Ways to Redeem Discoverâ€^™s Cash Back

Discover credit cards have long been known to provide some of the best cash back rates out there. If you're looking for a new credit card that provides solid cash back rewards, consider one of Discover’s many credit cards. Let’s take a look at Discover’s cash back structure as well as how to redeem those rewards once you start using your card. We will use the Discover It Chrome card as an example to make things easier.

What is Cash Back?

Cash back is a type of credit card reward in which cardholders receive a small percentage of their purchases as money back into their pockets. The more you spend, the more cash back you’ll get. Cash back does not always mean cold hard cash deposited into your bank account. Oftentimes, depending on your card carrier, cash back may come in the form of statement credit which simply lowers your next monthly bill. 

Discover cash back policies are different depending on the card Some cards have a 5% revolving category while others have a straight 1% cash back on all purchases. The Discover It Chrome card earns 2% cash back at gas stations and restaurants on up to $1,000 a quarter. All other purchases receive 1% cash back. 

Almost all of Discover’s credit cards, including the Chrome card, have a “cashback match” offer as well. Discover automatically matches all the cash back you earn in the first year, effectively doubling it There is no limit on how much Discover will match. Discover’s cash back also never expires. 

Redeeming Cash Back 

Discover offers numerous ways to redeem the cash back you’ve earned. The two simplest methods are to deposit the cash back straight into your bank account or to apply it as a statement credit for future bills. By linking your bank account to your Discover credit card, cash back will be sent to your savings or checking account as you earn it. As for the statement credit option, you will have the option to apply any earned cash back when paying your bill.

Discover has also partnered with Amazon and PayPal to allow cardholders to use their earned cash back at checkouts. You can link your card straight to Amazon or PayPal to allow seamless use of earned cash back. $1 earned through Discover equals $1 to spend at either platform as well

Additionally, you can redeem the cash back for gift cards. There are 100s of different popular brands to choose from. Lastly, Discover gives the option of donating the cash back straight to the charity of your choice, helping you make a positive impact on others.

Conclusion

With the numerous ways Discover allows its cardholders to redeem their cash back, the choice is all up to you. While some card carriers constrain their customers to certain options, Discover has made it really easy for their customers. Regardless of what Discover card you have or would like to have, you can rest assured that redeeming cash back will be an easy and smooth process.