What is Discover Cash Back Credit Card
Discover Cash Back Credit Card is a credit card offered by Discover Financial Services that allows cardholders to earn cash back on their purchases. Cardholders can earn a percentage of cash back on every purchase with this card. The amount of cashback that can be earned will depend on the specific terms and conditions of the card, such as the categories in which cashback is earned at a higher rate.
Cardholders can typically redeem their cashback earnings for statement credits or gift cards, or they may have the option to deposit their earnings into a bank account. The Discover Cash Back Credit Card may also offer additional benefits such as fraud protection, extended warranty protection, and access to exclusive events and experiences.
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Discover Cash Back Credit Card Benefits
Cashback credit cards offer rewards to cardholders in the form of cash back on purchases. These cards can be a good choice for people who want to earn rewards for everyday spending.
There are several benefits to using a cashback credit card:
- Earn rewards on everyday purchases: With a cashback credit card, you can earn rewards on various purchases, including groceries, gas, and bills.
- Flexible redemption options: Many cashback credit cards offer flexible redemption options, such as the ability to redeem rewards for statement credits, checks, or even gift cards.
- No annual fee: Some cashback credit cards do not have an annual fee, which means you can earn rewards without paying additional fees.
- 0% intro APR: Some cashback credit cards offer a 0% intro APR period on purchases, which can be a good option for people who need to finance a large purchase and want to pay it off over time interest-free.
- Sign-up bonuses: Many cashback credit cards offer sign-up bonuses for new cardholders who meet certain spending requirements within the first few months of opening the account. These bonuses can be a good way to earn extra cashback on top of your regular rewards.
- Additional benefits: Some cash-back credit cards offer additional benefits, such as extended warranty protection, purchase protection, and travel insurance.
Discover Credit Card Application
Are you interested in applying for a Discover credit card? I can help you with the application process and provide information about Discover’s different credit cards. Before you begin the application process, gather some information you’ll need to provide, such as your personal and financial details. This can include your full name, contact information, date of birth, social security number, employment information, and annual income. It’s also a good idea to have a copy of your credit report, as the credit card issuer may request this as part of the application process.
To apply for a Discover credit card, you can visit the Discover website and choose the credit card that you’re interested in. You can click the “Apply Now” button and follow the prompts to complete the application. You may be asked to provide information about your credit history, income, and employment and details about any existing debts or financial obligations. Once you’ve completed the application, Discover will review your information and decide whether to approve your credit card application.
Discover Cash Back Credit Card Review
The Discover it Cash Back credit card is popular among consumers because of its generous cashback rewards program. Cardholders earn 5% cash back on select categories that change each quarter, such as gas stations, grocery stores, and restaurants, and 1% cash back on all other purchases. There is no annual fee for this card and no limit to the amount of Cashback you can earn.
One of the standout features of the Discover it Cash Back card is its intro offer for new cardholders. Discover will match all the Cashback you earn during the first year of card membership, effectively doubling your rewards. For example, if you earn $100 in Cashback during your first year, Discover will add $100 to your rewards balance.
In addition to its rewards program, the Discover it Cash Back card offers several other perks, including a 0% intro APR on purchases and balance transfers for the first 14 months, no foreign transaction fees, and access to your FICO Credit Score for free.
The Discover it Cash Back credit card is a good choice for consumers who want to earn Cashback on their everyday purchases and take advantage of intro offers and other perks.
Discover Cash Back Credit Card Limit
The credit limit on a Discover it Cash Back credit card (or any credit card) is the maximum amount you’re allowed to charge. Your credit limit is determined by the credit card issuer based on factors such as your credit score, income, and debt-to-income ratio.
In general, you may be eligible for a higher credit limit if you have a high credit score and a strong financial profile. On the other hand, if you have a lower credit score or a limited credit history, you may be approved for a lower credit limit.
It’s important to note that your credit limit needs to reflect how much you can afford to borrow or spend. Instead, it measures the credit card issuer’s willingness to repay you. It’s up to you to manage your credit card balance and ensure you stay within your credit limit. If you do, you may incur over-the-limit fees and damage your credit score.
If you’d like to request an increase to your credit limit on the Discover it Cash Back credit card (or any other credit card), you can contact the credit card issuer and ask to review your limit. Remember that requesting a credit limit increase may result in a hard inquiry on your credit report, which could impact your credit score.
Discover Cash Back Credit Card Foreign Transaction Fee
One of the benefits of the Discover it Cash Back credit card is that it does not charge foreign transaction fees on purchases made outside of the United States. This can be a valuable feature for travellers, as foreign transaction fees can add up quickly and significantly increase the cost of using a credit card abroad.
