Yes, you read that title correctly. We all know Discover credit cards are uber-generous with giving cash back, but the recent Discover card promotions are almost unbelievable…

This week I received a letter in the mail from Discover and the “$250 Cashback Bonus” printed on the envelope really jumped out at me. So I opened the envelope and here is how the promotion worked:

• I need to signup for the Discover card promotion before it starts (Nov 1st)
• The offer runs from November until the end of March (5 months long)
• During that time if I spend $1,500 or more per month on my Discover card, once the offer period ends my account will be credited with a $250.00 cashback bonus
• The $250 bonus is on top of the regular cashback my Discover card earns, which is 5% on rotating categories and up to 1% on everything else

What percentage of a rebate does that equal out to be?
Well the $1,500 per month x 5 months equals $7,500 total. Now assuming I’m in the 1% rewards tier, I would normally get $75 cash back on that amount. Then let’s say $1,000 of that was on 5% categories, that would be an extra $40 in cash back (that’s 4% since we already counted the first 1%). Finally we add the $250 onto that total and that’s $365.00 in cashback.

$365/$7,500 = 4.87% CASH BACK ON ALL THAT SPENDING!

This is by far one of the best Discover credit card promotions I have ever seen. Actually it is the best… you just can’t beat getting nearly 5% on all that spending over a period of 5 months.

How to get this promotion?
I am an existing Discover More cardholder and they sent me this promotion. Usually about once per year I get card promotions from Discover like this. Although I have no way of knowing what the cardholder promotions will be in the future, I do know that they have always been amazingly lucrative.

So for starters, you need to have Discover card to be eligible for existing cardholder deals like this. To learn about the card I have (and a nice signup offer that comes with it) check out my Discover More card review