely beneficial if you spend a lot of money on your credit card each year. It's called Discover Cashback — keep reading to learn how it works.
How Discover Cashback Match works
Discover credit cards all work differently, with some offering a higher rate of rewards than others. However, all Discover credit cards offer a Cashback Match component, which boosts the rewards you earn after the first year.
Once you sign up for an eligible Discover credit card, you'll earn rewards based on your card's rewards schedule as usual. After 12 months, however, Discover will match all the rewards you earned the first 12 months with no limits (even on bonus categories). You don't need to do anything to activate this match feature.
For example, if you spent $20,000 on the
The same is true with the
If you maxed out each of Discover's quarterly bonus categories each year, you would earn $300 in these categories alone. If you also used your card for $20,000 in regular spending each year, you would earn $200 in rewards. This equals a total of $500 in rewards for the year, which Discover would match for a total of $1,000 in cash back after 12 months.
You can redeem your matched Discover rewards in the same ways as all other rewards you've earned, including for gift cards, statement credits, cash back, purchases on Amazon.com, and charitable donations .
Also note that you don't have to wait to redeem your rewards until 12 months are up and you receive the bonus; you can spend your regular Discover rewards throughout the year and Discover will still match the amount you earned after 12 months.
Which Discover cards qualify for the Cashback Match program?
New cardmembers of eligible Discover credit cards can see all their rewards doubled after the first year. The main cards that are eligible for this offer include:
Discover it® Cash Back
Discover it® Student Cash Back
Discover it® Secured
Discover it® Business Credit Card
Discover it® Miles
If you don't mind giving up an initial signup bonus in exchange for a delayed bonus that is commensurate with how much you spend on your credit card during year one, the Discover Cashback Match program is worth exploring.
Make sure you compare all Discover credit cards so you wind up with the best option for your spending style.
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