If you’ve ever considered applying for a Discover credit card, now’s the time to pull the trigger.
All new customers who signup for a cash-back Discover card in June and July, which includes the it and it Chrome cards, will automatically have their rewards doubled at the end of 12 months. (The Discover it is a MONEY Best Credit Card.) The announcement comes on the heels of the February release of the Discover it Miles card, which doubles the rewards for all customers at the end of a year.
This can be a profitable proposition for new cardholders. Take Discover it, which offers 5% cash back on categories that rotate every three months. From July to September, the first period new cardholders can participate in, customers receive 5% cash back on all purchases at Amazon.com, home improvement centers, and department stores, up to $1,500. The juiced-up categories for winter will revolve around holiday shopping, and the beginning of 2016 may once again reward gas purchases, as in 2015. Normally if you spent the maximum over the course of a year, you’d earn $300; now it’s $600. A 10% return on shopping you would have done anyway is especially valuable in this low interest rate environment.
Cardholders also earn 1% back on unlimited purchases that don’t fall into the 5% categories and receive a $50 cash back bonus when you refer a friend. That’s doubled too, as is the card’s shopping portal, Discover Deals, where you can earn revved-up rewards at hundreds of retailers. Right now Discover customers can receive up to 10% off of their Hertz rental, for example.
And there’s no annual fee, so you won’t be punished once the extra rewards period runs out.