Merchant Innovation

Discover Launches Cashback Checking Account

Discover, the payments company, announced news on Tuesday (Feb. 20) of the debut of a new rewards program for its Cashback Checking account, in which customers can earn cash back after completing debit card purchases.

In a press release, Discover said that with the new program, Discover Cashback Checking customers can earn 1 percent cash back on up to $3,000 in qualifying debit card purchases each month. The program is one of the initiatives Discover said is setting its Cashback Checking product apart from its peers. The product includes no monthly fee, no minimum balances and access to no-fee ATMs throughout the U.S.

“We know customers are looking for something truly different, which is why we created a checking account that not only rewards customers with cash back when they use their own money, but also helps them save by not charging any fees,” said Arijit Roy, vice president of Deposits at Discover, in the press release. “Discover Cashback Checking was developed with the same great features and benefits for which our company is known, such as award winning, 100 percent U.S.-based customer service and the peace of mind knowing we take proactive steps to safeguard your money and information.”

Discover said customers can get their cash back bonuses transferred to a Discover credit card Cashback Bonus account.

In addition to the cash back offer, Discover said the Cashback Checking account has no monthly fees, no-fee access to more than 60,000 ATMs in the U.S., 24/7 customer services and online and mobile account access.

This isn’t the only initiative Discover has begun in recent weeks to make consumers’ lives easier and more rewarding when they use Discover payment cards. In December, the company announced that as of April 2018, customers will no longer be required to provide a payment signature when they make retail purchases with their credit card or debit card at the point of sale (POS) when it’s on the Discover Global Network in the United States, Canada, Mexico and the Caribbean.

In a press release at the time, Discover said the change was prompted by the company’s efforts to improve the payment experience by speeding up the checkout process, all while maintaining a high level of credit card security for customers and merchants. Discover said it has already embraced several other digital authentication technologies — such as tokenization, multi-factor authentication and biometrics, which are more secure than requiring a signature and provide a more seamless payment transaction.

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