Discover has announced the first bonus categories for its 2024 cash-back calendar, with two old favorites making a comeback. Cards eligible for these bonuses include the Discover it® Cash Back, Discover it® Student Cash Back and more.
Below, CNBC Select reviews the Discover cash-back calendars for the rest of 2023 and early 2024, plus how you can use a 5% cash-back reward program to your advantage.
Discover cash-back cards
Discover cardholders that can benefit from the rotating 5% cash-back include: Discover it® Cash Back, Discover it® Student Cash Back, NHL® Discover it® and Discover it® Balance Transfer.
You can click here to log in to your Discover account and activate the 5% bonus cash-back categories. Once cardholders activate the offer, they can earn 5% cash back on up to $1,500 in spending (then 1%).
Discover it® Cash Back
Rewards
Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases-automatically.
Welcome bonus
Discover will match all the cash back you've earned at the end of your first year.
Annual fee
$0
Intro APR
0% for 15 months on purchases
Regular APR
17.24% to 28.24% Variable
Balance transfer fee
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Foreign transaction fee
None
Credit needed
Good / Excellent
*See rates and fees, terms apply.
Read our Discover it® Cash Back review.
Discover it® Student Cash Back
Rewards
Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases-automatically.
Welcome bonus
Discover will match all the cash back you've earned at the end of your first year
Annual fee
$0
Intro APR
0% for 6 months on purchases
Regular APR
18.24% - 27.24% Variable
Balance transfer fee
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Foreign transaction fee
None
Credit needed
Fair / New to Credit
*See rates and fees, terms apply.
Discover it® Balance Transfer
Rewards
Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases-automatically.
Welcome bonus
Discover will automatically match all the cash back you've earned at the end of your first year.
Annual fee
$0
Intro APR
0% for 18 months on balance transfers; 0% for 6 months on purchases
Regular APR
17.24% to 28.24% Variable
Balance transfer fee
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Foreign transaction fee
None
Credit needed
Good/Excellent
*See rates and fees, terms apply.
Discover cash-back calendar for 2023
Discover has revealed its full 5% cash-back calendar for 2023, so you can take a look at the bonus categories for the whole year.
- January to March (offer ended): Grocery stores, drug stores and select streaming services (excludes Walmart and Target purchases)
- April to June (offer ended): Restaurants and wholesale clubs
- July to September: (offer ended): Gas stations and digital wallets (Apple Pay, Samsung Pay, Garmin Pay and in-store with Google Pay)
- October to December (activate now): Amazon.com and Target
Discover cash-back calendar for 2024
Discover has now also announced its 5% cash-back categories for the first quarter of 2024. The Q2 2024 category will be released in March.
- January to March (activate now): Restaurants and drug stores
- April to June: Announcing on March 1
- July to September: Announcing on June 1
- October to December: Announcing on September 1
Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
How 5% cash-back credit cards work
To earn 5% cash back, you're required to activate bonus categories each quarter. After you activate bonus categories, you can start earning 5% cash back on eligible spending. Discover lets you set up email alerts and you can add reminders to your calendar so you don't forget to activate them.
Earning 5% cash back isn't unlimited. Each quarter, after you spend a combined $1,500 in the bonus categories, the cash-back rate drops to 1%. This maximum spending requirement resets every quarter.
All other purchases made outside the bonus categories automatically earn unlimited 1% cash back. If you want to optimize the amount of cash back you can earn, we recommend using an alternative cash-back or rewards credit card for spending outside the bonus categories, so you earn at least 2% or 2 points per dollar spent.
The Chase Freedom Unlimited® Card ranks as the best cash-back card with no annual fee and currently earns new cardholders 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% on dining at restaurants (including eligible takeout and delivery services), 3% on drugstore purchases and 1.5% on all other purchases. New cardholders can now earn unlimited matched cash back. At the end of your first year, Chase will automatically match all the cash back you earned.
Chase Freedom Unlimited®
Rewards
Enjoy 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery services, 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; and 1.5% cash back on all other purchases.
Welcome bonus
Special Offer: Unlimited Matched Cash Back. Use your card for all your purchases and at the end of your first year, Chase will automatically match all the cash back you earned! There is no limit to how much you can earn. Every dollar in cash back rewards you earn is a dollar Chase will match.
Annual fee
$0
Intro APR
0% for the first 15 months from account opening on purchases and balance transfers
Regular APR
20.49% - 29.24% variable
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3%
Credit needed
Excellent/Good
Member FDIC. Terms apply.
Read our Chase Freedom Unlimited® review.
The Citi Double Cash® Card is the runner-up and earns cardholders an effective 2% cash back: unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24
Citi Double Cash® Card
Rewards
Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24
Welcome bonus
Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
Annual fee
$0
Intro APR
0% for the first 18 months on balance transfers; N/A for purchases
Regular APR
19.24% - 29.24% variable
Balance transfer fee
For balance transfers completed within 4 months of account opening, an intro balance transfer fee of 3% of each transfer ($5 minimum) applies; after that, a balance transfer fee of 5% of each transfer ($5 minimum) applies
Foreign transaction fee
3%
Credit needed
Fair/Good/Excellent
See rates and fees. Terms apply.
Read our Citi Double Cash® Card review.
Citi also offers its own 5% cash-back card, the Citi Custom Cash℠ Card, but you don't need to activate bonuses each quarter. Cardholders automatically earn 5% cash back on purchases in their top eligible spend category each billing cycle, up to the first $500 spent (then 1%).
Citi Custom Cash® Card
Rewards
5% cash back on purchases in top eligible spend category each billing cycle, up to the first $500 spent (then 1%); unlimited 1% cash back on all other purchases
Welcome bonus
Earn $200 in cash back after you spend $1500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® points, which can be redeemed for $200 cash back.
Annual fee
$0
Intro APR
0% APR on balance transfers and purchases for first 15 months
Regular APR
19.24% - 29.24% variable
Balance transfer fee
5% of each balance transfer ($5 minimum)
Foreign transaction fee
3%
Credit needed
Excellent, Good. Fair
See rates and fees. Terms apply.
Read our Citi Custom Cash® Card review.
Find the best credit card for you by reviewing offers in our credit card marketplace or get personalized offers via CardMatch™.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best credit cards.
Catch up on CNBC Select's in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date
Read more
Information about the NHL® Discover it® has been collected independently by Select and has not been reviewed or provided by the issuer of the cards prior to publication.
For rates and fees of the Discover it® Cash Back, click here.
For rates and fees of the Discover it® Student Cash Back, click here.
For rates and fees of the Discover it® Balance Transfer, click here.
