Discover Unveils New Cashback Debit Account: A Checking Account Featuring Cash Rewards, Early Access to Paychecks and No Fees
06 April 2022 - 02:02PM
Business Wire
Cashback Debit to Feature Benefits for Simple,
Safe and Cash Back Banking
Discover revitalized the consumer checking landscape this week
with the launch of its new, benefits-packed Cashback Debit account
with user-friendly features, such as early access to paychecks up
to two days in advance1 and a mobile-first banking experience.
Discover builds on its Cashback Bonus® rewards and no-fee structure
to create an industry-leading checking account that provides
customers easier access to their money than ever before.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220406005308/en/
Discover Cashback Debit account (Photo:
Business Wire)
“Our new Cashback Debit account is designed to be the only
checking account that a customer will ever need,” said Carlos
Minetti, president of consumer banking at Discover. “Our unique
Cashback Bonus rewards program makes it easy for people to earn
cash back as part of their everyday debit card spending. We’re
building on a program that has rewarded millions in cash back to
our checking customers since 2017, by adding more industry-leading
features and we plan to continue to stack up more benefits
throughout the year and beyond.”
Today’s consumers expect bank and checking accounts to be faster
and easier to open, simple to manage digitally, with innovative
offerings like early access to paychecks, cashback rewards, no fees
and security. In fact, 90% of consumers say having no fees is an
important checking account feature but only 46% state that their
banks offer a no fee checking account, according to Discover
research. Similarly, while 72% of consumers said cash back rewards
are an important checking account feature, only 28% of people said
it’s a feature offered by their current bank.
Discover’s research also found the most important checking
account features for consumers are security (85%), free access to
ATMs (84%), and 24/7 access to customer service (82%), all of which
are offered with the Discover Cashback Debit account.
Discover Cashback Debit offers a suite of industry-leading
features and benefits, including:
- Access to paychecks up to two days in advance with Early
Pay1
- Rewards with 1% cash back on up to $3,000 in debit card
purchases each month2
- No fees across the account, including monthly maintenance,
insufficient funds or overdraft3
- Access to over 60,000 no-fee ATMs in the U.S.
- Security and fraud management offerings, such as the ability to
temporarily freeze your debit card4
- Easy digital application and onboarding experience, with no
impact to credit score
- 24/7 U.S.-based customer service
- Mobile wallet access through Apple Pay®2
“While our competitors are now starting to lower their fees,
Discover set an example for the industry when it proactively
removed all deposit account fees in 2019, saving customers
millions,” Minetti said. “The latest evolution of our Cashback
Debit checking account aims to help people more easily move and
manage their money while making banking more accessible for
consumers with an ability to apply in minutes and no fees.”
Discover plans to continue enhancing the Cashback Debit product
with additional eWallets, debit card enhancements and tools to help
customers manage their credit score.
For more information about Discover Cashback Debit, visit
https://www.discover.com/online-banking/checking-account/.
About the Research
This poll was conducted by Morning Consult on behalf of
Discover, from January 29 – January 31, 2022, among a national
sample of 2,210 adults. The interviews were conducted online, and
the data is weighted to approximate a target sample of adults based
on age, educational attainment, gender, race, and region. Results
from the full survey have a margin of error of +/- 2%.
About Discover
Discover Financial Services (NYSE: DFS) is a digital 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
loans, checking and savings accounts and certificates of deposit
through its 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 around the world. For more
information, visit www.discover.com/company/.
1. With Early Pay, we may at our
discretion make funds from eligible ACH direct deposits available
to you up to 2 days early. This feature is dependent on the timing
of our receipt of the direct deposit instructions. See terms and
conditions.
2. ATM transactions, the purchase of money
orders or other cash equivalents, cash over portions of
point-of-sale transactions, Peer-to-Peer (P2P) payments (such as
Apple Pay Cash), 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. Venmo and
PayPal are registered trademarks of PayPal, Inc. Apple, the Apple
logo and Apple Pay are trademarks of Apple Inc., registered in the
US and other countries.
3. Outgoing wire transfers are subject to
a service charge. You may be charged a fee by a non-Discover ATM if
it is not part of the 60,000+ ATMs in our no-fee network.
4. When you freeze your debit card,
Discover will not authorize new purchases, or ATM transactions,
with that frozen debit card. See terms and conditions.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220406005308/en/
Robert Weiss 224.405.6304 robertweiss@discover.com
@Discover_News
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