Discover Bank Cashback Checking $50 Bonus

by Andy Hough on August 27, 2014 · 0 comments

If you are a current Discover credit card* holder than you may qualify for a $50 bonus when you open up a Discover cashback checking account.  One of the cool features of the cashback checking account is that it pays you ten cents for each debit card purchase, online bill payment, or cleared check up to 100 transactions a month.  A dime isn’t much, but with interest rates so low you are likely to come out ahead with an account like this unless you keep a lot of money in your checking account or have a rewards checking account.  The checking account has no monthly fees, no minimum balance and access to over 60,000 free ATMs.

You will need to login to your Discover credit card account to see if this offer is available to you. The terms may be different for different cardholders, but here is a rough summary of the terms I was offered.  The offer is only available to cardholders who do not already have a cashback checking account. Account is subject to approval and must be opened between 8/5/14 – 10/31/14. Limit 1 per customer and 1 per account. Bonus will be issued by 12/12/14 to  your cashback checking account which must be open when issued. The bonus is considered interest and will be reported on a 1099.  The offer is subject to withdraw at any time.

A word of warning to those who are looking to maximize the ten cents cashback per transaction feature.  If you are able to do 100 transactions a month then you would make $10. That isn’t enough to go through the bother of making 100 different transactions. It might be tempting to make a program to pay your bills in 100 different small transactions, but that won’t work.  The deposit account agreement states that they reserve the right to adjust the amount of reward if there is irregular, unauthorized or fraudulent activity. Their cashback reward FAQ states that they consider splitting a standard monthly bill payment into several payments as irregular activity.  So I wouldn’t worry about trying to maximize the cashback. I would be happy with the $50 bonus and consider any additional dimes to be gravy.

If you don’t have a Discover Card you can apply for one through my referral link and receive a $50 bonus and I’ll get a bonus too.

 

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