Discover it® Cash Back Review
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.
The Discover it® Cash Back 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 13.49%. 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, choose 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
BEST FOR:
Double cash back on the first year’s purchases
Intro APR
0%
Regular APR
14.24% to 25.24% Variable
Annual Fee
$0
Credit Needed
Good - Excellent
- Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon, and more, up to the quarterly maximum, each time you activate.
- Plus, earn unlimited 1% cash back on all other purchases—automatically.
- We'll match all the cash back you've earned at the end of your first year automatically. There's no signing up and no limit to how much we'll match.
Pros
- Premium rewards on rotating bonus categories
- Double your cash back for the first year
- Long 0% APR period on balance transfers and purchases
Cons
- Bonus rewards are capped at $1,500
- Bonus rewards should be activated every quarter
- No purchase protection or extended warranties
- Freeze it®
- $0 Fraud Liability Guarantee
- Free FICO® Credit Score
- Social Security number, Inquiry & New Account Alerts
Intro APR
0%
Regular APR
14.24% to 25.24% Variable
Annual Fee
$0
Credit Needed
Good - Excellent
- Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon, and more, up to the quarterly maximum, each time you activate.
- Plus, earn unlimited 1% cash back on all other purchases—automatically.
- We'll match all the cash back you've earned at the end of your first year automatically. There's no signing up and no limit to how much we'll match.
Pros
- Premium rewards on rotating bonus categories
- Double your cash back for the first year
- Long 0% APR period on balance transfers and purchases
Cons
- Bonus rewards are capped at $1,500
- Bonus rewards should be activated every quarter
- No purchase protection or extended warranties
- Freeze it®
- $0 Fraud Liability Guarantee
- Free FICO® Credit Score
- Social Security number, Inquiry & New Account Alerts
How We Evaluate Cash Back Credit Cards
When evaluating cash back credit cards like Discover it® Cash Back, 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 | 25 | 30 |
Introductory Rewards | 15 | 20 |
Annual Fee | 15 | 15 |
Additional Features | 8 | 15 |
Introductory APR | 10 | 10 |
Ongoing APR | 10 | 10 |
Total Score | 83 | 100 |
Who The Discover it® Cash Back Card Is Best For?
- Business owners who cannot qualify for a business credit card: Discover it® Cash Back is a personal credit card, but it can also be used for business purposes—just remember to separate your business and personal purchases to make tax season easier.
- Business owners who need a longer 0% APR period: It offers 0% introductory APR on both purchases and balance transfers for 15 months after opening an account. Its long interest-free financing period is the primary reason why it made it on our list of the leading 0% APR business credit cards.
You may want to take a look at our guide to the best small business credit cards to find other options.
Discover it® Cash Back Fees
APR
- Introductory APR: 0% APR on both purchases and balance transfers for the first 15 months after opening an account. For balance transfers, the intro APR will take into effect from the date of first transfer and will be applied to your account by October 10, 2022.
- Ongoing APR: 13.49% to 24.49% variable—adjusts with the prime rate
- Cash advance APR: 26.49% variable—adjusts with the prime rate
- Penalty APR and when it applies: None
Fees
- Due period: At least 25 days after the close of each billing cycle (at least 23 days for billing periods that began in February)
- Minimum interest charge: No less than 50 cents
- Annual fee: $0
- Balance transfer fee: Intro fee of 3% of the transfer amount until Oct. 10, 2022, with the 0% intro APR balance transfer offer—then 5% thereafter
- Foreign transaction fee: Not applicable
- Cash advance fee: $10 or 5% of the amount of each cash advance transaction, whichever is greater
- Late payment fees: None for the first time you pay late; up to $41 thereafter
- Returned payment: Up to $41
Discover it® Cash Back Rewards
- 5% cash back in rotating categories for each quarter
- January 1, 2022, to March 31, 2022: Grocery stores and fitness club/gym memberships on up to $1,500 in purchases
- April 1, 2022, to June 30, 2022: Gas stations and Target on up to $1,500 in purchases
- July 1, 2022, to Sept. 30, 2022: Restaurants and PayPal on up to $1,500 in purchases
- Oct. 1, 2022, to Dec. 31, 2022: Amazon and digital wallets on up to $1,500 in purchases
- 1% cash back on all other purchases
- Cashback Match: This is an unlimited dollar-for-dollar automatic match of all the cash back you’ve earned at the end of your first year
You can apply your rewards as a statement credit towards your credit card bill or as an electronic deposit into your bank account. You can also use your cash back to pay directly at Amazon and PayPal with no minimum amount required or redeem as partner gift cards starting at $5.
