Discover Cash Nike Gift Card Bonus
One of the best uses for Discover Cash from the Discover it Card is gift cards, since they often give you better than the $.01 cash value. For example, awhile back I covered how I redeemed my Discover Cash for Nike gift cards at 20% off. I then re-sold those gift cards for a profit. See my original post for more details.
New Discover Nike Bonus
It has been awhile since Discover has had a Nike gift card bonus for cashing out, but thankfully it has returned. To cash out your Discover Cash for gift cards, simply go to the “Rewards” tab in your account and click “Redeem Cashback Bonus”. The Nike cards are under the Sports & Recreation Category.
Related: Turning Your Discover Cash Into a Profit Machine: Make It Grow Through Gift Card Reselling!
Analysis & Cashing Out For Profit
With this promotion you can cash out $15 in Discover Cash for $20 in physical Nike gift cards. Rinse. Repeat. Nike gift cards sell for 85%ish depending on your bulk selling relationships. This means you could make about a $2 profit per Nike card. If you have a lot of Discover Cash then it could add up quickly.
Discover it Best Offer
If you don’t currently have a Discover it card, it’s not too late. In addition to 5X bonus categories each quarter, you get double cashback the first year and a $50 sign-up bonus (doubled to $100) by using a referral link. Here is my link.
Conclusion
This isn’t the biggest deal in the world, but for those of you looking to cash out Discover Cash and/or people who love to shop at Nike this is a good deal. It may be a pain to deal with the physical cards, however in the past they came relatively quickly so that isn’t a huge barrier for me.
HT: DDG
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They actually change the sign up bonus to a $50 statement credit this year, not $50 cash back, so it doesn’t double in the first year. — Glad to hear this Nike option is back. I had been using Sunglass Hut gift card for resale in its absence.
If I don’t have a bulk selling relationship, is it worth it?
It depends on what rate you can get from the various resellers. I think it will be low 80s which may not be worth it.