Discover bank customers who earn cash back on debit purchases are about to lose it. Capital One says its 360 Checking account does not offer Cashback Debit rewards, and Discover Cashback Debit accounts are being converted to 360 Checking in stages, with advance notice by email or letter. Capital One’s Discover account update page says eligible accounts get a one-time deposit equal to the rewards earned over the 12 full calendar months before the conversion month, within 30 days of the switch.
What the one-time rewards deposit covers
The deposit is a catch-up payment, not a new reward. Capital One says it equals the Cashback Debit rewards earned in the 12 full calendar months before the month of conversion, and it leaves out the partial month in which the switch happens. Rewards that were never redeemed are handled first: they are automatically redeemed as a statement credit before conversion, as long as the account is open and in good standing.
Several accounts get no deposit. Capital One says there is none for an account that earned $0 in debit rewards in the prior year, one that is in default, closed or suspended, or one that is not in good standing when the deposit posts. The fine print defines the period as 12 full calendar months, not 12 statements. Discover Personal Checking accounts did not earn Cashback Debit rewards, so they have nothing to be paid out.
The practical question for a Cashback Debit customer is what to do while waiting for the notice. Capital One says nothing is required until it makes contact, and that Discover.com and the Discover app stay the place to manage the account until then.
The 30-day clock on the rewards deposit starts on the day each account converts, and Capital One says not every Discover account will be ready at the same time.
Get the deadline alerts before they pass →
What 360 Checking pays instead
The converted account earns a variable 0.10 percent APY, according to the rate Capital One lists as effective September 10, 2026, and the rate can change at any time. On a $5,000 balance, 0.10 percent works out to about $5 a year. The account has no monthly fee and no minimum balance to open or keep it. Eligible accounts can use No-Fee Overdraft, and Discover Balance+ enrollees are enrolled automatically, though Capital One says enrollment does not guarantee an overdraft will be paid.
Routing numbers, wires and linked apps
The account number stays the same, but the routing number changes to Capital One’s. Checks and transfers already scheduled through Discover, including direct deposits, still complete under the old routing number. Wire transfers are different: Capital One says they must use its routing number or they will be returned. Apps such as PayPal, Venmo and Robinhood have to be relinked so transfers keep going through.
After the switch the account can only be managed on the Capital One website and app, not on Discover.com or the Discover app. Existing Capital One customers keep their Capital One login, and others can usually use their Discover username and password unless the name is already taken at Capital One. Someone with more than one Discover account may need a separate Capital One login if the accounts convert at different times.
What does not change
Customers can keep using the current Discover debit card after the conversion, and some will get a new card and be notified directly. Capital One lists access to more than 70,000 fee-free Capital One, MoneyPass and Allpoint ATMs. Zelle carries over, with limits of $3,000 a day and $12,500 a month once the customer signs in and accepts the Zelle terms. Direct deposits may arrive up to two days early under Capital One’s Early Paycheck terms, depending on how early the payer sends them. Capital One’s customer line for the transition is 800-655-2265, open seven days a week from 8 a.m. to 11 p.m. Eastern Time.
Updating a converted Discover account
Start with the Capital One page above and keep the conversion notice when it arrives, since Capital One says exact qualifying dates for the rewards deposit will come separately. Before the switch, redeem or let the automatic statement credit take any unredeemed cash back, and note the total rewards earned in the past year so the later deposit can be checked against it.
After the conversion, make a list of everything tied to the account: employer direct deposit, utility and loan autopays, Social Security or pension deposits, and any wire arrangements. Give the new Capital One routing number to anyone who sends wires, and relink PayPal, Venmo or Robinhood. Then compare the rewards deposit with that list from the past year. If the deposit is missing after 30 days and the account qualified, the transition line above is the number to call.
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This article was produced with AI assistance and edited for accuracy against the sources linked above.
