Discover has sent an email to some card holders advising of an unfortunate change in its referral program: beginning on January 1, 2018, the $50 bonus for referring a friend or opening a new account will be paid as a statement credit rather than as part of your cashback bonus. Furthermore, you’ll be limited to earning $500 a year from referrals. Here’s the full email:
Unfortunately, that means the referral/new account bonus will no longer double at the end of your first year. That’s not the end of the world a you’ll still both get $50, but it’s definitely a devaluation of the benefit. Still, the offer to double your cashback bonus at the end of year 1 remains one of the most generous cash back bonuses out there — especially if you make good use of Discover Deals. This change in referral credit would be minor in comparison to other changes that could have been made.