Discover Bank is offering residents nationwide the opportunity to earn cash back from your bank. With the Discover Cashback Debit account, you can earn 1% cash back on up to $3,000 in debit card purchases each month! This means, you can earn up to $360 cash back with the account each year! Member FDIC.
The Discover Cashback Debit account features no monthly fees or monthly balance requirements. In addition, you can earn access to over 60,000 no-fee ATMs across the US.
If you are interested in opening a new banking account, be sure to apply as soon as you can! Also check out our list of Discover Bank Promotions! In addition, you can also check out other great promotions from banks such as HSBC Bank, Chase Bank, Huntington Bank, TD Bank, BBVA Compass Bank or CIT Bank.
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Table of Contents
Discover Cashback Debit Summary
Discover Bank is currently offering 1.00% cash back on debit card purchases up to $3,000 each month when you open a new Discover Cashback Debit account. The sign up process is as simple as clicking “Open An Account” and filling out your information! If you’re looking into Online Checking accounts, this account is essentially also considered a Free Checking account.
- What you’ll get: Up to $360 Checking Bonus
- Eligible account: Discover Cashback Debit Account
- Credit inquiry: Soft pull, which does not affect your credit
- Where it’s available: Online Nationwide
- How to earn it: Open a new Discover Cashback Debit Account online and start earning 1% cash back on up to $3,000 in debit card purchases each month, up to $360 a year in Cash Back Bonuses.
- When you’ll receive it: None Listed
- Monthly fee: There are no monthly fees with this account
(No Expiration Date Listed)
How To Earn The $360 Bonus
- Open a new Discover Cashback Debit Account online.
- Enter your information.
- Fund your account. Funding can be done now or later. It’s up to you.
- Start earning 1% cash back on up to $3,000 in debit card purchases each month, up to $360 a year in Cash Back Bonuses.
- Access to over 60,000 free ATMs in the U.S. (uses the Allpoint network; the largest ATM network big online banks use)
- Earn 1% cash back on up to $3,000 in debit card purchases each month
- Free Online Bill Pay (standard with most banks)
- No Cost for Replacement Debit Card (standard with most banks)
- Free Official Bank Check (standard with most banks)
- No Cost for Expedited Delivery for your Replacement Debit Card (good perk; some banks charge for this)
- Free Outbound ACH Transfers (standard with most banks)
- Free Incoming Wire (good perk; most traditional banks charge for this)
- There are no monthly fees with this account.
- ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards.
- Purchases made using third-party payment accounts (services such as Venmo® and PayPal™, who also provide P2P payments) may not be eligible for cash back rewards.
- Account must be open at the time the rewards are applied. Offer may be modified or withdrawn without notice.
- Is there a minimum deposit amount to open my account?
- There is no minimum opening deposit required and there is no minimum balance requirement.
- How many Cashback Debit accounts can I have?
- Effective December 1, 2017, you may be an owner, either individual or joint, of only one (1) Cashback Debit Account. Any Cashback Debit accounts you own that were opened prior to December 1, 2017, may remain open, but you will not be able to open any additional Cashback Debit accounts.
- When will I receive my debit card and checks?
- You should receive your checks, if requested, and debit card within ten days after opening your account. Once your debit card is activated, the Personal Identification Number (PIN) for your card can be set up and changed online in the Account Center or over the phone through our automated system at 1-800-347-7000.
- How long do I have to fund my Cashback Debit Account?
- Although there is no minimum deposit required to open a Cashback Debit account, an initial deposit in any amount must be received within 45 days of account opening. If a deposit is not received by day 45, the account will be closed and you would have to complete a new application.
- Is the Cashback Debit Account FDIC-insured?
- Yes, funds on deposit at Discover Bank are FDIC-insured to the maximum allowed by law.
- What is annual First Fee Forgiveness?
- In each calendar year (January 1 through December 31), the first eligible fee charged to each eligible account (which includes Cashback Debit, Money Market and Savings accounts) will be automatically waived and credited to your account. Eligible fees include insufficient funds and stop payment from the Cashback Debit account. Wire transfer fees are not eligible and will not be waived.
Redeeming Debit Card Cashback Bonus
You can redeem your Debit Card Cashback Bonus via the Account Center by clicking the “Manage” tab on the Checking Details page and viewing the options listed in the “Rewards” section.
