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Discover it® Cash Back: No Fee, Big Rewards, But Watch the APR
Discover it® Cash Back offers impressive rewards with no annual fee. Just beware of variable APRs that could catch you off guard.
The Quick Version
The Discover it® Cash Back card is a standout for its 5% cash back on rotating categories and no annual fee. However, the variable APR ranging from 18.24% to 28.24% could be a dealbreaker if you carry a balance. Rates shown are representative. Your actual rate depends on your credit profile. This is not financial advice.
Discover it® Cash Back Credit Card
Discover it® Cash Back offers great rewards but watch out for high APRs.
Discover it® Cash Back Credit Card
Fees & Rates
APR: 18.24%-28.24% variable, after a 0% intro APR for 15 months on purchases and balance transfers. Annual Fee: None. Balance Transfer Fee: 3% intro fee, then 5%. Cash Advance APR: 28.49% variable. Cash Advance Fee: greater of $10 or 5% of the advance amount. source
What's Actually Good
Earn 5% cash back on everyday purchases at different places each quarter, like grocery stores and restaurants, up to a quarterly maximum. Plus, enjoy an unlimited dollar-for-dollar cash back match at the end of your first year. Your cash back won't expire for the life of the account.
The Catch
The variable APR is high, ranging from 18.24% to 28.24%, which can be costly if you carry a balance. Balance transfers come with a 3% fee initially, increasing to 5% for future transfers, which can add up quickly. High cash advance fees also detract from its appeal.
This Card Is For You If...
You're someone who pays off their balance in full each month and can take advantage of the rotating 5% cash back categories. It's also ideal if you want a no-annual-fee card with a lucrative first-year cash back match.
The Bottom Line
If you're disciplined with paying your balance in full each month, the Discover it® Cash Back card can be a rewarding addition to your wallet. But if you're likely to carry a balance, consider a card with a lower regular APR. For more on student-friendly options, check out Is the SavorOne Student Card Worth the Hype?
