Review of the Discover it® Business Card
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The Discover it Business Card is a somewhat rewarding option for business owners. There aren’t many enticing benefits, but you’ll earn 1.5% cash back on every purchase, which is doubled for your first year thanks to Discover’s Cashback Match.
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If you just bought all new office furniture or a copier for your business without using a rewards credit card, you left money on the table. A good rewards credit card will let you earn cash back on your business purchases, helping you stretch your budget further.
Offering 1.5% cash back on all purchases, Discover will also match your cash back for your first year. That means you’ll earn the equivalent of 3% cash back in your first year of using the card.
There isn’t much else to this card; just a solid flat-rate rewards program that provides the same amount of cash back for every purchase.
With no annual fee, it’s a good option for business owners who need access to a line of credit for their business operations.
Our Rating: 4 Out of 5 Stars
We give the Discover it Business Card 4 out of 5 Stars. It’s a solid business card that allows you to earn cash back on all purchases. However, its anemic benefits do reduce the card’s value.
Why We Like It
- 1.5% cash back on all purchases
- Cashback Match for the first year
- Cash back never expires
- Ability to sync to Quicken, QuickBooks, and Excel
- No annual fee
- No foreign transaction fees
- Excellent customer service
Why It Could Be Better
- Cashback Match is limited to your first year
- Lackluster benefits
- No travel perks
Insider Advice: Getting the Most Out of Your Card
- Compare with other business credit cards: If your work requires you to travel often, another business credit card will likely offer more rewards and perks than the Discover it Business Card.
- Use for general expenses: By using your card for general business expenses, you can earn 1.5% cash back on every purchase and simplify your bookkeeping.
- Enjoy the Cashback Match: Use your card during your first year, and Discover will match all of the cash back you earn. That gives you a cash back value of 3% for the first year.
- Redeem your rewards for gift cards: Redeem your rewards for gift cards to get the best deal, allowing you to get an extra $5, $10, or even $20 in value.
- Use the card when traveling internationally: With no foreign transaction fees, the Discover it Business Card is a decent option when traveling to another country. However, Discover isn’t accepted widely outside the U.S., so carrying a Visa or Mastercard business credit card as well is a smart decision.
|Introductory Bonus Offer|
With this card you can earn unlimited cash back on all purchases.
You’ll earn 1.5% cash back on every purchase. But, in your first year, Discover will match your cash back. You’ll get those extra rewards at the end of the first year.
That means you’ll earn a 3% cash back equivalent on every purchase. That’s an excellent reward for a card with no annual fee. It’s a better flat rate than you’ll find with almost any other credit card, but after the first year it drops to a more typical 1.5%.
It’s a good idea to compare this card to alternative business cards before applying. You could earn more points or higher cash back in select categories. Or, to compare with another flat-rate rewards card, the Capital One Spark Cash Plus may offer more overall value depending on your level of spending. The Spark card provides 2% cash back on all purchases, but it also has a $150 annual fee.
Redeeming your cash back rewards is very simple with Discover. You can redeem it in several different ways, including:
- Statement credits
- Bank account deposits
- Charitable donations
- Gift cards
Statement credits are quickest and easiest way to get your rewards, and they don’t lock you into a single merchant like a gift card. However, you’ll sacrifice some value by opting for a statement credit.
We recommend going with gift cards as your redemption method whenever possible. By going this route you get more value for your money. Discover will add at least $5 to every gift card redemption, sometimes more. For example, you can get a $100 gift card to Hotels.com for just $80 worth of cash back rewards, a 25% increase in value.
The downsides to redeeming for gift cards are that physical gift cards can take some time to arrive at your place of business, and you’re limited to shopping with the co-branded merchant. However, there are also electronic gift card options which you can get immediately, and there are hundreds of these to choose from.
- FICO Credit Scorecard: Access your FICO Score 8 whenever you’d like for free, based on your TransUnion credit report.
- Expense tracking: Streamline your bookkeeping by connecting to tracking software like Quicken, QuickBooks, and Excel.
- Cash at Checkout: At eligible retailers you can get cash at checkout, a handy way to get some money without going to an ATM. The extra cash will be counted as part of your purchase.
- Free employee cards: You can add up to five employee cards to your account.
- $0 Fraud Liability Guarantee: If your card is lost or stolen, you are not liable for any fraudulent charges made to your account. Contact customer support immediately if you suspect fraud.
- Fraud Protection: Discover monitors your account around the clock for suspicious or unusual activity.
- Free Social Security Number Alerts: Discover searches for your Social Security number on thousands of risky sites and will alert you if your information was compromised.
- Reports to consumer and business credit bureaus: Discover will report your card activity to the consumer credit bureaus and three business credit bureaus: Equifax Business, Experian Business, and Dun & Bradstreet.
The Terms & Fees
|Purchase APR||Balance Transfer APR||Cash Advance APR|
|See Terms for See Terms, then See Terms||See Terms||See Terms|
|Annual Fee||Foreign Transaction Fee||Balance Transfer Fee||Cash Advance Fee|
|$0||None||See Terms||See Terms|
|Penalty APR||Late Fee||Returned Payment Fee|
|None||See Terms||See Terms|
The fees for the Discover it Business Card are very straightforward. Unlike some business credit cards, the Discover card has no annual fee.
There’s a nice introductory offer for new purchases: You’ll get See Terms for See Terms after account opening, giving you quite a while to pay off some business expenses.
There is no balance transfer offer, so there’s no advantage to transferring a balance from a card with a higher interest rate over to this card.
There are no foreign transaction fees. However, Discover is not widely accepted internationally, so it makes sense to carry another card when traveling to a different country.
What Is the Credit Limit?
If you apply for the Discover it Business Card and are approved, your credit line will be at least $500. However, you may qualify for a credit increase after a few months of making your payments on time and keeping your account in good standing. We recommend requesting a credit line increase every 6 to 12 months if you want to raise your limit.
The Bottom Line
The Discover it Business Card is a smart option for new business owners who want to earn decent cash back rewards (and who doesn’t?).
With the ability to earn 3% cash back your first year, it’s a great card to use for essential business purchases, like office supplies and equipment. Redeem those rewards for gift cards and you can stretch their value even further.
The value of the card does decline after the first year, as you’ll no longer be eligible for the Cashback Match. However, 1.5% cash back is still a good value for a business credit card with no annual fee.
This makes it a good choice for business owners looking to earn rewards outside of select spending categories, where other cards will be more profitable.
There aren’t many cost-saving or travel benefits, which is probably the biggest downside of this card, but the ability to merge your transactions with QuickBooks, Quicken, or Excel is a convenient feature.
If you’re looking for a card with more rewards or fancy bells and whistles, like bonus categories or airport lounge access, take a look at some other business credit card options below.
How to Apply for the Discover it Business Card
You can apply for the Discover it Business card securely on Discover’s website.
After submitting your application, you’ll typically receive a decision from Discover immediately. However, there are some cases where it can take a few days or even longer to hear back, such as if the company needs to verify your business information.
If approved, you’ll get a notification and it will list your credit limit. If you’re not approved, you’ll receive a letter in the mail detailing why you were denied.
Qualifications and Requirements
- Business structure (sole proprietorship, partnership, corporation, or LLC)
- Business name
- Business mailing address
- Years in business
- Business revenue
- Personal information, including address and Social Security number
- You must be at least 18 to apply
Alternatives to the Discover it Business Card
While the Discover it Business can be a great card for new business owners, there are other options that may be a better fit if you’re looking for more benefits and perks.
For rates and fees of The Business Platinum Card® from American Express, please click here.
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