My wife and I are big fans of the Discover More card. It offers a 0% balance transfer for up to 12 months, 0% on purchases for 6 months, and up to 5% cash back on purchases. And recently, it added a $50 cash bonus for new card holders when you purchase $599 with the card during the first three months.
Because of the cash back feature, we use the card for everyday purchases. Recently I noticed at the grocery store something odd. When we slid the card through the machine at the cash register, we were asked whether we wanted cash back. You may have seen this when using a debit card, but I had never seen it with a credit card.
We pushed the “No” button, of course, believing that we would be charged a cash advance fee and high interest rates if we took any cash over the purchase price. But then a funny thing happened at the grocery store yesterday.
You’ve probably seen the coupons that print out at the store when you make a purchase. The computer analyzes your purchases, and prints out coupons for products it thinks will be of use to you. Well yesterday we got a “coupon” for the Discover More card. Here’s what the coupon said:
Skip a trip to the ATM and avoid transaction fees by getting cash over your purchase amount. The cash you get is treated just like any other purchase–there are no hidden fees and your purchase APR applies.
In small print, the coupon notes that cash over transactions cannot exceed $200 daily and $4,000 monthly. Also, retailers may set their own limits that are less than Discover’s limits. We haven’t taken advantage of this feature yet, but it seems like a low-fee convenient way to get some extra cash when you need it.