Discover extreme savings X 2!

This is crazy, nuts, ridiculous… in a good way.  Similar to the Discover It Miles promotion (detailed here and here), Discover is offering new cardholders an unusual signup offer: all cash back earned in the first 12 billing periods will be doubled.  Discover It was already a great card for nearly everyone to have (but not necessarily to put spend on outside of its rotating 5% cash back categories).  Now it comes with a pretty awesome signup offer too.  You can even get $50 in Amazon credit too if you signup through the right link.

Discover Double

That’s really cool, but the amazing part is that Discover is making this deal available to existing card members!

After reading about this in Doctor of Credit’s post, I called Discover to enroll.  An agent happily enroll me and confirmed the following details:

  • The promotion starts with my next billing cycle.  Since my current billing cycle ends on June 6th, all earnings beginning June 7th will be doubled after 12 months.
  • Base earnings are doubled (e.g.I’ll earn 1% cash back now and another 1% at the end of the year)
  • 5% bonus categories are doubled
  • Cash Back earned from the Discover Deals online shopping portal are doubled.

Why I’m so excited

Take a few minutes to go back and read an earlier post of mine: Discover extreme savings.  There I showed how it’s often possible to earn 35% cash back from Sears purchases.  Imagine if all of that cash back were doubled!  Need new appliances?  A new TV?  New tires?  Don’t forget that Sears will price match so buying from Sears doesn’t mean getting a bad price.  And, you may want to hurry – Sears is currently at 10% cash back until June 21.  If you miss this round, Discover usually increases portal rewards in the fourth quarter of each year, so it may be worth waiting if Sears drops to its usual 5% rate on June 22.

Discover Double

And, that’s not all…

Discover Cash Back isn’t really cash – it’s better than cash.  You can redeem it for cash if you want to.  Or, you can redeem it for discounted gift cards.  One of my favorite options has been to redeem for National Car Rental gift cards.  Each $40 gift card costs only $20 in Discover Cash Back.  And, you can use up to three of these certificates per rental.  The certificates aren’t perfect: you can’t combine them with other coupons, so you can’t really consider them to be “half off”.  I tend to get excellent value from them, regardless.  Read more here: Discover rental car discounts and upgrades.

Other examples of discount gift cards include:

  • Staples: 25% off ($25 gift cards for $20: Only 5 may be used per purchase)
  • Gap: 20% off
  • Lands’ End: 20% off (note that these no longer work at Sears)
  • Talbots: 20% off
  • Toms: 20% off
  • CVS: 10% off
  • Game Stop: 10% off
  • Hyatt: 10% off
  • Neiman Marcus: 10% off
  • Sears: 10% off
  • Shell: 6.67% off
  • Whole Foods: 6.67% off

Waiting for double

A number of people have pointed out the risk in going too big with this.  Since you have to wait a full year for the extra cash back, that give’s Discover plenty of opportunity to close your account if they believe you are abusing the privilege.  My guess is that you would have to really go hog wild, though, to get shut down.  I guess we’ll see.

For those interested, here are the terms of the double first year cash back offer:

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.

What about Discover It Miles?

A lot of readers probably signed up for the lucrative Discover It Miles card which offered a similar deal.  Unfortunately, that card does not have access to the same Discover Deals offers as the regular Discover It card.  Discover It Miles is still a fantastic card for non-bonus spend though (1.5% doubles to 3% in the first year).  If you have a partner with a regular Discover It card, it should be possible to use their Discover sign-on info to shop through the portal even if you use your Discover It Miles card to pay.

About Greg The Frequent Miler

Greg is the owner, founder, and primary author of the Frequent Miler. He earns millions of points and miles each year, mostly without flying, and dedicates this blog to teaching others how to do the same.

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41 Comments on "Discover extreme savings X 2!"

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Dustin
Guest

When I spoke to them, I was told the discover cash sign up bonus would be doubled as well. Not sure about Amazon bonus. My wife has a $75 targeted promo as well. That will be doubled as well. Talk about awesome!

Referring a friend gives $50 each person so it leads to $100 for each person (the referrer and referee) Plus it’s worth $50 to Amazon or cash. Or use it for GCs too

Steph
Guest

I just got the Discover Chrome with a $100 Amazon bonus but I don’t believe this or my old discover card are eligible for this deal. What’s the possibility of being approved for a second Discover card in a few days?

Brad Meyer
Guest

I have the older Discover More card. Wonder if I can get them to honor this promotion for it or is it just for the IT card?

Maria
Guest

I called and did an easy product change to the Discover it card to get the bonus.

Brad Meyer
Guest

Nice. I’ll look into that. Thanks for the suggestion.

