Discover it® Cash Back Credit Card Review for 2023
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Nancy Fernandez is a Credit Card and Insurance Expert at Fit Small Business, specializing in business credit cards and business insurance.
This article is part of a larger series on Best Small Business Credit Cards.
Discover it® Cash Back Credit Card is a personal rewards credit card that’s best for business owners looking for a longer 0% annual percentage rate (APR) period on both purchases and balance transfers, no annual fees, and a low minimum regular APR at 16.24%. It also offers an unlimited cash back match of all the rewards you earned at the end of your first year of card ownership.
If you wish to compare one card over another, select a maximum of three cards on this page and click Add to compare to view the details in a side-by-side comparison.
Discover it® Cash Back
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Those who want double the cash back on your first year
Intro APR
0%
Regular APR
16.24% to 27.24% variable
Annual Fee
$0
Credit Needed
Good - Excellent
- 5% cash back in rotating categories for each quarter. For the months of January to March 31, 2023, you can earn 5% cash back at grocery stores, drug stores, and select streaming services on up to $1,500 in purchases after card activation.
- 1% cash back on all other purchases
Pros
- Premium rewards on rotating bonus categories
- Double your cash back for the first year
- With 0% introductory APR on purchases and balance transfers
Cons
- Bonus rewards are capped at $1,500
- Bonus rewards need to be activated every quarter
- Listed spending categories can be limiting to cardholders
- Freeze it®: You can freeze your account on the Discover mobile app or website to prevent new purchases, cash advances, and balance transfers if you misplace your card
- $0 fraud liability guarantee: Discover will hold you responsible for unauthorized purchases made with your Discover it® Cash Back Credit Card.
- Free FICO® credit score: Your FICO® credit score, key factors, and other credit information are available on Discover.com and your statement. Note that these are based on data from TransUnion® and may be different from other credit scores and other credit information provided by different bureaus.
- Discover® identity alerts: You can get an alert from Discover on the following: Daily monitoring of your Experian® credit report and an alert when a new inquiry or account is listed on your report, daily monitoring of Dark Web sites and if your Social Security number is found on those sites.
Intro APR
0%
Regular APR
16.24% to 27.24% variable
Annual Fee
$0
Credit Needed
Good - Excellent
- 5% cash back in rotating categories for each quarter. For the months of January to March 31, 2023, you can earn 5% cash back at grocery stores, drug stores, and select streaming services on up to $1,500 in purchases after card activation.
- 1% cash back on all other purchases
Pros
- Premium rewards on rotating bonus categories
- Double your cash back for the first year
- With 0% introductory APR on purchases and balance transfers
Cons
- Bonus rewards are capped at $1,500
- Bonus rewards need to be activated every quarter
- Listed spending categories can be limiting to cardholders
- Freeze it®: You can freeze your account on the Discover mobile app or website to prevent new purchases, cash advances, and balance transfers if you misplace your card
- $0 fraud liability guarantee: Discover will hold you responsible for unauthorized purchases made with your Discover it® Cash Back Credit Card.
- Free FICO® credit score: Your FICO® credit score, key factors, and other credit information are available on Discover.com and your statement. Note that these are based on data from TransUnion® and may be different from other credit scores and other credit information provided by different bureaus.
- Discover® identity alerts: You can get an alert from Discover on the following: Daily monitoring of your Experian® credit report and an alert when a new inquiry or account is listed on your report, daily monitoring of Dark Web sites and if your Social Security number is found on those sites.
When evaluating cash back credit cards like Discover it® Cash Back Credit Card, we first consider the ongoing and introductory rewards. We also look at the annual fee, introductory and ongoing APRs, and other card benefits.
Grading Criteria | Card Score | Highest Possible Score |
|---|---|---|
Ongoing Rewards | 20 | 30 |
Introductory Rewards | 18 | 20 |
Annual Fee | 15 | 15 |
Additional Features | 5 | 15 |
Introductory APR | 10 | 10 |
Ongoing APR | 8 | 10 |
Total Score | 76 | 100 |
Who the Discover it® Cash Back Credit Card Is Best For
- Those who cannot qualify for a business credit card: This is a personal credit card, but it can be used for business purposes—just remember to separate your business and personal purchases to make tax season easier.
