Pros/Cons of Discover's Cashback Debit Checking Account
Does anyone recommend Discover's Cashback Debit account? I've just discovered it exists and it sounds like a great deal. If you would recommend something else, please explain why? I'm trying to improve my understanding of personal finance. The concepts are fairly new to me in general. Thanks for your input!
It might be a decent deal if you're spending less than $3,000 on valid purchases, but they don't count Venmo, Paypal, Apple Pay Cash, loan payments, and certain other types of transactions, so you might lose out there. Also I don't know if people have this problem elsewhere, but I've found in New York and California where I've lived, a lot of establishments simply don't accept Discover cards. I've seen my friends' Discover cards get verbally rejected over and over again.
I would see it as a good option if you are:
- Comfortable with fully online banking with less/no banker interaction.
- Debit card user and do not want to use CC, but do not want to lose out on some cash back opportunity.
- Is Discover accepted in a lot of places around where you live?
I had a brief time, where I paused my CC usage completely, at which time I pondered about Discover bank. But I did not choose them as I preferred a bank with local branch for checking.