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Discover Cashback Debit Review 2019

Discover Cashback Debit Review 2019

Discover’s Cashback Debit is a 1% cash-back rewards checking account that comes with no monthly service fees and access to over 60,000 fee-free ATMs across the U.S. This combination of features is not found elsewhere in the market and makes the Discover Cashback Debit a terrific choice for a new checking account.

The Discover Cashback Debit account is well-suited for consumers who don't require a significant physical bank branch presence. Instead, Discover offers online banking, access to no-fee ATMs throughout the country, 24/7 support from a U.S.-based customer service team, and a smartphone application for your banking needs (e.g. mobile deposits). Read on for more details.

Rewards Detail

  • Earn 1% Cash Back on up to $3,000 in Debit Card Purchases Each Month (up to $360 cash back per year)
  • You may view the rewards earned from your Discover Cashback Debit account in the Rewards Detail section in your online Cashback Debit account summary, found under the "Manage" tab.
  • Debit Card Cashback Bonus earned from your Discover Cashback Debit account can be redeemed the following ways:
    • Redeem as cash via a credit to your Discover Cashback Debit, Savings, or Money Market Account(s)
    • Enroll in Auto Redemption to Savings and Discover will automatically deposit your Debit Card Cashback Bonus into your selected Discover savings account each month
    • Transfer to a Discover Credit Card Cashback Bonus Account
  • Note that ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments, and loan payments or account funding made with your debit card are not eligible for cash back rewards.

Account Minimums

  • Minimum deposit requirement: $0
  • Ongoing balance requirement: $0

Freeze It Feature

The Cashback Debit also offers a useful security feature called Freeze It, which enables the cardholder to temporarily freeze all new purchases and ATM transactions to prevent fraud, while allowing other account activities such as previously scheduled and recurring transactions, internal and external transfers, deposits, and online bill payments to continue as normal.

Bottom Line

While the Discover Cashback Debit will stand out to anyone who likes receiving cash back for their purchases, this product may appeal most to consumers who can’t or don’t want to use a credit card to accumulate rewards. We say this because there are many cash back credit cards that offer more than 1% cash back. However, credit cards require an application, have credit profile/credit score requirements, come with credit limits, and carry annual fees. The Discover Cashback Debit can be a great way to participate in cash back rewards without having to worry about the fees, credit profile requirements, and spending limitations of credit cards.

The Discover Cashback Debit is also a great product for customers who value convenience, as Discover’s online and mobile experiences are user-friendly, and its telephone customer service is excellent. As an additional convenience, Discover Cashback debit customers can now add their Cashback debit card to Apple Pay, enabling access to their account via mobile devices.

About Discover Bank

Discover Bank was originally founded as the Greenwood Trust Company in 1911 in Greenwood, Delaware. Greenwood Trust Company was acquired by Discover Financial Services in 1985 and was renamed Discover Bank in 2000. The original location of Greenwood Trust Co. on East Market Street is still operating and remains Discover Bank’s only physical banking location. In addition to the Cashback Debit account, Discover Bank’s other offerings include online savings, money market accounts, and CDs.

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