Well, you have been spending and paying, spending and paying, and now you have a great balance in your Discover it Rewards account. What should you do now? After taking advantage of the regular points earnings, and the bonus rewards rotating categories, and even shopping at the ShopDiscover portal store, you are ready to redeem!
Here are some great ways to enjoy those rewards that you have earned. Although the points do not expire, you probably still want to get something for them instead of waiting forever.
1. Get a Statement Credit
This is a very common way to redeem points. You would get a statement credit that has a face value. This means that a $50 cash back rewards balance would get you a $50 credit on your next statement. Statement credits are available in increments of $50.
2. Get a Direct Deposit
You can opt to have a direct deposit of your cash back rewards into your checking or savings account. This is also a face value redemption, meaning if you have $50 in cash back rewards, you can get $50 deposited into your account. Direct Deposit options are available in $50 increments.
3. Get a Discover Gift Card
Another great choice is to get a Discover gift card, with a value that is equivalent to your cash back rewards amount. This gift card can be used anywhere a Discover card can be used, to make purchases of merchandise or services.
4. Pay for Online Purchases
Use your cash back rewards to pay for online purchases, and you are able to get what you buy without having any charge added to your credit card! This option is valid for many major online retailers, including Amazon.com, iTunes and more.
5. Make a Charitable Donation
Instead of keeping your cash back rewards for yourself, you can choose to donate to one of the many charities that Discover offers as part of the cash back rewards program. Feel good about yourself for being charitable, and, basically, it costs you nothing since you have simply earned the cash back rewards by spending your own money. Charitable donations are also tax deductible, so it’s another great way to use these rewards.
6. Redeem for Gift Cards
Discover offers many options for using your cash back rewards to get gift cards to restaurants, department stores, gas stations and more. This is one way to redeem your cash back rewards for more than the face value, since a $25 gift card will only cost you $20 in cash back rewards for some companies. There are even some companies that you can get gift cards for with only half of the rewards you redeem—meaning you can get a $40 gift card for only $20! This is a great way to really get more bang for your buck and maximize your rewards! With more than 200 different companies to choose from, you can most certainly find something that appeals to you.
Build Up Your Cash Back Rewards!
With so many great ways to redeem your cash back rewards, it is a good idea to really get as many as you can. Because Discover offers 5% bonus rewards on a quarterly rotating basis, you should try to take advantage of these special deals and earn extra cash back rewards!