How do you get a Discover it Cash Back PIN?

You can get a Discover credit card PIN by calling (800) 347-2683 or the number on the back of your card. After the initial PIN set up, you will be able to change or create a new PIN by signing in to your account online. You could also use Discover’s mobile banking app for iOS and Android for this purpose.... read full answer

Once you’re signed in, search for “Profile & Settings”, and select “Account Profile”. Then, search for “Card Services” and from there click on “Cash Access”. After that, choose “Create / Change PIN”.

Keep in mind that a PIN is used for cash advances, which are very expensive. All cards offered by Discover have a cash advance APR of 29.49% Variable and a cash advance fee, which is: Either $10 or 5% of the amount of each cash advance, whichever is greater. There might also be ATM fees in case you use one that’s not affiliated with Discover.

That being said, you should always try to avoid cash advances, as both the fee and the compounding interest outweigh their benefit.

A Discover cash advance will set you back a lot, unfortunately. For starters, there’s the standard Discover cash advance fee: Either $10 or 5% of the amount of each cash advance, whichever is greater. All Discover credit cards have that. And the same is true of Discover’s cash advance APR: 29.49% Variable. That’s standard, too.

When you do a cash advance with a Discover card, you don’t get any time to pay off what you owe before interest kicks in. With a normal purchase, if you pay in full by the due date, you don’t pay any interest. But with cash advances, the interest rate applies immediately and interest compounds daily. That means interest applies to both your balance and previous days’ interest. So, it’ll build up very quickly.... read full answer

To do a cash advance with your Discover card, you’ll first need to request a PIN by calling the number on the back of your card. You’ll get it in 7-10 days and then will be able to use your card at ATMs. That’s pretty much all you need to know about how to do a cash advance. But it might be helpful to go into a little more depth about the fee and interest process, and how the cost builds up.

Let’s do a quick example of how a Discover cash advance works. Say you do a $300 cash advance. Add on a 5% fee, and you start out owing $315 (assuming there are no ATM fees). If you take even just 1 month to pay that back, you’re paying around $7 in interest. Assuming you make the same payment every month, taking 6 months will cost you around $25, and a year will be about $48. So, as you can see, it’s in your best interest to pay things off as quickly as possible.

In addition to you being charged large fees and interest, your relationship with Discover may suffer. In particular, it might be harder to get a credit limit increase in the future. So, it’s best to never take out a cash advance unless that’s your only choice. And if you’re ever in that situation, paying back what you owe as quickly as possible is crucial.

The Discover cash advance limit depends on your credit limit and on the type of credit card that you have. Existing balances, such as purchases and balance transfers, also affect how much cash you have available.

To find out exact information about your available cash credit line, log in to your Discover account and go to “Card Info”.... read full answer

Keep in mind that cash advances don't have an interest-free period. They also have a higher APR and are subject to a cash advance fee, so you should avoid getting one.