One way to get more out of your cash back from Discover card is to redeem your rebate for a gift card. They have over 150 merchants that offer discounted gift cards.
Below is the list of merchants currently offered. I also figured the return rate of the gift card as far as money you get / amount of rewards required. Most of the cards are $20 for $25 or $45 for $50. Many merchants also offer larger values such as $20 for $25 and $40 for $50 but I only listed the lowest amount offered. The larger amounts offered seem to be just multiples of the minimum.
To maximize your reward you should find the merchant(s) that you KNOW you'll use the most that have the highest return. I've sorted the list by return so you can go down the list and pick out the merchant thats highest that you know you'd use. Rental cars like Alamo, Enterprise or National are good candidates if you travel much. Past that I would imagine most people would benefit most from AMC movies or one of the restaurants or clothing retailers in the 125% range.
This list is likely to change of course.
| Merchant | Return | Cost | Value |
| Tauck Tours | 300% | $ 100 | $ 300 |
| Alamo Rent a car | 200% | $ 20 | $ 40 |
| Big City Chefs | 200% | $ 40 | $ 80 |
| Carnival Cruises | 200% | $ 40 | $ 80 |
| Celebrity Cruises | 200% | $ 40 | $ 80 |
| Enterrpise Rent a car | 200% | $ 20 | $ 40 |
| FTD | 200% | $ 20 | $ 40 |
| Great American Days | 200% | $ 20 | $ 40 |
| Holland America | 200% | $ 40 | $ 80 |
| Kalamazoo | 200% | $ 100 | $ 200 |
| Mrs. Fields | 200% | $ 20 | $ 40 |
| National car rent | 200% | $ 20 | $ 40 |
| Norwegian Cruise | 200% | $ 40 | $ 80 |
| Princess Cruises | 200% | $ 40 | $ 80 |
| Royal Caribbean International | 200% | $ 40 | $ 80 |
| Samsonite | 200% | $ 20 | $ 40 |
| Sandals Resorts | 200% | $ 20 | $ 40 |
| Universal Orlando | 200% | $ 20 | $ 40 |
| Brookstone | 150% | $ 20 | $ 30 |
| Ohama Steaks | 150% | $ 20 | $ 30 |
| Sunglass Hut | 150% | $ 20 | $ 30 |
| 1800 Baskets | 125% | $ 20 | $ 25 |
| 1800 flowers | 125% | $ 20 | $ 25 |
| A Pea in the Pod | 125% | $ 20 | $ 25 |
| Aerie | 125% | $ 20 | $ 25 |
| Aeropostale | 125% | $ 20 | $ 25 |
| AMC theatres | 125% | $ 20 | $ 25 |
| American Eagle | 125% | $ 20 | $ 25 |
| Athleta | 125% | $ 20 | $ 25 |
| Banana Republic | 125% | $ 20 | $ 25 |
| Bath & Body Works | 125% | $ 20 | $ 25 |
| Bed Bath and Beyond | 125% | $ 20 | $ 25 |
| Black Angus Cattle Company | 125% | $ 20 | $ 25 |
| Brooks Brothers | 125% | $ 20 | $ 25 |
| Buca di Beppo | 125% | $ 20 | $ 25 |
| Burlington Coat factory | 125% | $ 20 | $ 25 |
| Callaway | 125% | $ 40 | $ 50 |
| Champs Sports | 125% | $ 20 | $ 25 |
| Cheryls Cookies | 125% | $ 20 | $ 25 |
| Coldwater Creak | 125% | $ 20 | $ 25 |
| Crutchfield | 125% | $ 20 | $ 25 |
| Destination Maternity | 125% | $ 20 | $ 25 |
| Eddie Bauer | 125% | $ 20 | $ 25 |
| Express | 125% | $ 20 | $ 25 |
| Fannie May | 125% | $ 20 | $ 25 |
| Foot action | 125% | $ 20 | $ 25 |
| Foot locker | 125% | $ 20 | $ 25 |
| GAP | 125% | $ 20 | $ 25 |
| GlobalHotelCard | 125% | $ 40 | $ 50 |
| Hickory Farms | 125% | $ 20 | $ 25 |
| J Jill | 125% | $ 20 | $ 25 |
| Kohl's | 125% | $ 20 | $ 25 |
| Lands End | 125% | $ 20 | $ 25 |
| Lane Bryant | 125% | $ 20 | $ 25 |
| Lids | 125% | $ 20 | $ 25 |
| LL Bean | 125% | $ 20 | $ 25 |
| Lobster Gram | 125% | $ 20 | $ 25 |
| Mario Tricoci | 125% | $ 20 | $ 25 |
| Motherhood Maternity | 125% | $ 20 | $ 25 |
| Nike | 125% | $ 20 | $ 25 |
| Old Navy | 125% | $ 20 | $ 25 |
| pep Boys | 125% | $ 20 | $ 25 |
