Discover Cashback Checking

[easysurfer]

Usually, I just toss out ads from my mailbox to the recycle bin.

But I got one today from Discover saying I can join up, get $50 free, plus features like a free check reorder which is missing on my current checking account.

Well, to rephrase, I haven't pitched the Discover mail yet

 

[Ticker]

I opened up a savings account with them today. offering .9%, $50 bonus money with $5k or more deposit. money remains liquid, fdic insured.
beats the heck out of the .02% I was getting at the bank.

 

[Sue J]

I've had a Discoverbank Savings account for years. It paid .80% or .85% and it recently went up to .90%.

Last August I got a mailing from them offering a $50 promo for opening a checking account with $25. Heck yeah, I can do that for $50!

It was simple to do online with a transfer from the savings account. They sent a debit card and plenty of checks. One of the easiest bank promos I've done and I've done many.

I was going to only keep it open long enough to fulfill the promo agreement but instead decided to keep it and use the checking account for our twice a year property taxes.

Discoverbank has a very nice easy to use app. I use the Discoverbank account for making online check deposits, you know the kind where you take a picture of your check. Our home "neighborhood bank" still doesn't have that ability.

 

[heikejohn]

I use the Discover debit card for all my little purchases. Right now they pay $0.20 cents per transaction. On a $1.00 soda, that's 20% Cash Back!!!!
Or an apple for lunch,
small bag of chips.....

 

[easysurfer]

Thanks for the info. I went ahead and set up the account.

Don't know if I'll eventually make this my primary checking account or not. But at the very least, use it for my check writing. It will be nice to get free checks instead of paying the hefty check printing fees at my local bank.

Plus, free money for signing up is free money

 

[RE2Boys]

I've had a Discover online savings account for a couple of years. Was offered the checking last year with a $50 incentive and took them up on it. Since I can access both accounts online I've found the checking useful for quickly tapping the savings account without waiting for a ACH transaction to process. Log-on, move money to checking and it is effective and available immediately. Otherwise only keep about $100 in the checking. It's not the households primary account but has come in handy when either local account is low or when I need a check and wife is out and about with the household regular checkbook.

 

[easysurfer]

Has anyone used the Discover cashback checking as their primary checking account?

It would be easier to focus on balancing one account each month, plus the 10 cent cashbacks.

I'm debating in my own head to try and set up all the ACH transactions to the Discover checking vs just using the Discover for writing checks, and keep my current checking for the automated payments. I'd still need a local account, for example to deposit the loose change from my piggy bank .

 

[StikyBoots]

I have a Discover checking account as my primary account and a savings account at a local credit union to provide those services that an online bank cannot.

The Discover cash back is limited to $10.00 a month. I have it set up to automatically send ~$1 every week to every utility, student loan, mortgage, and credit card that I am using. I always hit the $10.00, but my statements will make you go cross-eyed.

Sent from my SAMSUNG-SM-G900A using Early Retirement Forum mobile app

 

[daylatedollarshort]

I have a Discover checking account as my primary account and a savings account at a local credit union to provide those services that an online bank cannot.

The Discover cash back is limited to $10.00 a month. I have it set up to automatically send ~$1 every week to every utility, student loan, mortgage, and credit card that I am using. I always hit the $10.00, but my statements will make you go cross-eyed.

Very clever. I will have to try that. I did get the $50 sign up bonus and forgot to start using the debit card for small purchases.

 

[easysurfer]

I have a Discover checking account as my primary account and a savings account at a local credit union to provide those services that an online bank cannot.

The Discover cash back is limited to $10.00 a month. I have it set up to automatically send ~$1 every week to every utility, student loan, mortgage, and credit card that I am using. I always hit the $10.00, but my statements will make you go cross-eyed.

Sent from my SAMSUNG-SM-G900A using Early Retirement Forum mobile app

I'm surprised the ~$1 every week isn't flagged as irregular.

Does ACH transactions also get a dime per transaction? Or only bill pays, debit purchases and cleared checks?

This "dime here, dime there" kinda reminds me of being a kid, saving those old Bazooka Joe comics for prizes

 

[StikyBoots]

I wouldn't be surprised if they flag my automatic rewards generation. I usually get to 125 or more transactions so I could reduce the number of them and still be OK most months. February I got pretty close to being short!

I'm pretty sure ACH transactions do not count.

 

[easysurfer]

I didn't think ACH would count, which is what I have set up mostly.

With the cashback bonus checking, the question for myself is which I prefer, convenience vs earning a bit.

Another alternative is to use the $50 bonus to buy a box or two of checks from my regular bank. That might last me my lifetime

 

[PhrugalPhan]

The Discover cash back is limited to $10.00 a month. I have it set up to automatically send ~$1 every week to every utility, student loan, mortgage, and credit card that I am using. I always hit the $10.00, but my statements will make you go cross-eyed.

