In addition to offering credit cards like the Discover it & Discover it Miles, Discover also offers a cash back checking account that can earn a maximum of up to $10 cash back per month. You earn 10¢ cash back when you do any of the following (this is also being doubled until July 31st, 2015):
- Make a debit card purchase
- Pay a bill online
- Write a check
Currently you need to be a Discover credit cardholder to be able to sign up for this account, but this is due to change sometime later this year. The reason this might be of interest to some people is that they also offer a $50 bonus for signing up for this account, although at this stage I suspect most people have at least one Discover card (especially with the Discover double cash promotion currently running).
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Will they do a hard credit pull when I sign up for this account?
A little off point, buy why would anyone go for the DiscoverIt card over the DiscoverMiles card? Discover miles can be converted to cash and pay out 1.5:1 versus 1:1 prior to doubling. Does it have something to do with category bonuses and/or portal shopping?
So the $50 for the checking account will also be doubled after 12 months?
No
alternatively, you could link this to your RB and load it 100 x 0.10c, since RB has no limit. You would end up transfering $10 to your RB and getting $10 cashback in your discover account. The only problem is you won't be able to automate this like you would with amazon, and to me, the amount of time it would take to processes 100 transactions through RB is not worth $10.
I believe, Red Card does not accept Discover. Discover bank's debit card is Discover's too.
You can schedule daily reloads for RB. So $3/mo hassle-free.
Still might not be worth it, but at least it's automated.
So if I purchase a 0.15c amazon gc, 0.10c of that will be refunded to me? And if they refund up to $10 a month, that means I can make 100 gc purchases. This would total to $15 amazon gc I paid for and $10 that discover paid me back. aka $15 amazon GC for $5 out of pocket cost.
Did I miss something?
$0.50 min for Amazon GC I believe.
ok so that would revise the numbers to... purchase $50 in amazon GC and receive $10 cashback in your discover account, aka 20% off a $50 amazon GC.
What else am I missing? :)
It does seem like a pain but I wouldn't mind doing this.
So 100 Amazon 50 cent GC transactions, cost $50.
Get $10 back, and since this is part of the double cashback promotion, that is really like getting $20 back?
So effectively, saving 40% to be used on something on Amazon right?
I wouldn't mind doing this for a few months since I buy on Amazon anyways.
is this a good strategy you guys think? I don't have redbird or bluebird to do anything else
You'll probably be shut down by Amazon/Discover.
Doing a lot of 0.5 Cents Transaction particularly everyday on Amazon may trigger Amazon fraud alert and they may suspend your account. Amazon customer service is the worst I ever encountered. They still have my $12 in account and after multiple emails and multiple calls, they still kept it blocked.
I was thinking you could automate this using amazon allowance, but that's only set for weekly and monthly, not a daily option as to spread out the 100 transactions.
This is starting to look like a pain. Santander for the win :)
There is a minimum of $5 for amazon allowance now.
Which is better?
AA credit card with 50k bonus or
AA credit card with 30k bonus and $100 credit
Or not worth it to even think about