Discover announced that it is making its no monthly fee, no minimum balance, free bill pay checking account even more rewarding. Discover is extending its 1% cash back feature associated with its credit card to debit card transactions conducted on its Cashback Checking account. The account is now available to anyone, regardless of their current relationship with Discover. The details were outlined in ATM Marketplace:
Discover has launched a new rewards program for its Cashback Checking product that allows customers to earn cash back on everyday debit card purchases.
Discover Cashback Checking customers can earn 1 percent cash back on up to $3,000 in qualifying debit card purchases each month, a company press release said. The program does not include ATM withdrawals, P2P payments or the cash back portion of a purchase at the POS.
Customers can redeem their Cashback bonus via a credit to their Cashback Checking account or transfer the bonus to a Discover credit card Cashback Bonus account.
Much has been made of the discontinuation of free or low cost checking accounts, including the recent decision by Bank of America to phase out its eBanking account. Of course, it’s not a level playing field. Discover is not subject to lower interchange revenue on debit card transactions under Regulation ii.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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