In general, foreign transaction fees are fees that credit card issuers charge on purchases made in a foreign currency or on foreign soil. These fees are typically around 3% of the transaction amount and are added to any other fees or charges that may apply, such as interest or cash advance fees.
By eliminating foreign transaction fees, the Discover it Cash Back credit card can be a more economical choice for consumers who travel internationally or make purchases in foreign currencies. This can be especially useful for travellers who use their credit cards frequently while abroad, as the savings on foreign transaction fees can add up over time.
Consider using the Discover it Cash Back credit card while travelling abroad. In that case, it’s a good idea to confirm that the merchant accepts Discover and to check the exchange rate and any other fees that may apply to your transaction. This can help you budget more accurately and avoid unexpected charges on your credit card statement.
Is Discover it Cash Back a Good Credit Card
The Discover it Cash Back credit card can be a good choice for people who want to earn rewards on their purchases and take advantage of a 0% introductory APR on balance transfers and new purchases. Some of the features of the Discover it Cash Back card include:
- 5% Cashback in rotating categories that change each quarter (on up to $1,500 in purchases) and 1% cash back on all other purchases
- 0% introductory APR on balance transfers and new purchases for the first 14 months, then a variable APR of 14.99% – 22.99%
- No annual fee
- No foreign transaction fees
- Free FICO credit score on statements and online
- $0 fraud liability
The Discover it Cash Back card can be a good choice for people who want to earn Cashback on their purchases and take advantage of a 0% introductory APR. However, comparing credit cards and considering your financial situation before deciding which card is right for you is always a good idea.
FAQs Discover Cash Back Credit Card
Is Discover it Cash Back hard to get?
The Discover it Cash Back credit card is generally considered a good credit card for consumers with good to excellent credit. If you have a credit score in the range of 670 to 850 (on a 300 to 850 scale), you may have a better chance of being approved for this card.
However, it’s important to note that various factors determine credit card approval, and no one-factor guarantees approval. In addition to your credit score, the credit card issuer may consider your income, employment history, debt-to-income ratio, and credit history when deciding whether to approve your application.
If you’re unsure whether you’ll be approved for the Discover it Cash Back credit card, you should check your credit score and review your credit report before applying. This can give you a better idea of where you stand and help you to identify any areas that may need improvement.
You can also consider applying for a credit card designed for consumers with credit scores in your range, as this may increase your chances of approval.
It’s worth noting that Discover has a “Pre-Qualification” feature on its website that allows you to see which credit card offers you may be eligible for without a hard credit inquiry. This can be a good way to see which cards you might be approved for before you apply.
What FICO score does Discover use?
FICO (Fair Isaac Corporation) is a leading provider of credit scores, and its scores are used by many lenders, including Discover, to evaluate credit applications and determine creditworthiness.
The specific FICO score that Discover uses may vary depending on the credit product and the information in your credit report. FICO offers several different credit scoring models, and each model may be tailored to a specific credit product or industry. For example, there are different FICO scores for mortgages, auto loans, and credit cards.
In general, Discover may use a FICO score that is specifically designed to predict the likelihood that you will pay your credit card bills on time. This score is based on information in your credit report, such as your payment history, credit utilization, and the types of credit you have.
It’s important to note that Discover is not the only lender that uses FICO scores, and different lenders may use different scores or scoring models to evaluate credit applications. This means that the FICO score that Discover uses may not be the same as the score that another lender uses.
If you’re interested in learning more about your FICO score, you can request a copy of your credit report from the major credit reporting agencies (Experian, TransUnion, and Equifax). Your credit report will include your FICO score, as well as other information about your credit history and the factors that may be affecting your score.
Can I get a Discover card with a 600 credit score?
It’s possible to get a Discover card with a credit score of 600, but it’s not guaranteed. Credit card companies consider a variety of factors when deciding whether to approve a credit card application, including your credit score, credit history, income, and debt-to-income ratio. If you have a credit score of 600, you may still be able to get a Discover card, but you may be offered a card with a higher interest rate or a lower credit limit than someone with a higher credit score. It’s always a good idea to review the terms and conditions of a credit card carefully before applying, to make sure you understand the fees and rates that apply.
Does Discover verify income for credit card?
Yes, Discover does verify income for credit card applications. Like other credit card issuers, Discover uses the information provided on the credit card application, including income, to determine whether to approve the application and what credit limit to offer. Income verification may be done through pay stubs, tax returns, or other documentation. If you are applying for a Discover credit card, you may be asked to provide documentation to verify your income. It is important to accurately and truthfully report your income on your credit card application, as providing false information on a credit card application is considered fraud and can result in legal consequences.