Discover Card Complaint - Cashback Bonus - Cashback Bonus On Purchases
In the past, discover card would allow its customers to redeem the full amount of their cashback bonus. Now, I've learned that I can only redeem in $50 increments. It didn't make sense until I realized that Discover can collect interest on the amount of money that they claim is part of their cashback bonus program. This means that if you have $195 in cashback bonuses, you can only redeem $150 and discover can collect interest on the remaining $45 until you redeem again. Multiply this by all of the Discover customers and this amounts to a huge profit for Discover card. There is no end to Discover's ability to accrue interest unless you happen to have a cashback bonus that is in $50 increments and you decide to cash it in.
Does anyone else have thoughts on this?