NEW YORK (AP) — Discover credit card holders can now use their cash back rewards to shop on Amazon.com.
The companies said Tuesday that cardholders can apply as much or as little of their cash back rewards toward purchases and have any remaining balances charged to their Discover card.
As part of the partnership, the companies said Discover cardholders will earn double cash rewards on Amazon purchases up to $250 each month through the end of the year. Discover card members who have a Miles by Discover card will earn double miles.
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In marketing materials, Discover notes that its Discover More card lets customers earn 1% back on spending. However, cardholders need to make $3,000 in purchases a year before that rate kicks in. Until then, cardholders earn 0.25% cash back.
Cardholders can also earn 5% back on up to $300 in purchases in select categories that change every quarter. Cardholders need to sign up each quarter to earn at the accelerated rate.
Discover Financial Services shares rose 8 cents to $24.60 in midday trading while Amazon.com Inc. shares rose $4.15, or 1.8%, to $235.47.
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