It should be noted that the 5% cash back bonus is generally posted to your account within one to two billing periods after the transaction.
How To Make Payments on the Discover it® Cash Back
- 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.
- Mobile app: You can use the Discover mobile app to make on-the-go payments, which is available for Apple and Android users. Alternatively, you can text “APP” to DISCOV (347268) to download the app on your device.
- Automatic payment: You can set up a recurring monthly automatic payment through your online banking account.
- Via phone: You can pay your credit card by phone by calling (800) DISCOVER or (800) 347-2683 at any time. Discover has no pay-by-phone convenience fee.
- Check by mail: You can also mail in your payment to the address written 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
It should be noted that payments made before midnight Eastern time will be credited to your account that day, except for payments made on the cycle date.
Discover it® Cash Back Additional Features
Freeze it®
When you misplace your card and have no plans to change your account number, you can temporarily freeze your account in seconds through its online portal or mobile app. Freezing your account will halt new purchases, cash advances, or balance transfers until you unfreeze it. However, certain transactions like merchant-indicated recurring bills, rewards redemptions, and others will still occur even after freezing your account.
It should be noted that temporary deactivation is different from temporary freezing. Deactivation merely prevents in-store purchases at point-of-sale terminals, whereas freezing 1) stops your account from being used to make new purchases in-store, online, and by phone; 2) disables it from cash advances and balance transfers; and 3) freezes all cards associated with your Discover account—making it more secure than simply deactivating a card.
$0 Fraud Liability Guarantee
With the $0 Fraud Liability Guarantee, you won’t be held accountable for unauthorized purchases on your card. Despite that, you should exercise caution and practice reasonable care to protect your card from theft and shouldn’t share your card information with employees, relatives, or friends.
Free FICO® Credit Score
Your FICO® credit score, key factors, and other credit information are available on Discover.com and on your statement; you’ll see up to a year of your recent score online. Take 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.
Social Security Number, Inquiry & New Account Alerts
Discover offers a free monitoring service for primary cardholders to help protect against potential fraud threats. Once registered, the company will:
- Notify you if your Social Security number is found on any of thousands of Dark Web sites; and
- Monitor your Experian® credit report every day and alert you when anyone pulls your credit to help you recognize possible fraud.
Pros & Cons of the Discover it® Cash Back
| PROS | CONS |
|---|---|
| Premium rewards on rotating bonus categories: You can earn 5% in rotating bonus categories every quarter, including purchases at Amazon.com, grocery stores, restaurants, gas stations, and when you pay using PayPal. | Bonus rewards are capped at $1,500: The 5% premium rewards for selected categories for each quarter are capped at $1,500. After that, you’ll earn the regular rate of 1% cash back. |
| Double your cash back for the first year: The card offers an unlimited cash back match, which will double the rewards you earned at the end of your first year after opening an account. | Bonus rewards should be activated every quarter: You need to activate your bonus rewards every quarter to be eligible for 5% cash back on the rotating categories. |
| Long 0% APR period on balance transfers and purchases: You can take advantage of interest-free financing for the first 15 months after opening an account on both purchases and balance transfers. | No purchase protection or extended warranties: The card doesn’t offer purchase protection or extended warranties, unlike most other business credit cards. |
Discover it® Cash Back Alternatives
American Express Blue Business CashTM
American Express Blue Business CashTM is ideal for those who want to earn fixed-rate cash back. It offers 2% cash back on all eligible purchases, up to $50,000 per calendar year, and no annual fees. It also has a 0% introductory APR for 12 months on all purchases and a $250 statement credit after spending $3,000 within the first three months after opening an account. These are some of the reasons why we chose it as our top pick for the leading cash back business credit cards.
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
17.74% - 25.74% 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, 17.74% - 25.74%, 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
17.74% - 25.74% 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, 17.74% - 25.74%, 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.
U.S. Bank Business Platinum
U.S. Bank Business Platinum is best for those who want a longer interest-free financing period and are frequently carrying a balance. It offers an introductory APR of 0% on purchases and balance transfers for the first 18 billing cycles after account opening, and a minimum regular APR of 15.74%. While it doesn’t charge any annual fees, it’s one of the few business credit cards that don’t offer any introductory or ongoing rewards. Nevertheless, its long interest-free financing period and regular APRs made it our top pick for the best 0% APR business credit cards.
