There are 3 Discover cashback bonuses, the first of which is a 5% bonus rate on the first $1,500 spent in designated purchase categories every quarter. Cardholders can earn as much as $75 in bonus Discover cashback each quarter – $300 per year – from one of the cards offering this deal: Discover it Cash Back, Discover it Balance Transfer, NHL Discover it and Discover it Cash Back for Students. All other purchases earn just 1% cash back. The bonus categories rotate quarterly.
Other Discover cards offer a cashback bonus in certain categories that never change. Discover it chrome, Discover it Student chrome and Discover it Secured offer 2% cash back on the first $1,000 spent at gas stations and restaurants. Other purchases get 1% back.
There’s a final Discover cashback bonus that all Discover it cards have. With Cashback Match, Discover will match all the rewards you earn the first year your account is open. So if you rack up $500 in rewards during the first 12 months, for example, Discover will tack on another $500 as an anniversary present.
Discover’s 2% cash back bonus and Cashback Match are fairly simple, but there are several other details you’ll need to know about the 5% bonus. To start, Discover has a cash back calendar showing when the categories rotate. And to get the 5% Discover cashback bonus, you need to “activate” it every quarter. You can easily do so by logging in to your Discover account from their cashback bonus page. You can activate the new categories on the first day of the quarter.