Discover CASHBACK DEBIT Card Review // 1% Rewards, No Fees, Best Cashback Debit of 2021?
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- čas přidán 24. 07. 2024
- Today's video is all about the Discover Cashback Debit card. I break it down so you can know if it's right for you. It's got some great benefits so let's look into it!
If you'd like to sign up for a discover cashback debit card, go here:
www.discover.com/online-banki...
My favorite part of the discover cashback debit card is that it's a debit card which means you can't acquire debt through the use of credit. Huge fan of debit for that reason!
My second favorit part of the discover cashback debit card is the fact it get's you 1% back on all purchases up to $3000 per month. This is also a con in my opinion because you will only get the cashback on the first $3k you spend. Probably not a problem for most people but it is a limiting factor.
On top of that, the discover cashback debit card comes with absolutely no fees. None at all. That makes this card one of the top two debit cards in my opinion because of the 1% back and no monthly or annual fees. It keeps the cost of purchases even lower than on many other rewards debit cards.
Another several benefits are that it's easy to pay others or get paid through this account. For one, you get free checks whenever you need them along with mobile deposit in the app. Second, Zelle makes it simple to pay others or get paid for a night out on the town.
Plus, you can open a high yield savings account through Discover, making it simple to save and make some interest while you're at it! And with 60k ATMs nationwide that you can use for free, it makes the online Discover account even that more appealing.
Aside from the fact that it has a $3000 monthly limit on cashback, the only other con is the fact that with Discover, credit cards will be marketed to you nonstop. This is how they provide 1% cashback with no fees. They get you in the door with the free debit card, then make money off credit card interest. So be careful!
Timestamps:
0:00 - Intro
0:47 - Pro 1: 1% Cashback
1:24 - Pro 2: No fees
1:40 - Pro 3: Easy to Pay and Get Paid
2:22 - Pro 4: Connect to HYSA
2:52 - Other Great Benefits!
3:18 - Sponsor: Vacuums
3:30 - Con 1: Cashback is Limited
3:58 - Con 2: Too easy to sign up for Credit Card
4:24 - Wrap Up
#discover #cashbackdebit #rewardsdebit
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Very good account IF you’re using debit card as your main spend. A good solid company too. As for their credit cards, you don’t acquire debt, YOU choose that road.
I agree. And you're absolutely right, debt is a choice and I don't think enough people understand that.
Really interesting, thank you for sharing.
Absolutely, and thank you for giving it a watch, Bess!
I missed the notif! Watching now!
Yeah I didn't get notifications that you commented either!
@@CalebBaleFinance weird!
Thank you so much for sharing 👌🏽
My pleasure!
I grew tired of TD bank so I’m switching to discover. TD Bank has some pros (branches, certified checks) but after looking at their savings account options, I hate the idea of giving them $6 a month to maintain my account. It’s happened before and I couldn’t do it again. Discover seems pretty good. The only thing I’m weary of is going to an ATM because of card skimmers and the $510 daily withdrawal limit. Luckily, Zelle is available so I can send money to my husband in case I need extra cash. At TD, there is a fee to buy checks, and with Discover I just got 100 free checks plus free shipping. I hope Discover opens a branch eventually. If they do, I will completely close my TD account and gladly do business with them. This was a good and informative video. Thank you.
This is the kind of thing that I think is going to cause larger banks to start changing the kinds of services they offer. Because that's quite a fee JUST to maintain the account. I certainly understand the concern about the skimmers. Zelle makes it so easy to transfer without any issues!
I really appreciate you stopping by and contributing. Let me know how you end up liking Discover, Kellee!
There is one brick and mortar branch-it is in Greenwood,Delaware.
Interest is at .60% APY now! Even better! I just opened an account. I've had a Discover credit card for a while. So I like em.
I know, it's doing much better! I'm actually going to announce how Current is now offering 4% on up to $6k of savings (I think it's $6k but I have to check again). Pretty insane and great for the savers. Thanks for commenting Kiara!
Great video! Im very in between cards here. The ATM accessibility is a plus for me as my university is a bit secluded from bigger banks. Am I able to use this card to invest money through apps?
Sure thing, Damien! Yes, the ATM access is nice. I also like the point card because it gives you the ability to withdraw cash from any ATM twice a month. That also might be a good option for you with the secluded university. I actually did a comparison on these two debit cards here if you're interested: czcams.com/video/BM-RI1fZzEc/video.html
Are you asking if you can invest through the Discover app or if you can pay to invest in other apps using the Discover debit card?
@@CalebBaleFinance Thanks for the reply,. I want to have an emergency funds to so in a savings account, can I do that too whilst having a debit card for more daily use?
The investing question shas to do with investing with the card but through other apps where I can buy etfs for eg.
@@damiennezar3613 Sure thing, Damien. Ah, I see what you mean. So Discover is probably the way you want to go then because you can have a savings account and a checking account linked and it's very easy to move money between the two.
As for the investing, I'm sure you can use the card for investing but it's mostly going to depend on the other platform and if they accept debit cards for funding their accounts. Keep in mind a lot of them will charge a fee for using the card vs just doing a normal transfer. Hope that helps!
Should note the Zelle feature works only after 90 days of the open account. its not immediately
That is very good to know because I had no idea. Thanks!
Just wanted to ask can you add cash to this card like at 7-11
I don't believe you can. I think it's an ATM only thing but I may have to check for you.
I just joined Discover! I have a checking and a savings account with them! I'm just waiting on my debit card to arrive now.
Excellent! You'll have to let me know how you like it, Brandon. And thanks so much for the support!
can you change the debit card desing or is that only for credit cards?
How has it been so far?
do you know if they still offer that card design?
