Discover redesigns the debit card, introduces Freeze It feature

Source: Discover

Discover is introducing more features and debuting a new debit card design for the Discover Cashback Debit product.

Customers of Discover Cashback Debit, previously known as Discover Cashback Checking, will now be able to temporarily freeze their debit card, automatically transfer their earned cash back to their eligible savings account and pay using a stylish new card.

“We are continually looking for ways to tailor our products to our customers’ wants and needs and provide them features that will help them conveniently save more”
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“We are continually looking for ways to tailor our products to our customers’ wants and needs and provide them features that will help them conveniently save more,” said Arijit Roy, vice president of Deposits at Discover. “Cashback Debit already comes with no monthly fees while providing cash back for everyday purchases. The addition of auto redemption to savings is yet another way we are continuing to make saving easier for our customers.”

New features will include:

Freeze it feature: Temporarily freeze your debit card to prevent new purchases and ATM transactions1
Auto Redemption to Savings: We’ll automatically deposit your Debit Card Cashback Bonus into an eligible Discover Savings account each month,2 allowing you to grow your savings with a high interest rate
A new card design that stands out in a wallet

These features will join the already great Discover Cashback Debit account that features

1% cash back on up to $3,000 in qualifying debit card purchases each month3
First Fee Forgiveness4 which automatically waives the first eligible fee when it occurs each calendar year, with no action required by the customer.
No monthly fees, including no minimum opening deposit or balance requirement
No-fee access to over 60,000 Allpoint® and MoneyPass® ATMs in the U.S.
24/7 customer service from a 100% U.S.-based customer service team
Secure online and mobile access for easy account management, such as depositing checks and viewing account activity
No-fee online bill pay

Discover Cashback Debit accounts are FDIC-insured to the maximum allowed by law and all new debit cards are enabled with chip technology, providing additional security at store terminals and ATMs.
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This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

Comments: (1)

A Finextra member
A Finextra member 09 August, 2018, 10:58Be the first to give this comment the thumbs up 0 likes

Monzo had this feature (Freeze Card) for quite sometime (via their Mobile App)... I think other Card Management Software providers have had it since the late 1990's via their Online Browser Customer Service Interfaces...  Groundbreaking(!).