Marshall
Guest

I got a second card. Kept the D More card and got the DIT card, too. You will have to split your exisiting CL between the two cards, but other than that, doesn’t get much better than that. Get 10% all the time (2×5% cat bonuses) and 15% for one year in the cat bonuses. Also, get the one year of shopping portal doubles.

Brad Meyer
Guest

Guess that’s worth a try.

Miles
Guest

Is there an overall limit to this deal, e.g., “on the first $1500 spent per year” or something similar?

Brad Meyer
Guest

I’m sure the $1,500 per quarter limit would still be in effect, but other than that, I’d hope not.

Jessica
Guest

So if you were going to sign up for one, would you get the cashback or the miles card?

Nate8
Guest

I’ll let you guys be the guinea pigs. No way I’d wait 12 months. “The terms of the program can change at any time.” Especially 11 months into the program when Discover decides you’ve bought too many Sears gift cards.

shaky02dd
Guest

Hmm… third quarter is department stores which, at least for chase freedom, has included Sears. Could be a nice stack (capped at $1500, but still).

FM: Have you used discover deals as a portal for Sears gift cards/reloads? I know it’s not explicitly excluded but just wondering. And have you used other non-discover cards and had no trouble with the cashback posting for Sears?

Brad Meyer
Guest

Don’t know if this will help or not, but usually, any/all gift cards purchases are EXCLUDED from the extra cashback. Now, if you buy them in-store, it still counts as a regular purchase and you should have no problems.

shaky02dd
Guest

When you say usually, do you mean usually with Discover Deals, or do you mean in general?

I found one entry in the laboratory from August 2014 showing success for a reload purchase using Discover Deals and a non-discover card. But one entry… still leaves me wary. (I’ll probably test it with say $50 and see what happens, unless someone has more data points.)

Brad Meyer
Guest

Well, maybe I stand corrected…

I was simply going on the usual fine print that says extra cashback will not be awarded for gift card purchases, like the example from Best Buy: “RESTRICTIONS: … gift certificate purchases, shipping, taxes & fees”

HOWEVER, I did NOT see that one for Sears, so it may work out okay for you. Guess I’m not as smart as I thought I was. I apologize.

Dave
Guest

Any idea if portal cash back will be doubled? I thought people concluded that portal cash back for the It Miles card wouldn’t be doubled?

Marshall
Guest

I was told the same thing when I signed up for my second card. Double cash back on everything, including portal purchases.

PCS
Guest

No go with online purchases of Sears GC’s through Shop Discover. I tested out the August ’14 Lab theory back in December and did not get the cashback. Spoke with a representative and clearly told me that Sears would not pay out for purchases of online GC’s. Dagger.

shaky02dd
Guest

@PCS Sorry for coming back to this so late, but did you do a reload of a physical gift card, or did you do an e-card?

I think sears E-cards are fulfilled by kmart, or am I getting this mixed up?

(I’m probably going to test this anyways once we get to July, but figured you might have the answer.)

jeff
Guest

You can also use the FT referrals thread and get $50 bonus if you like cash.

Mike
Guest

Alamo certs: One certificate per Alamo rental

Kris
Guest

I understand I could buy a lot of Sears GC but what should I do if I never go to Sears and have nothing to buy…Can I buy VGC from Sears?

THEsocalledfan
Guest

Search the miler’s archives about the mysterious sears gift card rack…figure it out from there….

THEsocalledfan
Guest

Have not done this for a while, but:

The Frequent Miler; once again proving their are travel hacking blogs, then there is the Frequent Miler.

jim
Guest

How do you get the CDW rental car coverage if you pay the booking with car rental gift cards or with points like the Chase points?

Also, can you book car rental or hotel with Thank you premier points?
Thanls

trackback

[…] quite a few large merchants pay 5-10% back. Leaving out the potential double dip opportunities that Frequent Miler wrote about, you can still get 10-20% back for many fantastic merchants. This could be potentially huge for […]

chimmy
Guest

Just signed up. After asking, rep told me that 5% bonus categories will not double, but it seems like everyone is getting a different story.

dan
Guest

please help me figure out how to milk this on a refrigerator purchase at sears or lowes.
item is more than 1500$.
can i complete a double dip through the portal or quad dip through the portal with discover it card?
do I get a discoverIT card for wife and contribute?
do i double dip with sears eGCs and then pay with GCs and balance with the DiscoverIT card? can a large purchase on sears.com be completed paying split with eGC and Credcard ?

Brad Meyer
Guest

A few months ago I contacted customer service and asked about using gift cards on purchases. They told me the ENTIRE amount must be on the card when shopping through the portal to get the cashback.