- Those who are going to make large purchases: It offers 0% introductory APR on purchases and balance transfers for 15 months after opening an account, making it a great option for those who intend to make large purchases for their business.
Check out our recommended alternatives below if this card doesn’t fit the bill.
Discover it® Cash Back Credit Card Fees
APR
- Introductory on purchases: 0% APR on purchases for the first 15 months after opening an account
- Introductory on balance transfers: 0% APR for 15 months from the date of the first transfer; transfers must be posted to your account by May 10, 2023, for this to apply
- Ongoing and balance transfers: 16.24% to 27.24% variable—adjusts with the prime rate
- Cash advance: 29.24% variable—adjusts with the prime rate
- Penalty and when it applies: None
Fees
- Minimum interest charge: No less than $0.50
- Annual: None
- Balance transfer: Intro fee of 3% of the transfer amount until May 10, 2023, with the 0% intro APR balance transfer offer—then 5% thereafter
- Cash advance: $10 or 5% of the amount of each cash advance, whichever is greater
- Late payment: None for the first time you pay late; up to $41 thereafter
- Returned payment: Up to $41
Your due date is at least 25 days after the close of each billing cycle (at least 23 days for billing periods that begin in February).
Discover it® Cash Back Credit Card Rewards
- 5% cash back in rotating categories each quarter: For January to March 31, 2023, you can earn 5% cash back at grocery stores, drug stores, and select streaming services on up to $1,500 in purchases after card activation.
- 1% cash back on all other purchases
Cashback Match shall be given to new account holders. Discover will match all the cash back rewards earned from the day your account is approved through your first 12 consecutive billing periods or 365 days, whichever is longer, and add it to your rewards account within two billing periods.
You can redeem your cash back bonus as gift cards, a statement credit, an electronic deposit to an eligible checking or savings account, a payment with Cashback Bonus, or a donation to selected charities.
How To Make Payments on the Discover it® Cash Back Credit Card
- Online: Log in to your online account to make an online payment. You may make up to two payments per day using different bank accounts. You can also use the online bill pay service from your bank account.
- Discover mobile app: You can use the Discover iOS or Android mobile app to make on-the-go payments.
- Phone: You can pay your credit card by calling (800) DISCOVER or (800) 347-2683 at any time. Discover has no pay-by-phone convenience fee.
- Nearest Discover branch: Visit the nearest Discover branch during normal business hours.
- Mail: You can also mail your check to the address on the payment coupon at the bottom of your statement. Alternatively, if you can’t find the address, you can mail your check with your account number on the “memo” line to:
Discover Financial Services
PO Box 6103
Carol Stream, IL 60197-6103
Discover it® Cash Back Credit Card Features
- Freeze it®: You can freeze your account on the Discover mobile app or website to prevent new purchases, cash advances, and balance transfers if you misplace your card. Note that some activities, such as recurring bills, returns, credits, dispute adjustments, and delayed authorizations, such as transit purchases, will continue.
- $0 fraud liability guarantee: Discover will hold you responsible for unauthorized purchases made with your card. Learn more about this on the Fraud frequently asked questions (FAQs).
- Free FICO® credit score: Your FICO® credit score, key factors, and other credit information are available on Discover.com and your statement. Note that these are based on data from TransUnion® and may be different from other credit scores and other credit information provided by different bureaus.
- Discover® identity alerts: You can get an alert from Discover on the following: Daily monitoring of your Experian® credit report and when a new inquiry or account is listed on your report and daily monitoring of Dark Web sites and if your Social Security number is found on those sites.
Discover it® Cash Back Credit Card Alternatives
American Express Blue Business Cash™
American Express Blue Business Cash™ Card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Those who want better cash back rewards
Intro APR
0% on purchases
Regular APR
18.24% - 26.24% Variable
Annual Fee
No annual fee
Credit Needed
Good, Excellent
- Earn a $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.
- Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement.
- From workflow to inventory to floor plans, your business is constantly changing. That’s why you’ve got the power to spend beyond your credit limit with Expanded Buying Power.
- Just remember, the amount you can spend above your credit limit is not unlimited. It adjusts with your use of the Card, your payment history, credit record, financial resources known to us and other factors.
- 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 18.24% - 26.24%, based on your creditworthiness and other factors as determined at the time of account opening.
- No Annual Fee
- Terms Apply
Pros
- 0% intro APR
- Welcome bonus
- Fixed rate rewards
- No annual fee
Cons
- Cash advance isn’t allowed
- Charges foreign transaction fees
- 2% cash back is capped at $50,000 in annual spending
- Expanded buying power: Enjoy flexible buying power when your business needs it. Expanded buying power gives you the freedom to spend beyond your credit limit and help get business done. While the amount you can spend above your credit limit isn't unlimited, it adjusts with your use of the card, your payment history, credit record, financial resources known to us, and other factors.
- Car rental loss and damage insurance: As a Card Member, You can be covered for damage to or theft of a rental vehicle in a covered territory when you use your eligible card to reserve and pay for the entire rental and decline the collision damage waiver at the rental company counter.
Intro APR
0% on purchases
Regular APR
18.24% - 26.24% Variable
Annual Fee
No annual fee
Credit Needed
Good, Excellent
- Earn a $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.
- Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement.
- From workflow to inventory to floor plans, your business is constantly changing. That’s why you’ve got the power to spend beyond your credit limit with Expanded Buying Power.
- Just remember, the amount you can spend above your credit limit is not unlimited. It adjusts with your use of the Card, your payment history, credit record, financial resources known to us and other factors.
- 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 18.24% - 26.24%, based on your creditworthiness and other factors as determined at the time of account opening.
- No Annual Fee
- Terms Apply
Pros
- 0% intro APR
- Welcome bonus
- Fixed rate rewards
- No annual fee
Cons
- Cash advance isn’t allowed
- Charges foreign transaction fees
- 2% cash back is capped at $50,000 in annual spending
- Expanded buying power: Enjoy flexible buying power when your business needs it. Expanded buying power gives you the freedom to spend beyond your credit limit and help get business done. While the amount you can spend above your credit limit isn't unlimited, it adjusts with your use of the card, your payment history, credit record, financial resources known to us, and other factors.
- Car rental loss and damage insurance: As a Card Member, You can be covered for damage to or theft of a rental vehicle in a covered territory when you use your eligible card to reserve and pay for the entire rental and decline the collision damage waiver at the rental company counter.
- American Express Blue Business CashTM is a great alternative for those needing to spend beyond their credit limit
- Features expanded buying power, allowing cardholders to spend over their credit limit (note that the amount you can spend will depend on your card usage, payment behavior, credit score, and financial resources)
- Has a 0% introductory APR on purchases for the first 12 billing cycles
- Lets you earn 2% cash back on all eligible purchases up to $50,00 per calendar year, then 1% when the cap is met
- Is our leading cash back business credit card and one of our best business credit cards for startups and small business credit cards
Bank of America® Business Advantage Customized Cash Rewards
Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card
Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.
BEST FOR:
Those wanting to earn 3% cash back in a spending category of your choice
Intro APR
0%
9 billing cycles
9 billing cycles
Regular APR
18.24% - 28.24% Variable APR on purchases
Annual Fee
$0.00
Credit Needed
Excellent
- Get a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.
- Earn 3% cash back in the category of your choice: gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services, 2% cash back on dining purchases and 1% cash back on all other purchases.
- You'll earn 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter.
- You can earn up to 75% more cash back on every purchase, if you have a business checking account with Bank of America and qualify for our highest Preferred Rewards for Business tier. That means you could earn up to 5.25% cash back in your selected choice category and up to 3.5% cash back on dining purchases on the first $50,000 in those combined purchases each calendar year, and up to an unlimited 1.75% cash back on all other purchases.