I think they changed card designs unfortunately! I liked this design to be honest
Is it considered a Mastercard, visa? Can use at hotels , car rentals?
Nope! Discover is a different network than Mastercard or visa. It's accepted almost everywhere. In terms of hotels or car rentals, it's entirely dependent on if the company accepts discover or not.
Just joined Discover CashBack Debit can’t wait until my card!
It’s a great one and I’m so glad you decided to get one! Thanks so much for dropping by!
this may be a stupid question, but can someone explain what a high yield savings account is? i assume its just a savings account where your money grows overtime?
i don't know the much about banks and finances, hence why im watching this lmao.
Hey Melissa! No worries at all. A high yield savings account (HYSA) is just an account that has a higher interest rate for your money than a normal savings account. Like I used to have a Chase savings account that had a 0.01% which is a HORRIBLE rate. The Discover savings account (last I checked) was 0.4%. It doesn't keep up with inflation, but having a HYSA certainly helps keep your money growing at least a little bit! Hope this helps and let me know if you have any other questions!
@@CalebBaleFinance thank you so much! i understand a lot better now. great video as well, it was so helpful and to the point!
Excellent, I'm glad I could help!
How long does it take for the cashback to appear in my account? I've been using the debit card to pay for Starbucks but my cashback is still 0.
So I believe that it adds all the cashback for the month at the end of the month. Have you been using it longer than a month?
@@CalebBaleFinance No. It's a new card.
Ah okay so just give it to the end of the month or the beginning of next month. It should update with the cashback then
If I where to pay another credit card with the discover cash back debit card would I get cash back from paying off another credit card?
I haven't any idea honestly. It depends on how they qualify the transaction I would bet.
Update?
Speak brotha
Cheers!
It sucks they got rid of that card design I had that one but I needed a replacement and they sent this blue one :(
Yeah definitely a bummer because I liked this design!
I actually might get this card
Do it bro!
can you use cash app with this? and how do you put money on it if you have no job?
As far as I know, you can only use Cashapp by transferring money to Cashapp. As for this, you can put money into a discover account by depositing checks from your phone as well as by transferring money from another bank or setting up direct deposit if you get a job. Hope that helps!
do you think discover casback debit is good for my first bank account ever?
I do think it would be a great first bank account!
@@CalebBaleFinance ok thank you
Would I get points if I use this for my mortgage?
I think it’ll likely depend more on your mortgage company as to whether they accept debit payments and if they charge a fee for it. However, I don’t know if discover would accept a mortgage payment as an eligible expense for cashback!
How about if you don't have a discover savings account? How does overdraft work? To deposit money into your discover checking account so you won't have a negative balance.
Hey Eric! Thanks so much for the question! The answer is, debit purchases aren't actually covered by overdraft protection and I didn't know that until today. So when I talked to Discover about it, they said that if there aren't sufficient funds in the checking account when a debit purchase is made, the transaction will just be declined. Hope that helps and thanks for dropping in!
Also, this is additionally what Discover told me when I chatted with them. More specifically about transactions that are not debit.
"If an ACH Payment/Transaction makes your balance negative and you do not have a savings account with us for Overdraft Protection, you will have until 11 AM on the following business day to correct the balance before it is returned. We do not charge insufficient funds fees or returned payment fees!"
Again, hope this helps, Eric!
@@CalebBaleFinance Thanks for the info! Your very helpful. I think I might go with this card because of the rewards. I primarily use debit with all my purchases. I don't like having checking and saving account together. With my Wells Fargo I can easily transfer money from savings to checking. It makes me spend it. Ever since I got an Ally savings account by itself. I've never moved money out of there.
For sure! Hey, that's wise if you know know your tendencies. If you like using your debit card for most purchases, you might also be interested in the Point card which I personally use every day. It does have a cost to it but it pays for itself and has a number more benefits than the discover card including unlimited 1% back (Discover is limited to 1% on first $3000 per month). Both are excellent and I did a comparison video if you are interested! They both have their pros and cons for sure. Just depends on what you personally need for your finances. Here's the comparison video link: czcams.com/video/BM-RI1fZzEc/video.html
@@CalebBaleFinance Thanks for the info! Just watched your video. Discover is good enough for me. I limit my spending every month. I know I won't go over $3,000. Lol
How do I order a debit card?
After you sign up, Discover should send it directly to your address. Sorry for the slow response. We just got back from vacation where we had almost no connection!
Can I pay credit card bills and get cash back?
Honestly, I'm not sure. I would guess that it's dependent on the credit card company on whether or not they allow you to pay it off with a debit card. Let me know if you find out, Luis! Thanks for the question!
@@CalebBaleFinance it always works for me zero problems.
How I do order the card
Just go to discover.com/checking and sign up there.
Is this your favorite card?
Close but probably not. I'm a big fan of that Point Card and I'm going to do a comparison video between that one and this one since they are both very similar in many ways. But this is a great one for sure!
Just opened mine waiting for my card more than likely gunna close my wells fargo account
I have no experience with Wells Fargo but I will say Discover has been a very smooth experience. Hope you like it, Logan!
@@CalebBaleFinance wf is ok pretty old school tho monthly maintenance fees etc
Ooo dang, those monthly maintenance fees are no good.
@@CalebBaleFinance and over draft fees charge for checks among others
I like the online protection thing on discover
10 cents per transaction LOL so random. Buy a car for 2500.00 10 cents, buy a coffee 10 cents. Also hit the like button, first one...haha
Yeah, isn't it? If you make a lot of small purchases, it's not a bad rate lol. Thanks for the like and the watch, Nate!
@@CalebBaleFinance really enjoy your content Caleb super under rated tuber right here! Keep up the good work!