Discover Financial Services in Riverwoods, Ill., said it will double cash rewards for certain customers for a limited period, its latest effort to battle with rival issuers for new business.
Consumers who apply for specific Discover cards between June 1 and July 31 will receive cash-back rewards at twice the normal rate. The special is limited to several versions of the "Discover it" card series. The double rewards will be applied at the end of the first year for new accounts.
Credit-card issuers like Discover have been spending more on marketing and adding new rewards products, as they have experienced shrinking yields.