Instead, they will be giving 1% of eligible debit card purchases.
Here is the new language for discover checking accounts:
(b) The following terms apply to Cashback Bonus rewards earned on November 1, 2017 or after:
You may earn Checking Cashback Bonus Rewards based on qualifying debit card purchases made using your Discover Cashback Checking Account debit card. You will earn Checking Cashback Bonus rewards of 1% of the qualifying debit card purchase amount.
Qualifying debit card purchases include:
(i) point-of-sale purchases made with your debit card (excluding any cash over portion of the purchase) and
(ii) online purchases made with your debit card.
Debit card purchases that are not eligible for 1% Checking Cashback Bonus rewards include:
(i) any transaction made at an ATM
(ii) cash over portions of point-of-sale debit card transactions
(iii) peer-to-peer payments*
(iv) purchases made using third-party payment accounts (services such as Venmo® or Paypal™) may not be eligible for cashback rewards
*Peer-to-peer payments (P2P) are defined as electronic money transfers made from one individual's bank account or credit card to another individual's bank account or credit card through a peer-to-peer payment application.
Checking Cashback Bonus rewards will be earned monthly and posted to your Checking Cashback Bonus account on the Business Day following your statement end date. Your Checking Account must be open when Bonus rewards are posted.
Customers are limited to being an owner, whether individual or joint, to a maximum of five (5) Cashback Checking Accounts
(c) Redeem Rewards: You may redeem your Checking Cashback Bonus on DiscoverBank.com. You may redeem your Checking Cashback Bonus in any available amount for:
• A credit to your Cashback Checking Account from which the Bonus rewards were earned.
• A transfer to a Discover Credit Card Cashback Bonus account. Once rewards have been transferred to a Discover Credit Card Cashback Bonus account, they will be governed by the Discover Card Cashback Bonus Terms and Conditions and the rewards cannot be transferred back to the Checking Cashback Bonus account; and/or
• Other Checking Cashback Bonus redemption options advertised on DiscoverBank.com from time to time.
You may redeem your Checking Cashback Bonus if your Checking Account is open and has a $0 or positive balance. For full details about redemption methods and amounts for Checking Cashback Bonus, visit DiscoverBank.com.
(d) Expiration of Rewards: Checking Cashback Bonus rewards do not expire, but if your Checking Account is closed for any reason, Checking Cashback Bonus rewards may be forfeited. If your debit card or account number is lost or stolen, or we issue you a new account number for any other reason, we will transfer your Checking Cashback Bonus to your new Checking Cashback Bonus account.
(e) Transaction Reversals: Effective November 1, 2017, any qualifying debit card purchase that is returned, in whole or in part, for a credit to your Cashback Checking Account will result in a deduction of the Checking Cashback Bonus reward given for that portion of the qualifying debit card purchase that has been returned. Debit Card purchases made prior to November 1, 2017, and returned in whole or in part for a Cashback Checking Account credit after November 1, 2017 will not be subject to a deduction in Checking Cashback Bonus, provided such return occurs on or before December 31, 2017.
The Checking Cashback Bonus reward amount to be reduced on qualifying refunded debit card purchases will be 1% of the total refund transaction amount, based on the new Checking Cashback Bonus rewards structure effective November 1, 2017.
Reversal of a Checking Cashback Bonus reward may result in a negative Checking Cashback Bonus reward balance.
We may adjust the amount of the Checking Cashback Bonus reward due to irregular, unauthorized or fraudulent activity in the Checking Account. We may offer additional incentives for establishing a Checking Account and/or maintaining one with certain types of activity.