Discover has introduced Cashback Checking. The service is being offered initially to a select group of Discover cardholders and will be expanded throughout the year. It is expected to be available to the general public next year.
Although many people associate the company with credit cards, Discover Financial Services also offers home, student and personal loans, as well as other banking products like CDs, money market and savings accounts. Now they are adding checking accounts to that lineup, with a service that combines the convenience of a checking account with the rewards of a credit card.
Discover Cashback Checking will pay account holders 10 cents every time they use their debit card, make an online payment, or write a check. The reward money will be automatically added to the member’s Discover card Cashback Bonus balance.
Rewards keep getting more competitive
Over the past year there has been a proliferation of prepaid accounts taking aim at the traditional bank account and vying to replace it. Customers frustrated with bank fees for everything from going under a minimum balance to ordering checks have been attracted to the bank account alternatives like Amex Serve or Chase Liquid.
Now Discover is trying to persuade its customers to stay with them for their checking account needs as well as credit cards, savings and loans. Cardmembers who carry Discover credit cards and checking accounts will see their Cashback bonus balances grow even faster.
Discover Cashback Checking has the following features:
- No monthly fee
- No minimum balance
- No fee for checks or replacement debit cards
- No fees to get cash from 415,000 ATMs in its Pulse network
- An app featuring mobile check deposit, bill pay and an ATM locator
- Zero-dollar fraud liability in case of unauthorized activity
- Customer service 24 hours a day, seven days a week