Q4 bonus categories announced: Here’s Discover’s 5% cash-back calendar for 2023Discover cash-back cardsDiscover it® Cash Back
On Discover’s secure site
Rewards
Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.
Welcome bonus
Discover will match all the cash back you’ve earned at the end of your first year.
Annual feeIntro APR
0% for 15 months on purchases
Regular APR
17.24% to 28.24% Variable
Balance transfer fee
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Foreign transaction feeCredit neededDiscover it® Student Cash Back
On Discover’s secure site
Rewards
Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.
Welcome bonus
Discover will match all the cash back you’ve earned at the end of your first year
Annual feeIntro APR
0% for 6 months on purchases
Regular APRBalance transfer fee
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Foreign transaction feeCredit neededDiscover it® Balance Transfer
On Discover’s secure site
Rewards
Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.
Welcome bonus
Discover will automatically match all the cash back you’ve earned at the end of your first year.
Annual feeIntro APR
0% for 18 months on balance transfers; 0% for 6 months on purchases
Regular APR
17.24% to 28.24% Variable
Balance transfer fee
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Foreign transaction feeCredit neededDiscover cash-back calendar for 2023
Discover has now announced its 5% cash-back category for all of 2023. The Q1 2024 category will be released in December.
January to March (offer ended): Grocery stores, drug stores and select streaming services (excludes Walmart and Target purchases)April to June (offer ended): Restaurants and wholesale clubsJuly to September: (offer ended): Gas stations and digital wallets (Apple Pay, Samsung Pay, Garmin Pay and in-store with Google Pay)October to December (activate now): Amazon.com and Target
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How 5% cash-back credit cards work
To earn 5% cash back, you’re required to activate bonus categories each quarter. After you activate bonus categories, you can start earning 5% cash back on eligible spending. Discover lets you set up email alerts and you can add reminders to your calendar so you don’t forget to activate them.
Earning 5% cash back isn’t unlimited. Each quarter, after you spend a combined $1,500 in the bonus categories, the cash-back rate drops to 1%. This maximum spending requirement resets every quarter.
All other purchases made outside the bonus categories automatically earn unlimited 1% cash back. If you want to optimize the amount of cash back you can earn, we recommend using an alternative cash-back or rewards credit card for spending outside the bonus categories, so you earn at least 2% or 2 points per dollar spent.
The Chase Freedom Unlimited® Card ranks as the best cash-back card with no annual fee and currently earns new cardholders 6.5% cash back on travel purchased through Chase Ultimate Rewards®, 4.5% on dining at restaurants (including eligible takeout and delivery services), 4.5% on drugstore purchases and 3% on all other purchases. This means new cardholders are earning an extra 1.5% on everything they buy in their first year (on up to $20,000 spent).
Chase Freedom Unlimited®Rewards
Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases
Welcome bonus
Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) – worth up to $300 cash back. That’s 6.5% on travel purchased through Chase Ultimate Rewards®, 4.5% on dining and drugstores, and 3% on all other purchases.
Annual feeIntro APR
0% for the first 15 months from account opening on purchases and balance transfers
Regular APRBalance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction feeCredit needed
Member FDIC. Terms apply.
The Citi® Double Cash Card is the runner-up and earns cardholders an effective 2% cash back: 1% when they buy and 1% when they pay for purchases.
Citi® Double Cash CardRewards
2% cash back: 1% on all eligible purchases and an additional 1% after you pay your credit card bill
Welcome bonusAnnual feeIntro APR
0% for the first 18 months on balance transfers; N/A for purchases
Regular APRBalance transfer fee
For balance transfers completed within 4 months of account opening, an intro balance transfer fee of 3% of each transfer ($5 minimum) applies; after that, a balance transfer fee of 5% of each transfer ($5 minimum) applies
Foreign transaction feeCredit needed
Citi also offers its own 5% cash-back card, the Citi Custom Cash℠ Card, but you don’t need to activate bonuses each quarter. Cardholders automatically earn 5% cash back on purchases in their top eligible spend category each billing cycle, up to the first $500 spent (then 1%).
Citi Custom Cash® CardRewards
5% cash back on purchases in top eligible spend category each billing cycle, up to the first $500 spent (then 1%); unlimited 1% cash back on all other purchases
Welcome bonus
Earn $200 in cash back after you spend $1500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® points, which can be redeemed for $200 cash back.
Annual feeIntro APR
0% APR on balance transfers and purchases for first 15 months
Regular APRBalance transfer fee
5% of each balance transfer ($5 minimum)
Foreign transaction feeCredit neededWhy trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best credit cards.
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Information about the NHL® Discover it® has been collected independently by Select and has not been reviewed or provided by the issuer of the cards prior to publication.
For rates and fees of the Discover it® Cash Back, click here.
For rates and fees of the Discover it® Student Cash Back, click here.
For rates and fees of the Discover it® Balance Transfer, click here.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
