Turn Your $150 Discover It Signup Bonus Into $225
I recently mentioned that the Discover It signup bonus is now $150, which is the largest ever for the credit card. You can, however, earn an extra $75 to turn that Discover It signup bonus into $225 if you open the Discover It credit card this quarter. Actually, you can earn an extra $75 next year as well, and the year after that . . .
[Update 12/2/13] The Discover It credit card no longer offers a $150 signup bonus. The best signup bonus now is probably through Amazon’s link where you will get a $75 Amazon gift card.
Online Shopping Quarterly Bonus Category
The key is the Discover It’s rotating quarterly bonus category, which is one of the highlights of the card. Like the Chase Freedom credit card (also offering a historically high signup bonus), you can spend up to $1,500 in each quarter’s bonus category and earn 5% cash back. That means you can earn up to $75 ($1,500 * 0.05) each quarter.
Discover It’s current quarterly (Oct. to Dec. 2013) bonus category is “online shopping” and interestingly enough, Amazon Payments counts as online shopping. I’ve discussed how you can use Amazon Payments to meet minimum spend requirements for credit card bonuses so if you are not familiar with Amazon Payments, I suggest reading that post. Because the Discover It signup bonus of $150 is released when you spend $750 within three months, you might as well “spend” that $750 via Amazon Payments since you will earn 5% cash back on the $750. In fact, you might as well max out the full $1,500. The end result is the $150 Discover It signup bonus plus the $75 from earning 5% cash back in this quarter’s bonus category.
You can see from the above picture that 2014’s Q4 bonus category is instead labeled “holiday shopping,” but I can tell you that 2012’s Q4 bonus category was also labeled similarly, and Amazon Payments still triggered the bonus category cash back. So while it’s not a guarantee, it seems that you can probably earn a free $75 from the Discover It credit card next year and maybe in future years as well.
The Main Point
Right now is the best time to sign up for the Discover It credit card, because Discover has increased the card’s signup bonus to $150, the highest ever. In addition, the current quarter’s bonus category is “online shopping,” so if you get the card before the end of December, you can use Amazon Payments to meet the $750 minimum spend requirement AND earn an extra $75. You do have to register online each quarter for that quarter’s 5% bonus category, but it only takes about 10 seconds.
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