RIVERWOODS, Ill.—Discover has revamped some of the features on the Discover Cashback Debit card, formerly known as Cashback Checking. And some of the changes are aimed directly at
Millennials.
The new debit card offers a “freeze it feature,” allowing customers to temporarily turn their card off to prevent fraudulent transactions.
“The card itself has been redesigned with a geometric print on the face. Analysts at Fortune recently assessed what Millennials look for in debit cards. They found that weight and design were highly desired, even if the rewards were limited,” said Bill Hardekopf, CEO at LowCards.com.
But the Discover Cashback Debit card is not limited in rewards. In fact, it has one of the more lucrative rewards structures in the debit card market, noted Hardekopf.
“Users can earn 1% cash back on up to $3,000 each month, which could add up to $360 per year. There are no monthly fees on the card, and Discover waives the first account fee each calendar year,” he said.
With the new card, users can opt to have their cashback earnings automatically deposited into a Discover savings account. Interest will begin accruing right away, helping the cashback grow even more. The funds can be transferred from the savings account as needed.