Discover Downgrades 5% Cashback Rewards

Discover recently downgraded its 5% cashback rewards. Used to be you got 5% cash back up to $1200 annually. Now, you only get 5% on the first $100 each month. Don’t charge up to $100 that month? You’ve just missed an opportunity to save $5.

Reader Matt is thinking about canceling his Discover now. He and his wife have Discover Gas & Auto cards. He writes, “Now, if I pay $200 for auto repairs, only $100 will be at 5%, and $100 will be at 1%, plus, I have to wait until the next month before I can start earning my 5% again. Very frustrating. Maybe if enough people call Discover and complain: 1-800-DISCOVER (1-800-347-2683) they will change this back to the way it was.”