Tuesday, July 16, 2013

Discover "Send Money" feature

UPDATE: Discover has discontinued this feature. Don't be discouraged though cause that's how deals work. They'll be around a little while to a long while and then they go. Other deals always pop up though. That's why it's important to bookmark this blog!

I've written about several credit cards including Discover It credit card. One of the benefits of having this card is that you can use a feature called "Send Money" to send money to family and friends with your credit card. The great thing about this is you will earn cash back for these transaction. So not only can you can send money to your spouse, wife, brother, mom, dad, friend, co-worker, etc. for free, but Discover will actually give you cash back (1% if you have the Discover It card).

  • Send up to up to $200 a day
    • Up to $500 a month (you'll get $5 a month in cash back doing this). 
  • Many older Discover cards will only give .25% cash back, so if you have an older Discover card, simply call Discover and ask them to switch you to the Discover It card. OR you could just apply for the Discover It card and keep your old card. You'll get a $50 bonus when you sign up for the Discover It card through THIS link. Once you have the newer card, you'll get the full 1% cash back on ALL transaction including this "send money" feature. 
  • The send money is FREE and works via Paypal
  • Also, you currently get 5% cash back at gas stations with Discover!
Once you have your Discover account click on "credit Options" and then click on "Send Money"

This is what you'll see when you click "Send Money:

I would recommend NOT selecting the transaction type "Pay for goods or services" because you will be assessed a fee. So you can send money to any email address except the email address that is assigned to your Discover account. 

When someone receives money from someone else, all they have to do is login to their Paypal account (or create one) and then they can "withdraw" the money to their bank account. 

It's really quite simple to do, but the first time you do it, you may have to look at this post to walk you through it. Questions? Let me know!

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