- Rewards rate: 2 percent cash back at gas stations and restaurants (on up to $1,000 in combined purchases each quarter, then 1 percent), plus 1 percent on all other purchases
- Welcome offer: Discover matches all cash back you earn at the end of your first year
- Annual fee: $0
- Purchase intro APR: 0 percent for the first 15 months
- Balance transfer intro APR: 0 percent for the first 15 months
- Regular APR: 17.24 percent to 28.24 percent variable
Current welcome offer
Like other Discover credit cards, the Discover it® Chrome doesn’t offer a traditional sign-up bonus. Instead of cardholders receiving bonus rewards in the first three months, Discover will match all cash back you’ve earned at the end of your first year. For example, if you earn $200 in cash back during your first 12 months, Discover will match you with another $200, for $400 cash back total at the end of your first year.
This offer can be especially beneficial if you earn more cash back than a typical intro bonus provides, but the Discover it® Chrome's bonus category rewards aren’t very conducive for a big payday.
For example, this news release of the Bureau of Labor Statistics' latest spending data shows that the average person spends $3,030 on dining and $2,148 on gas each year. If spread out evenly across all four quarters, that means you’ll only earn around $91 in cash back. The matched cash back would be worth less than the $200 welcome offer other no-annual-fee cash back cards typically provide, and requires a much higher spend too.
While the 1 percent cash back rate on all purchases is unlimited, the quarterly spending cap of the card’s elevated earning categories limits this card’s cash back potential. Considering other no-annual-fee cash back cards offer higher cash back rates for the same categories without posing spending caps, the Discover it® Chrome's rewards rates rely on its customer service and few fees to shore up its value.
How you earn
You’ll earn 2 percent cash back on gas station and restaurant purchases (on up to $1,000 in combined purchases each quarter, then 1 percent), plus 1 percent cash back on all other purchases. Besides gas stations, your categories will earn rewards from dining in, takeout and delivery from full-service restaurants, cafes, cafeterias, fast food restaurants and restaurant delivery services.
How to redeem
Redeem your Cashback – any amount, any time. You can redeem your cash back for:
- Cash back, as a statement credit or direct deposit (starting at 1 cent)
- Gift cards (gift cards range from $5 to $200, in increments of $5)
- “Pay with Cashback bonus” at eligible merchant checkouts, including Amazon.com and PayPal (starting at 1 cent)
- Charitable donations (starting at 1 cent)
Your cash back never expires, but if you close your account or you don’t use your account for 18 months, Discover will automatically apply your rewards to your balance (whereas most issuers forfeit your rewards).