Discover Unveils Its 5% Cash Back Schedule for 2022 | CNN
CNN Underscored examines financial products like credit cards and bank accounts based on their aggregate value. We may receive a commission if you apply and are approved for a card, but our reports are always independent and objective.
The Discover itÂ® Cash Back credit card features a rotating set of bonus categories that earn 5% cash back, up to $ 1,500 in purchases each quarter. On Monday, the issuer released its full set of categories for calendar year 2022.
The rotating categories on the Discover it Cash Back card for 2022 are:
january to march: Groceries and memberships to fitness clubs and gyms
april to june: Service stations and target
July to September: Restaurants and PayPal
October to December: Amazon.com and digital wallets
While many of these categories were on Discover’s list in previous years, one category first appearing in 2022 is first quarter fitness clubs and gym memberships. This should be a useful bonus category for people looking to shed their holiday pounds after the New Year begins.
Additionally, the inclusion of digital wallets in Q4 should make it easy to rack up additional cash back rewards when you start shopping for vacation next year, as the category includes all purchases made with Apple Pay, Google. Pay or Samsung Pay.
But for those who already have the Discover it Cash Back card, the current categories for the last quarter of 2021 are still in effect. These categories are Amazon.com, Walmart.com, and Target.com, so you have plenty of opportunities this year to make some extra cash when you do your vacation shopping online.
Since the Discover rotating bonus categories are capped at $ 1,500 in combined purchases each quarter, cardholders can earn up to $ 75 in quarterly bonus cash back simply by entering the categories first. every quarter, then making sure to use their Discover card on the right. merchants.
If you plan to get a Discover it Cash Back credit card, in addition to earning cash back rewards, the card also comes with an introductory APR offer for new cardholders on purchases and balance transfers. .
You will pay 0% interest on all purchases during the first 14 months you have the card as well as 0% interest on balance transfers for 14 months from the date of the first transfer to your account, with 3% introductory balance transfer fee, then up to 5% fee on future balance transfers (see conditions). The interest rate on both offers then changes to a variable of 11.99% to 22.99%, so just be sure to pay off your debt before the introductory offers expire.
New Discover it Cash Back cardholders also get a match for any cash back rewards they earn at the end of the first year of using the card. This turns the 5% cash back categories into 10% cash back categories for the first year. The card also earns 1% cash back on all other purchases, which equates to 2% cash back in the first year with the cash back.
If you’re interested in other credit cards that offer rotating bonus categories, the Chase Freedom Flexâ also offers categories that earn 5% cash back each quarter, as well as a trio of fixed bonus categories. You can read more about this in our Chase Freedom Flex guide.
And the Citi Custom Cashâ card automatically earns 5% cash back on the qualifying category you spend the most each bill cycle, up to $ 500 in purchases. Check out our Citi Custom Cash card review to learn more.
Are you looking for a new credit card? Check out CNN Underscored’s list of best credit cards of 2021.
Get all the latest personal finance offers, news and tips at CNN Underscored Money.