In this article, I’ll go over how you can earn up to $500 in cash bonuses with the Discover It and the new Discover It Chrome card every year.
Since the Discover It credit cards typically don’t offer sign-up bonuses (they have in the past for a limited time), they aren’t the best for churning to make money/bonuses. However, they do offer special features in a card with no annual fee that make it a great option for some backup spending.
Plus, adding a Discover card to your credit portfolio only helps to improve your history and diversity. If you’re a college student, the Discover It Student cards are typically some of the best on the market for you.
The regular Discover It credit cards are mainly known for their 5% cash back on quarterly rotating categories on up to $1,500 in purchases (*see the quarterly categories here). Additionally, they also offer varying introductory 0% APR on Purchases/Balance Transfers offers, free FICO scores, and generous cash back through the ShopDiscover online mall portal.
The NEW Discover It Chrome cards have basically taken away the 5% cash back rotating categories, and replaced them with an ongoing 2% cash back bonus on Restaurants & Gas (*on up to $1,000 in combined purchases each quarter). This new Chrome card is very popular for those who don’t like keeping up with categories to sign-up for, and appreciate consistency. I’ll be replacing my traditional Discover It card with the new Chrome card very soon.
How To Get $500 In Bonuses Every Year
Here’s a very neat feature that will benefit you AND your friends/family.
By referring your friends and family to sign up for their own Discover card, you AND the referred can both get a $50 bonus. You can get referrals via email, Facebook, Twitter, or LinkedIn. As long as they use your link to apply and become cardmembers, you’ll both be eligible for the bonus. The only other requirement is that they make a purchase in the first 3 months.
You can get bonuses on up to 10 referrals per year, totaling $500. Plus, you won’t have to feel guilty in helping yourself since those you refer will also get a $50 bonus. 🙂
Discover Business card and Essential by Discover cardmembers are not eligible to participate. In order to participate, your account must be in good standing. To receive the $50 Cashback Bonus referral reward, your friend must apply for the specific offer you send and be approved. You will receive $50 Cashback Bonus for each approved friend, up to 10 new cardmembers per calendar year. Offer not available for referrals that are existing Discover cardmembers. This offer is available online only. Individuals must apply for a Discover card by December 31st, 2014. You will not be notified whether a specific referral was approved or declined. For e-mail offers, your referral may not receive an e-mail offer if they have previously opted out of receiving e-mail marketing communications from Discover or are an existing cardmember. Your friend who becomes a new cardmember will also receive a $50 Cashback Bonus once they make a purchase within their first three months of account opening. Please allow up to 5 weeks for Cashback Bonus to post to your account after each referral is approved for their Discover card. The Cashback Bonus you receive may be taxable to you. Please contact your tax advisor.