I signed up for the $50 bonus a few months ago. I rarely use it (Aldi's mostly). But using what you are showing above.... hmmmm.... it has possibilities.

 

[easysurfer]

I signed up for the $50 bonus a few months ago. I rarely use it (Aldi's mostly). But using what you are showing above.... hmmmm.... it has possibilities.

Is the Discover cash back debit card fee free at Aldi (a lot of rhymes, I know)?

My current bank charges a 35 cent fee each purchase for the "privilege" of using debit at Aldi. No doubt, I pay by cash when I can.

 

[PhrugalPhan]

Is the Discover cash back debit card fee free at Aldi (a lot of rhymes, I know)?

My current bank charges a 35 cent fee each purchase for the "privilege" of using debit at Aldi. No doubt, I pay by cash when I can.

As far as I know it is fee free. I have only done a few purchases and assumed so. I guess I should check online to be sure. Something to do tonight.

 

[StikyBoots]

There isn't any charges for Aldi. I do not know about out of network ATM charges or refunds for out of network ATM fees.

Sent from my SAMSUNG-SM-G900A using Early Retirement Forum mobile app

 

[daylatedollarshort]

This "dime here, dime there" kinda reminds me of being a kid, saving those old Bazooka Joe comics for prizes

I have a long list of dime here, dime there things to cut expenses and little ways to make extra money without much ongoing effort (not including investment income, SS or pensions). My pièce de résistance will be when the dime here and dime there income exceeds our annual expenses. One of my books refers to it as collecting thousands and thousands of nickels.

 

[PhrugalPhan]

I have a long list of dime here, dime there things to cut expenses and little ways to make extra money without much ongoing effort (not including investment income, SS or pensions). My pièce de résistance will be when the dime here and dime there income exceeds our annual expenses. One of my books refers to it as collecting thousands and thousands of nickels.

Sometime we will need to compare techniques. I've got one DRIP that is funded monthly exclusively from money that most people pay monthly but I've been able to avoid since 2007. About $1/day I am saving and investing, the latest quarterly dividend was over $30. Not earth shattering, but it adds up without any real effort.

 

[easysurfer]

The fee free at Aldi could be a clincher for me thinking about using the Discover checking as the primary. I'm already thinking that way as in a couple of days I need some repair work done by a maintenance person at the building where I live. My mind went, if I give a check and had a cash back check, that would have earned me a dime

 

[daylatedollarshort]

Sometime we will need to compare techniques. I've got one DRIP that is funded monthly exclusively from money that most people pay monthly but I've been able to avoid since 2007. About $1/day I am saving and investing, the latest quarterly dividend was over $30. Not earth shattering, but it adds up without any real effort.

Sounds good. I'll pm you. This is my fave hobby these days. I don't have anything super secret - I just collect different ideas from forums, friends and books and it all adds up.

Someone wise told me a long time ago if you can figure out how to make $1 a day without much effort, then all you have to do is lather, rinse, and repeat.

 

[Sue J]

Discover related -

We have a Discover credit card from many moons ago. We hardly ever use credit cards any more. I got an email from Discover Card with a nice incentive to use the card again - Make purchases of at least $1000 by 6/30/15 for an extra $75 Cashback bonus. I usually don't spend that much on anything but I have a medical bill for more than that this month. I had to call and ask for new cards because I don't have the old ones anymore and I think they were expired anyways. Got the cards (with the chip) and the bill came today so I will fulfill the requirements with one transaction. I'll do $1000 on the new Discover Card and the remainder on another card that gives 1%.

Easy enough for $75.

 

[easysurfer]

Hope I Didn't Make a Mess

I got my Discover Card cash back checks in the mail today so I figured, "Great! Time to set up all my accounts like the ACH pulls". So, I initiate the changes, Vanguard, Paypal, credit cards. But the changes don't update immediately. Instead, they will make two small deposits between 01 to 99 cents and for me to check back in 2-3 business days verify. Not so bad if I had one account to verify, but now, I'm gonna have about 8 little deposits and if I they are named with a generic name, I'll have to guess as to which deposit belongs to who. I should have been more patient and not tried doing all the updates the same say. Oh well...

 

[easysurfer]

No mess after all. My new and improved cash back checking account is now pretty much all set and ready to go.

 

[StikyBoots]

Nice! On Monday I purchased a $50 ProFlowers gift card for $40 Discover reward cash and promptly got some flowers shipped off to my mom. I usually end up buying gift cards with the Discover cash.

Sent from my SAMSUNG-SM-G900A using Early Retirement Forum mobile app

 

[easysurfer]

Did the maiden voyage with my Discover debit card today at Aldi. Nice and simple to just use that instead of cash. Plus, I just earned 10 cents.

The store was crowded as I forgot all about mothers day. I had about $100 worth of groceries, but when in line this elderly gentleman (he looked like Whitey Bulger ) had flowers in his hand (I assume for mother's day). I asked if that was all he had and he said "yes" so I told him to just cut in front of me.