- No annual fee
- Choose how to redeem your cash rewards-as a deposit into your Bank of America® checking or savings account, as a card statement credit or as a check mailed to you. Cash rewards don’t expire.
- To change your choice category for future purchases, you must go to the Mobile Banking app or Business Advantage 360, our small business online banking. You can change it once each calendar month, or make no change and it stays the same.
- 0% Introductory APR on purchases for your first 9 billing cycles. After the intro APR offer ends, a Variable APR that's currently 18.24% to 28.24% will apply.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.
Pros
- Offers flexible redemption options
- Doesn’t charge annual fees
- With sign-up bonus
Cons
- Premium cash back rewards are capped on a selected spending category
- Charges foreign transaction fees
- Short introductory APR period
- Access to a business credit score: Bank of America lets you view and monitor your Dun & Bradstreet business credit score for free through Business Advantage 360.
- Zero liability protection: Stay protected against unauthorized transactions. Bank of America offers additional protections that cover certain purchases against loss, damage, theft, or fire and provides extended warranty coverage.
- Fraud monitoring: Bank of America will block potential fraud if it detects abnormal patterns in your transactions. It’ll also notify you if it suspects any fraudulent activity.
Intro APR
0%
9 billing cycles
9 billing cycles
Regular APR
18.24% - 28.24% Variable APR on purchases
Annual Fee
$0.00
Credit Needed
Excellent
- Get a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.
- Earn 3% cash back in the category of your choice: gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services, 2% cash back on dining purchases and 1% cash back on all other purchases.
- You'll earn 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter.
- You can earn up to 75% more cash back on every purchase, if you have a business checking account with Bank of America and qualify for our highest Preferred Rewards for Business tier. That means you could earn up to 5.25% cash back in your selected choice category and up to 3.5% cash back on dining purchases on the first $50,000 in those combined purchases each calendar year, and up to an unlimited 1.75% cash back on all other purchases.
- No annual fee
- Choose how to redeem your cash rewards-as a deposit into your Bank of America® checking or savings account, as a card statement credit or as a check mailed to you. Cash rewards don’t expire.
- To change your choice category for future purchases, you must go to the Mobile Banking app or Business Advantage 360, our small business online banking. You can change it once each calendar month, or make no change and it stays the same.
- 0% Introductory APR on purchases for your first 9 billing cycles. After the intro APR offer ends, a Variable APR that's currently 18.24% to 28.24% will apply.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.
Pros
- Offers flexible redemption options
- Doesn’t charge annual fees
- With sign-up bonus
Cons
- Premium cash back rewards are capped on a selected spending category
- Charges foreign transaction fees
- Short introductory APR period
- Access to a business credit score: Bank of America lets you view and monitor your Dun & Bradstreet business credit score for free through Business Advantage 360.
- Zero liability protection: Stay protected against unauthorized transactions. Bank of America offers additional protections that cover certain purchases against loss, damage, theft, or fire and provides extended warranty coverage.
- Fraud monitoring: Bank of America will block potential fraud if it detects abnormal patterns in your transactions. It’ll also notify you if it suspects any fraudulent activity.
- Bank of America® Business Advantage Customized Cash Rewards is a viable option for those with significant expenses in a particular category
- Lets you earn 3% cash back on the category of your choice, 2% cash back on dining on the first $50,000 combined expenses in a year, then 1% cash back when the cap is met
- Has a 0% introductory APR on purchases for the first nine billing cycles
- Is one of our preferred cash back business credit cards and best 0% APR business credit cards
Emburse Spend Card
- Emburse Spend Card is a great option for those wanting a business prepaid card with rewards
- Offers unlimited 1% cash back on all purchases
- Doesn’t charge fees for domestic transactions and adding virtual and physical cards
- Lets you deposit to a maximum of $100,000
- Is one of our top business prepaid cards
See our guide on the best small business credit cards for additional options.
Bottom Line
While the Discover it® Cash Back Credit Card is a personal credit card, its extended 0% APR for 15 months on both purchases and balance transfers makes it a desirable card for many business owners. However, to benefit the most from it, you should separate your business and personal purchases from the start.