Redeem your Debit Card Cashback Bonus earned in 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: You may only redeem your Debit Card Cashback Bonus if your Checking Account is open with a zero or positive balance.
Depositing & Withdrawing From Your Account
You can fund your Cashback Debit Account in the following ways:
- Online transfer from an external bank account to your Cashback Debit Account
- Through Direct Deposit
- Deposit a check with Discover’s Mobile Check Deposit using your mobile device.
- Mail a check made out to you with your account number on the memo line to:
PO Box 30417
Salt Lake City, UT 84130
You can withdraw money from your Discover Cashback Debit Account in the following ways:
- No-fee cash withdrawals at over 60,000 Allpoint® and MoneyPass® ATMs. Please note that not all ATMs are available 24/7 – hours may vary at each location
- Use online and mobile ATM Locators to find a no-fee ATM near you
- Use your debit card at 415,000 ATMs nationwide, anywhere you see the Discover®, Diners Club® International® or PULSE® logo
- Discover will never charge you a fee to use an ATM; however, the owner of an ATM outside of the Allpoint® and MoneyPass® networks may charge a fee
- Use your debit card to pay for purchases wherever you see the Discover®, PULSE® or Diners Club International® logo
- Choose additional cash over at participating retailers when you use your Discover debit card
- Online transfer to an external bank account
- Use online bill pay
- Write a check
- Request an official bank check
- Wire Transfer (fee applies). For wire transfers within the United States, access the Domestic Wire Transfer Request Form. For wire transfers outside the United States, access the International Wire Transfer Request Form. You can find those forms on their website.
Discover Cashback Pros and Cons
- Earn rewards – Get cash back on up to $3,000 of eligible purchases each month, to be deposited directly into your Discover checking, savings or money market account.
- Minimal fees – This account has no monthly minimum balance requirements or service fees, plus you won’t pay for incoming wire transfers. If your card is lost or stolen, get it replaced for free.
- First fee forgiveness – Every year, your first insufficient funds or stop payment fee is waived and credited to your account.
- Mobile app – Manage your accounts, make transfers, deposit checks, pay your bills, send money to friends and more through Discover’s mobile app and online platform.
- Free checks – Few online checking accounts allow you to write checks, but Discover goes a step further and provides free check reorders.
- No cash deposits – Deposit checks with your mobile phone, direct deposit, mail or make an online transfer. Discover won’t accept cash deposits or traveler’s checks.
- Cashback eligibility – Cashback rewards are limited to $3,000 in spending per month, and doesn’t apply to ATM transactions, purchasing money orders, cash back from retailers, peer-to-peer payments or loan payments.
- Limited physical locations – Discover operates almost entirely online, with one branch located in Greenwood, Delaware.
- Daily withdrawal limit – You’re limited to $510 per day from ATMs.
- One account per customer – As of December 1, 2017, you can be an individual or joint owner of only one Discover Cashback Debit account.
For those looking for a great checking account, Discover Bank offers its Discover Cashback Debit account! Users can earn 1% cash back on up to $3,000 in debit card purchases per month, up to $360 cash back per year! Plus, experience no monthly fees or monthly balance requirements and access many no-fee ATMs nationwide!
However, if you are not currently interested in a new banking experience from Discover Bank, find our complete list of Bank Bonuses for all your banking needs!
The Best Bank Offers are updated here. See the below pages to get started with some of the best offers:
• Chase Bank Offers. Chase offers a range of attractive Checking, Savings and Business Accounts. Chase has a great selection of sign-up bonuses in comparison to other big banks.
• HSBC Bank Offers. HSBC Bank routinely has offers for several of their Personal Checking and Business Checking accounts. They also have a good referral program.
• Huntington Bank Offers. Huntington Bank has high bonus amounts available through their Checking and Business Checking. Huntington also offers a Business Premier Money Market Account.
• Discover Bank Offers. Discover Bank offers top cashback, savings, money market accounts and CD rates for you to take advantage of. Discover has industry leading selections to cater to your banking needs.
• TD Bank Offers. TD Bank consistently offers a fantastic selection of checking accounts to cater to your banking needs. However, savings account offers are less frequently available.
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