Discover has unveiled a checking account with dedicated cashback rewards for its customers. Along with lucrative rewards, Discover also aims at providing early access to customer paychecks along with the mobile-first digital banking experience.
The all-new Cashback Debit account by Discover is built on the foundation of the Cashback Bonus Rewards of the payment service giant and follows a no-fee structure throughout.
Carlos Minetti, President of Discover in Consumer Banking, revealed that the all-new Cashback Debit Account by the company is designed to be a one-stop checking account for everything a customer needs. The unique Cashback Bonus rewards program is aimed at making it simpler for individuals to earn cashback and other rewards with their day-to-day debit card expenses.
Understanding the Cashback Rewards Program by Discover
Minetti further added that the company is designing a dedicated program that has been successful in rewarding millions of customers in the form of cashback offers since 2017, achieved by delivering a number of industry-leading functionalities and features to the program. Discover also strives to accumulate more benefits throughout the year and beyond.
The new product, “Cash Debit Account” by Discover, aligns with the company’s goal of providing its customers easier access to money. The program is committed to meeting consumer expectations that the management of bank accounts should be seamless and will aid in effectively managing the account digitally while offering the best innovations.
According to a research report by Discover, around 90 percent of consumers regard the overall absence of fees as an important feature of a checking account, and 72 percent of consumers revealed that cashback rewards are also important features of a bank account. However, only 28 percent of them stated that it is a feature that is being offered by their current banks.
The same study states that features of the checking account that are highly sought-after by around 80 percent of end consumers are 24/7 access to consumer services, improved security, and free access to ATM services. Minetti added that as the competitors of Discover have started lowering the overall fees, Discover aims at setting an example for the entire industry. It had proactively removed all fees related to deposit accounts in 2019, and has been successful in saving customers huge amounts. The latest release of the all-new Cashback Debit checking account is aimed at helping customers ensure ease of movement while managing their overall money seamlessly. It also makes overall banking operations more accessible for end customers with the ability to apply without any fees within minutes.
Features of the Discover Cashback Debit Account
Some of the notable features of the all-new Discover Cashback Debit Account include:
- Absence of fees throughout the account -including overdraft, insufficient funds, or monthly maintenance
- Rewards with one percent cash back on $3000 with respect to debit card purchases every month
- Access to paychecks for up to 2 days in advance with the help of Early Pay
- Access to more than 60,000 ATMs without any fees in the United States
- 24/7 customer services in the United States
- Fraud management and security offerings like the ability to freeze the debit card temporarily
- Easy onboarding and digital application experience -without any impact on the credit score
- Mobile wallet access with the help of Apple Pay
Discover has plans to continue expanding its Cashback Debit product with additional features like e-wallets, tools, and debit card enhancements to allow customers to manage their overall credit score.
Discover Cashback Credit Card Overview
As you earn cashback from your credit card, it serves to be a simple way to save some money on your day-to-day expenses. The Discover Cashback Credit Card is the ideal low-risk manner to get started with it. The credit card charges no annual fees, it is also capable of offering around 5 percent on up to $1500 within the rotating category upon activating the bonus category. Moreover, consumers will also receive one percent cashback on all purchases.
In combination with low fees, the power of reward-earning can make the Discover Cashback Credit Card a forerunner if you wish to get the most for your money. Some of the benefits of the Discover Cashback Credit Card are:
- Earning 5 percent cashback on up to $1500 as purchases on rotating categories
- Absence of annual fees, penalty APR, foreign transaction fees, or fees on the first late payment
- Delivery of Cashback Match program for doubling all earned cash in one year
- Zero percent into balance transfer APR and purchases for 15 months
Rewards checking accounts by Discover can be a great option for people who wish to be clear of credit cards. Some of the benefits of the rewards checking account by Discover are:
- Earning cash back easily -Discover Cash Back Debit account allows you to earn around one percent cashback on $3000 in purchases out of debit cards every month. This implies that you are capable of earning $360 every year in the form of a cashback bonus.
- Less Opportunity for Overspending: One of the major benefits of the rewards checking account by Discover is that it helps in making expensive overspending quite difficult, because you are only capable of withdrawing money that you have in the account. The best part about rewards checking accounts is that you do not have to worry about going into debt.
- Allowing You to Stick to a Budget: You can receive additional benefits of rewards checking accounts by Discover when you regard the same as a budgeting tool. You can easily go through your account to track the overall spending, adjust the budget, and find places to cut towards saving.
This checking account has many great features, but experts recommend that you should go through these features and terms of the account and its specifications before committing to it.