Update: This promotion is now only available to new cardmembers. Currently the promotion has been extended through the end of 2015.
Discover is launching a fantastic promotion for both new and existing holders of their Discover It card. The offer doubles all cashback for the next 12 statement cycles.
During the promotion, the Discover It will earn cashback in the following way:
- 2% back on all normal purchases
- 10% back in rotating quarterly categories up to $1,500.
The bonus cashback is paid at the end of the 12 month promotion. While the application seems to indicate this is only for new cardholders, according to Doctor of Credit existing cardholders can register by calling Discover at 1-800-347-3085. In order to be eligible, existing cardholders need to be registered by July 31, 2015.
Double First Year Cash Back:After the first 12 consecutive billing periods that your new account is open, we will double all the cash back rewards you’ve earned and apply them to your account in the next billing cycle. You’ve earned rewards when they have posted to your account by the end of the 12th consecutive billing period. You will not receive Double Cash Back if your account is closed or no longer in the cash back reward program as of the award date. This promotional offer may not be offered in the future.
For more information and a full analysis of this offer, see this Doctor of Credit post.