Discover has unveiled Balance+, an innovative addition to its Cashback Debit Checking account, aimed at offering customers fee-free discretionary overdraft coverage for everyday debit card transactions. This initiative addresses a common pain point for many Americans living paycheck-to-paycheck, underscoring Discover’s commitment to easing financial stress.
With Balance+, Cashback Debit account holders can overdraw their checking accounts up to $200 on debit card purchases without incurring fees. To qualify for Balance+, accounts must maintain a positive balance and receive at least one qualifying direct deposit of $200 or more per month for the last two months.
Balance+ complements Discover’s existing overdraft protection, including fee-free Overdraft Protection, which automatically transfers funds from a linked Discover account to cover overdrafts on checks, online bill payments, and ACH transfers initiated elsewhere. Customers can opt for both Balance+ and Overdraft Protection to ensure comprehensive coverage across different transaction types.
Ram Subramanian, Discover Bank’s vice president and chief marketing officer, highlighted that Balance+ aims to provide customers peace of mind when using their debit cards for everyday needs, extending Discover’s commitment to offering a rewarding banking experience.
In addition to Balance+, Discover has enhanced its Cashback Debit offering with features such as Add Cash, Direct Deposit Switch, and Secure Account Linking. These improvements build on the existing benefits of Cashback Debit, including 1% cash back on up to $3,000 in monthly debit card purchases, no fees for monthly maintenance or insufficient funds, fraud protection, and access to a vast network of fee-free ATMs nationwide.
Subramanian emphasized Discover’s dedication to empowering consumers with straightforward and meaningful financial benefits through Cashback Debit, reinforcing the account’s unique position as one of the few to offer cash back rewards on debit purchases.
Discover remains committed to enhancing the Cashback Debit experience and providing customers with the tools to take control of their finances effectively.