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Ouch! This Card’s Profitable Perk Gets Restricted

Ouch! This Card’s Profitable Perk Gets Restricted

Million Mile SecretsOuch! This Card’s Profitable Perk Gets RestrictedMillion Mile Secrets Team

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Via Frequent Miler, the Discover It card is losing a very lucrative element of its most valuable perk!

Starting January 1, 2018, Discover will no longer match the referral bonuses and resulting sign-up bonuses from the Discover It at the end of your first cardmember year.  Which means those bonuses will be much less profitable!  I’ll explain.

Ouch This Cards Profitable Perk Gets Restricted
Referral Bonuses (and the Resulting Welcome Offers) Will Become Half as Valuable Starting January 1, 2018

Discover It Loses Part of Its Charm

Link:  Discover it®

For new Discover It cardmembers, Discover will match the cashback bonuses you’ve earned at the end of your first 12 billing cycles.  So, for example, enroll every quarter to earn 5% cash back on up to $1,500 in purchases made in various categories throughout the year.

This generous policy also applies to the $50 sign-up bonus, as well as the $50 bonus you receive for referring a friend to the card.  So you’re effectively receiving $100 from the sign-up bonus and $100 from each referral bonus!

However, beginning January 1, 2018, your referral bonus and your friend’s sign-up bonus will no longer qualify for Discover’s cashback bonus match.  That’s because Discover will begin giving the bonuses as statement credits instead of depositing them into your cashback bonus account.

Referral bonuses will also be capped at $500 per calendar year.

This is a bummer.  But it won’t be the end of the world for most folks!

Bottom Line

It’s a shame to see Discover disqualify the referral bonus and resulting sign-up bonus from the Discover It cashback bonus match.

That said, it’s still an incredibly valuable perk!  If you prefer to earn cash back over miles & points, I highly recommend the Discover It.  Because the cashback bonus match turns the card’s rotating categories into 10% cash back for the first year!

Emily and I don’t earn a commission from this card, but we’ll ALWAYS tell you about a good deal!

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Chase Sapphire Preferred® Card

Chase Sapphire Preferred® Card

  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
  • Chase Sapphire Preferred® named a 'Best Travel Credit Card' by MONEY® Magazine, 2016-2017
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
  • No foreign transaction fees
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Get 25% more value when you redeem for travel through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel.
  • No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards

More Info

Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

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