$250 Discover Card Promotions?

Note: This offer is no longer available and the information below is for reference purposes only.

discover letter for $250 offerYes, you read that title correctly. Discover Card can be very generous with its Cashback rewards program but sometimes their promotions are truly eye popping…

I received a letter from Discover Card last year and the “$250 Cashback Bonus” printed on the envelope made me think I had misread the offer. As a current cardholder, it actually was promising me $250 for spending $1,500 per month over a 5 month period. That’s not exactly a difficult thing to do. There had to be a catch. Only one…

To receive an offer like this you must already be a cardmember.

With the exception of their student version, unfortunately Discover does NOT do cash back bonuses for new accounts like other credit card companies do. Why not? I guess because they know they don’t need to, because their card is that good.

So for 2014, here are the best offers currently available. Now is a really good time to apply because the last time I remember them offering a bonus on new accounts was two years ago and it was only half this amount.

Going back to what I received for my existing account, I opened the envelope and here is how the promotion worked:

  • I needed to signup for the Discover card promotion before it started (Nov 1st)
  • The offer was 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?
As mentioned, I am an existing Discover cardholder and they sent me this promotion a year ago. Usually about once per year I get promotions from Discover like this. So for starters, you need to have Discover card in good standing (i.e never having been late with a payment) to be eligible for existing cardholder deals like this. Another key to triggering an offer like this seems to be shifting spending over to other cards for a while. They can see your activity with other issuers at the credit bureau and they often use this type of incentive to lure you back in to using their card as your primary card in wallet. To learn about the card I have check out my Discover it card review.

As a heads up Discover does NOT offer cash bonuses for new accounts anymore, ufortunately. So if you are waiting for a $50 or $100 bonus to signup, you’re probably NOT going to get it, unless you’re a student (they do have a $20 cash bonus on one of their Discover it versions). However, they do have this nice 0% promotion running right now and this is a good quarter to have the card because of the current 5% categories.

What’s the best deal for 2014?

If you’re looking for a big fat cash bonus deal right now, you might not get it with Discover. However here are some big bonus offers from other banks.

Written or last updated August 4, 2014

The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Well let’s see, the $1,500 per month x 5 months equals $7,500 total, for only $250 may be $365.00 in rewards?!! And the average family budget is about $1,379.75 per month, so, that is about 5.4 months. This is almost a half of our budget, so let’s encourage Americans to go into debt, Discover? The three most expensive categories include our House note, Car note, and Healthcare which makes up the largest percent of our budget, which by the way can NOT be paid with this credit card. So how much useless crap can we spend on this card Mr. CreditCardGuru? Are you a lawyer, doctor, or does you mommy pay your bills? For the average Joe, this deal blows. Please while your calculating could you estimate how interest it will cost to pay this $7,500 back?

Does the Discover IT $150 signup work. I called them up and they said they do not have any such promotion in their system

I just (april 2014) got a letter from them advertising the Discover IT card, with $150 one time cash back (if I spend $750 in three months). I am not a Discover customer.

Same thing happened to me, I signed up for $150 cash back if you spend $500 each month February thru June, then when I called to inquire WHEN my cash back bonus would show up they said they had NO RECORD of $150 promotion, it was only $75, which is not true because I had read it to a friend of mine and when she called to inquire if she could sign up, they said it was not available to her, although she had a DISCOVER card. Anyway, because it was an online promotion and I did not keep a copy, they would only credit me for $75, which I am still waiting to see, as it’s been two weeks since they said my account would be credited.

Have any cash prizes been awarded for the promotion in June?

I received an offer of $100 if I spent $1500 before Christmas. All I have been doing is getting the run around trying to collect. Now I have to fax a copy of the letter stating above offer (which I have). They lied to me twice before saying the “check is in the mail”. Maybe they’re going broke.

i just got paid $250 award from that same offer. i love my Discover Card. best card ever

I too took advantage of this offer. What likely prompts it is a sudden decline in spending. In our case, I had switched from Discover to the Capital One Venture card for our monthly spending on groceries, utilities, gas, etc… 2 months later, we received this offer from Discover.

Oddly, 2 months into doing this, Capital One sent me cash access checks for the first time, with a 0% APR for 18 months and 2% fee instead of the usual 3.

They offer $50 Sam’s Club gift card for every $40 reward. This is 20% and is great for me since I shop regularly at Sam’s. What is better is that Sam’s club gift cards work also at Walmart.

Stephanie Reines

I am a huge fan of the Discover credit card. I have the one you mention and the benefit that is the best but often overlooked is their online shopping program and the rebates it gives. I have not found any other program that gives as high of cash back for online stores (the ones that participate) than Discover.

I got the same offer, only mine was over a 3 month (1/11-3/11) period. Friends have gotten the offer of $500 cash back if spending more than $1500 for a 6 month period.

How do we apply for the $500.00 cashback promo

You can’t apply for these offers. They are given on a case-by-case basis to existing Discover cardholders.