Discover Bank Cash Back Checking

by Michael on Feb 15, 2013

Discover Logo

Rumor has it that Discover Bank will soon be rolling out a cashback checking account to complement their other online banking and credit card offerings.

This account, which will apparently be limited to Discover cardholders, will offer cash back (a dime at a time) when you make a payment.

Here’s an overview of the reward structure:

  • $0.10 cash back per debit card purchase
  • $0.10 cash back per online bill payment
  • $0.10 cash back per check written

There will be no monthly fee or minimum balance requirement. The rewards will be credited to your Discover Card cashback balance every month though they may (?) be tracked separately, such that you’d need $25 in checking rewards to redeem.

Note: Before you get any bright ideas, they will apparently limit the bonus to one payment per month per payee to keep people from gaming the system.

Other nice features include an extensive ATM network for free withdrawals, free “standard” checks, and mobile check deposits. Of course, all of these things are subject to change since the account hasn’t been officially announced yet.

This is an interesting concept, and certainly better than paying a fee for your checking account, but the rewards won’t be life-changing. That said, this could be a decent option if you maintain a low balance and/or do a lot of transactions.

If you’re looking for a currently available online checking option, you might want to take a look at Capital One 360. They’re offering a $50 signup bonus.

Comments on this entry are closed.

Previous post:

Next post: