Discover Cashback Bonus in Checking

December 3, 2014 at 11:18 pm Leave a comment

Just the other day, I read that Discover was effectively making their CashBack bonus redeemable in any denomination.  I read it about their Discover cards, but they offer a cashback on their Checking account too.  Since a new month has just turned over, I decided to try it with my Discover Checking and I’m happy to report that it works.

The Discover Checking account doesn’t pay interest, but they have very low fees and offer free checks, plus they pay you for using them.  For every check you write or payment made through their online bill pay, they give you $0.10 in cashback bonus.  Previously, you had to build up $20 in this bonus to do anything with it.   Now, you can apply it directly to your account.

So what does this really mean?

Before I started using Discover Checking, I did the vast majority of my checking with a local credit union that paid .10% interest.  Several months back, this was between about $0.50 – $0.70 cents per month.  I started moving my saved cash to a Barclays savings account paying .9% interest.  Now, I’m getting about $5 per month out of that money.  Since my credit union isn’t holding on to very much of my money for long at all now, the interest I’m earning there dropped down to a paltry $0.08 last month.

But, that’s ok.  In November, I earned $5.19 in interest from Barclays and $4.50 in cashback bonus from my Discover Checking account.

So, just by moving my money around a little, I took cash that in a typical year would earn me less than $10 and supercharged it so that it will earn me around $100 (assuming my cash reserves stay relatively flat).

In the grand scheme of things, $8 – $10 a month is not much money, but it’s something.  Add that to the $20 per month my shiny new Santander Checking account should start producing soon, and I’m closing in on $350 a year in additional income.  All possible because I’m using YNAB to keep close track on my money.

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