RIVERWOODS, Ill.--(BUSINESS WIRE)--Discover is introducing more features and debuting a new debit card design for the Discover Cashback Debit product. Customers of Discover Cashback Debit, previously known as Discover Cashback Checking, will now be able to temporarily freeze their debit card, automatically transfer their earned cash back to their eligible savings account and pay using a stylish new card.
“We are continually looking for ways to tailor our products to our customers’ wants and needs and provide them features that will help them conveniently save more,” said Arijit Roy, vice president of Deposits at Discover. “Cashback Debit already comes with no monthly fees while providing cash back for everyday purchases. The addition of auto redemption to savings is yet another way we are continuing to make saving easier for our customers.”
New features will include:
- Freeze it feature: Temporarily freeze your debit card to prevent new purchases and ATM transactions1
- Auto Redemption to Savings: We’ll automatically deposit your Debit Card Cashback Bonus into an eligible Discover Savings account each month,2 allowing you to grow your savings with a high interest rate
- A new card design that stands out in a wallet
These features will join the already great Discover Cashback Debit account that features
- 1% cash back on up to $3,000 in qualifying debit card purchases each month3
- First Fee Forgiveness4 which automatically waives the first eligible fee when it occurs each calendar year, with no action required by the customer.
- No monthly fees, including no minimum opening deposit or balance requirement
- No-fee access to over 60,000 Allpoint® and MoneyPass® ATMs in the U.S.
- 24/7 customer service from a 100% U.S.-based customer service team
- Secure online and mobile access for easy account management, such as depositing checks and viewing account activity
- No-fee online bill pay
Discover Cashback Debit accounts are FDIC-insured to the maximum allowed by law and all new debit cards are enabled with chip technology, providing additional security at store terminals and ATMs.
Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover card, America's cash rewards pioneer, and offers private student loans, personal loans, home equity loans, checking and savings accounts and certificates of deposit through its direct banking business. It operates the Discover Global Network comprised of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in 190 countries and territories. For more information, visit www.discover.com/company.
Discover Bank, Member FDIC
1When you freeze your debit card, Discover will not authorize new purchases, or ATM transactions with that frozen debit card. Most other account activity will continue as normal, including previously scheduled and recurring transactions, internal and external transfers, deposits, online bill payments from the Discover Account Center, returns, credits, dispute adjustments, reward redemptions, and checks paid.
2 You must enroll to obtain Discover’s Auto Redemption of Cashback Bonus to Savings. You must designate one eligible Discover savings account into which Discover will automatically deposit any earned Cashback Bonus on a monthly basis, and such deposit is not reversible.
3 ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments, and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal™, who also provide P2P payments) may not be eligible for cash back rewards.
4In each calendar year (January 1 through December 31), the first eligible fee charged to your Cashback Debit Account will be automatically waived and credited to your account. Insufficient Funds and Stop Payment fees are eligible for the first fee forgiveness program. Wire transfer fees are not eligible, and will not be waived even if they are the first fee on an account in a calendar year.