Does anyone have CashBack checking account from Discover bank, and if yes, how does it work? As I understand, you get $0.10 for each account transaction, including debit card purchases and bill pays. However I was not able to find any info on their website regarding this account.
Discover Bank said: If you have a CashBack Bonus-eligible Discover credit card, you may earn CashBack Bonus rewards based on qualifying activity in your Checking Account. Eligible customers will earn CashBack Bonus rewards of $0.10 for: (i) each debit card POS purchase transaction, (ii) each check written that clears the Checking Account, and (iii) each Bill Pay transaction that is successfully completed from the Checking Account. Such rewards will be earned monthly and posted to the Accountholder’s Discover card CashBack Bonus account.
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posted: Feb. 12, 2013 @ 9:48p
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BingBlangBlaow
Senior Member - 1K
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posted: Feb. 12, 2013 @ 10:18p
Interesting. I can write a lot of checks and bill pay a lot of bill pays... Discover Bank said: Prior to generating the credit to your Discover card CashBack Bonus account, Discover may adjust the amount of the reward due to irregular, unauthorized or fraudulent activity in the Checking Account....which wouldn't be unauthorized or fraudulent. I'm sure Discover would claim irregular, but if I'm making thousands of these transactions per month, that's pretty regular, right?
draculatreeforest said: Something tells me they're not going to let you make hundreds of thousands of one cent purchases, but this might still be a good deal.
Discover bank isn't going to care, they get .21 or .22 cents a transaction no matter how large or small the transaction is for.
scrouds said: draculatreeforest said: Something tells me they're not going to let you make hundreds of thousands of one cent purchases, but this might still be a good deal.
Discover bank isn't going to care, they get .21 or .22 cents a transaction no matter how large or small the transaction is for.
VicGr1 said: And, how to open that account? Anybody has a working link...Invitation only for the moment. Reuters: The new accounts are now available to a limited number of Discover cardmembers,with availability expanding to all cardmembers gradually throughout the year. A full consumer roll out is planned for 2014.
I didn't get a warning when I opened mine that any sort of credit bureau activity would take place.
But I will give everyone here a warning - I funded the account, the funding money cleared after a couple days, and I set up a single bill pay for a different credit card.
It showed that it would happen the next day, and now it hasn't posted, and doesn't show up in the history or anywhere else. The money hasn't been debited either, but still. I can understand it taking a few days to execute, but to totally disappear doesn't give me much confidence.
Easy to promise 10 cents a bill pay when the bill pays don't happen.
kjgco said: VicGr1 said: And, how to open that account? Anybody has a working link...Invitation only for the moment. Reuters: A full consumer roll out is planned for 2014.
I just got the invite - considering the churn benefir vs. the risk of bannination, it's probably not worth it. 10x/day still only yields $30 at the end of the month. Around the holidays I can easily net a few hundred in Discover CB between the shop discover mall and 5% CB for online purchases.
elektronic said: I just got the invite - considering the churn benefir vs. the risk of bannination, it's probably not worth it. 10x/day still only yields $30 at the end of the month. Around the holidays I can easily net a few hundred in Discover CB between the shop discover mall and 5% CB for online purchases.
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