Hari P, Irvine, CA:
I was fooled on several occassions by discover because I failed to read the fine prints.
1) The 1% they claim is after 3000 $ spend. Until that point you get only .25%. I realized it only after my first statement and after spending 1000$
2) The 5% has cap. and when they say cap, it is purchase cap and not refund cap. So from OCT-DEC they say 300$ cap for 5%.. which looked okay to me until I realized at the end of DEC that I had spend 1000$ on the categories and got only 15$ because the 300 is on purchase.. (which gives you a max 15$ …
If you like cash backs, go with [another card] with very clear rules…no fine pritns… At discover, These guys just fool you.
You are absolutely right. I have a credit card with “rewards” of a different sort and Discover cannot hold a candle to their benefits. Most people don’t have the time to sift through the fine print, so they delight in the little gift cards finally earned. What most people don’t realize is how much more they could have had if they had gone with a better rewards program.
Hari and Sally, As with every rewards program there are terms and conditions. Here’s some clarification about ours. If you sign up for all of our 5% programs you have the ability to earn over $100 Cashback Bonus for the year. Once you hit that program’s cap (e.g. $300), you will still earn up to 1% Cashback Bonus on your subsequent purchases. So you can continue to earn Cashback Bonus even if you hit the individual program’s cap. You can also earn unlimited rewards if you shop through ShopDiscover where you can earn 5-20% Cashback Bonus http://bit.ly/eOF7V3. When comparing Discover’s program to others, consider comparing all aspects. Some additional benefits of the Cashback Bonus program are flexible redemption options with no redemption fees, charity donation options, credit to your Discover Card account, electronic deposit to your bank account, and you can begin redemption starting at $20 for merchant gift cards (as opposed to waiting a full year). I hope this gives you a holistic view of the program and enables you to best compare your options. We know you have a choice of credit cards, and appreciate you selecting Discover. Thank you, Kristen