By going to apply.discovercard.com and entering invitation code DBDG, you can earn a $100 cashback bonus when you make $500 of purchases within three months of being approved. You must be approved by March 19, 2009, and the Cashback Bonus will be applied within eight weeks. In other words, you're looking at about five months from the date of approval to get your Cashback Bonus.
Discover's Cashback Bonus can be redeemed for gift cards of varying amounts. With some partners, you can double your cash back. With others, you can redeem $20 for $25 or $40 for $45. If you choose to redeem your reward this way, you can actually earn more than $100 in cash back.
The Discover More card has no annual fee, offers a 5% cashback bonus in categories that rotate quarterly (such as groceries, gas, and travel) and offers up to 1% cash back on all other purchases.
The card also offers 0% APR on balance transfers until November 2009. The standard purchase APR is 13.99%, variable, with a default rate of up to 30.99%.
All in all, this is a great card to get as long as you're going to pay it off every month. I like to redeem my Discover Cashback Bonus for Enterprise Rent-A-Car certificates and gift cards for DSW, Bath and Body Works, Bed Bath and Beyond, Gap, Lowe's, and Chili's.
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