U.S. Bank Business Platinum 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:
Extended 0% APR period on purchases and balance transfers
Intro APR
Regular APR
16.49% - 25.49% (Variable)
Annual Fee
$0
Credit Needed
Excellent/Good Credit
- U.S. Bank Business Platinum Card
- 0% Intro APR on purchases and balance transfers for 18 billing cycles. After that, a variable APR currently 16.49%-25.49%.
- Expense management tool VISA Spend Clarity is free to access and sync expenses, set employee card controls, generate reports, and more.
- Great Offer from U.S. Bank, a 2022 World's Most Ethical Company® - Ethisphere Institute, February 2022
- Terms and conditions apply
Pros
- Offers a long 0% APR introductory period
- 0% APR applies to both purchases and balance transfers
- No annual fee
Cons
- No introductory and ongoing rewards
- Balance transfer fee is charged even during the introductory period
- Excellent/good credit score needed to qualify
- Extended warranty protection: U.S. Bank will double an original manufacturer’s warranty up to an additional one year for warranties of three years or less. Coverage is limited to $10,000 per item.
- Purchase protection: U.S. Bank offers purchase protection for items that are damaged or stolen within 90 days of purchase. The coverage is limited to $500 per claim and up to $50,000 per cardholder, per year.
Intro APR
Regular APR
16.49% - 25.49% (Variable)
Annual Fee
$0
Credit Needed
Excellent/Good Credit
- U.S. Bank Business Platinum Card
- 0% Intro APR on purchases and balance transfers for 18 billing cycles. After that, a variable APR currently 16.49%-25.49%.
- Expense management tool VISA Spend Clarity is free to access and sync expenses, set employee card controls, generate reports, and more.
- Great Offer from U.S. Bank, a 2022 World's Most Ethical Company® - Ethisphere Institute, February 2022
- Terms and conditions apply
Pros
- Offers a long 0% APR introductory period
- 0% APR applies to both purchases and balance transfers
- No annual fee
Cons
- No introductory and ongoing rewards
- Balance transfer fee is charged even during the introductory period
- Excellent/good credit score needed to qualify
- Extended warranty protection: U.S. Bank will double an original manufacturer’s warranty up to an additional one year for warranties of three years or less. Coverage is limited to $10,000 per item.
- Purchase protection: U.S. Bank offers purchase protection for items that are damaged or stolen within 90 days of purchase. The coverage is limited to $500 per claim and up to $50,000 per cardholder, per year.
Bank of America® Business Advantage Customized Cash Rewards
Bank of America® Business Advantage Customized Cash Rewards is a great alternative if you want to choose the category where you earn premium cash back and have an existing Bank of America business checking account. Having a business checking account will qualify you to get the highest Preferred Rewards for Business tier, where you can earn up to 75% more cash back on every purchase as compared to one that isn’t part of its Preferred 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 up to 3% cash back in a spending category of your choice
Intro APR
0%
Regular APR
16.49% - 26.49% Variable APR on purchases
Annual Fee
$0.00
Credit Needed
Excellent
- Get a $300 statement credit online bonus after you make at least $3,000 in net purchases in the first 90 days of your account opening – with no annual fee and cash rewards don't expire.
- Earn 3% cash back in the category of your choice, 2% cash back on dining purchases and unlimited 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.
- 0% Introductory APR on purchases for your first 9 billing cycles. After the intro APR offer ends, a Variable APR that's currently 16.49% to 26.49% will apply.
- Redeem your cash back as a deposit into your Bank of America® checking or savings account, as a card statement credit or as a check mailed to you.
- 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% in your selected choice category and up to 3.5% 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.
- 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%
Regular APR
16.49% - 26.49% Variable APR on purchases
Annual Fee
$0.00
Credit Needed
Excellent
- Get a $300 statement credit online bonus after you make at least $3,000 in net purchases in the first 90 days of your account opening – with no annual fee and cash rewards don't expire.
- Earn 3% cash back in the category of your choice, 2% cash back on dining purchases and unlimited 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.
- 0% Introductory APR on purchases for your first 9 billing cycles. After the intro APR offer ends, a Variable APR that's currently 16.49% to 26.49% will apply.
- Redeem your cash back as a deposit into your Bank of America® checking or savings account, as a card statement credit or as a check mailed to you.
- 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% in your selected choice category and up to 3.5% 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.
- 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.
Bottom Line
While the Discover it® Cash Back 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. Find other credit card options by visiting our Credit Card Marketplace.