| Pier 1 imports | 125% | $ 20 | $ 25 |
| Piperlime | 125% | $ 20 | $ 25 |
| ProFlowers | 125% | $ 40 | $ 50 |
| Red Door Spa | 125% | $ 20 | $ 25 |
| redEnvelope | 125% | $ 40 | $ 50 |
| Sally Beauty | 125% | $ 20 | $ 25 |
| Sharis Berries | 125% | $ 40 | $ 50 |
| Shutterfly | 125% | $ 20 | $ 25 |
| Spa Finder | 125% | $ 40 | $ 50 |
| Staples | 125% | $ 20 | $ 25 |
| Talbots | 125% | $ 20 | $ 25 |
| The Childrens Place | 125% | $ 20 | $ 25 |
| The Container Store | 125% | $ 20 | $ 25 |
| The Limited | 125% | $ 20 | $ 25 |
| The Popcorn Factory | 125% | $ 20 | $ 25 |
| Timberland | 125% | $ 20 | $ 25 |
| Toms | 125% | $ 20 | $ 25 |
| Under Armour | 125% | $ 20 | $ 25 |
| VUDU | 125% | $ 20 | $ 25 |
| Ace Hardware | 111% | $ 45 | $ 50 |
| Applebees | 111% | $ 45 | $ 50 |
| Autozone | 111% | $ 45 | $ 50 |
| BahamaBreeze | 111% | $ 45 | $ 50 |
| Barnes & Noble | 111% | $ 45 | $ 50 |
| Bass Pro Shops | 111% | $ 45 | $ 50 |
| Bergners | 111% | $ 45 | $ 50 |
| Best Western | 111% | $ 45 | $ 50 |
| Bon Ton | 111% | $ 45 | $ 50 |
| Bonefish Grill | 111% | $ 45 | $ 50 |
| Boston Market | 111% | $ 45 | $ 50 |
| Boston Store | 111% | $ 45 | $ 50 |
| Bubba Gump | 111% | $ 45 | $ 50 |
| Buffalo Wild Wings | 111% | $ 45 | $ 50 |
| Build a Bear | 111% | $ 45 | $ 50 |
| Carrabbas Italian grill | 111% | $ 45 | $ 50 |
| Carson Pirie Scott | 111% | $ 45 | $ 50 |
| Chart House | 111% | $ 45 | $ 50 |
| Cheesecake Factory | 111% | $ 45 | $ 50 |
| Chilis | 111% | $ 45 | $ 50 |
| Chipotle | 111% | $ 45 | $ 50 |
| Claim Jumper | 111% | $ 45 | $ 50 |
| Cracker Barrel | 111% | $ 45 | $ 50 |
| CVS pharmacy | 111% | $ 45 | $ 50 |
| Dave & Busters | 111% | $ 45 | $ 50 |
| Dell | 111% | $ 45 | $ 50 |
| Dillards | 111% | $ 45 | $ 50 |
| Dominos Pizza | 111% | $ 45 | $ 50 |
| Einstein Bros | 111% | $ 45 | $ 50 |
| Elder Beerman | 111% | $ 45 | $ 50 |
| Flemings Prime Steakhouse | 111% | $ 45 | $ 50 |
| Gamestop | 111% | $ 45 | $ 50 |
| Groupon | 111% | $ 45 | $ 50 |
| Guitar Center | 111% | $ 45 | $ 50 |
| Herbergers | 111% | $ 45 | $ 50 |
| Hobby Lobby | 111% | $ 45 | $ 50 |
| HomeGoods | 111% | $ 45 | $ 50 |
| IHOP | 111% | $ 45 | $ 50 |
| JCPenney | 111% | $ 45 | $ 50 |
| Jiffy lube | 111% | $ 45 | $ 50 |
| Kmart | 111% | $ 45 | $ 50 |
| Lanry's Seafood | 111% | $ 45 | $ 50 |
| Longhorn Steakhouse | 111% | $ 45 | $ 50 |
| Lowe's | 111% | $ 45 | $ 50 |
| Macy's | 111% | $ 45 | $ 50 |
| Maggianos Little Itay | 111% | $ 45 | $ 50 |
| Marshalls | 111% | $ 45 | $ 50 |
| McCormick & Schmicks | 111% | $ 45 | $ 50 |
| Mortons Steak | 111% | $ 45 | $ 50 |
| Niemans Marcus | 111% | $ 45 | $ 50 |
| Olive Garden | 111% | $ 45 | $ 50 |
| On the Border | 111% | $ 45 | $ 50 |
| Outback Steakhouse | 111% | $ 45 | $ 50 |
| Overstock.com | 111% | $ 45 | $ 50 |
| Panera Bread | 111% | $ 45 | $ 50 |
| Pottery Barn | 111% | $ 45 | $ 50 |
| QVC | 111% | $ 45 | $ 50 |
| Rainforest Café | 111% | $ 45 | $ 50 |
| Red Lobster | 111% | $ 45 | $ 50 |
| Red Robin | 111% | $ 45 | $ 50 |
| Reegis Salons | 111% | $ 45 | $ 50 |
| Regal entertainment | 111% | $ 45 | $ 50 |
| Romanos Macaroni Grill | 111% | $ 45 | $ 50 |
| Roys | 111% | $ 45 | $ 50 |
| Ruths Chris Steak house | 111% | $ 45 | $ 50 |
| Saltgrass Steak | 111% | $ 45 | $ 50 |
| Sears | 111% | $ 45 | $ 50 |
| Sephora | 111% | $ 45 | $ 50 |
| Sports Authority | 111% | $ 45 | $ 50 |
| Starbucks | 111% | $ 45 | $ 50 |
| Texas Roadhouse | 111% | $ 45 | $ 50 |
| TGI Fridays | 111% | $ 45 | $ 50 |
| The Oceanaire Seafood Room | 111% | $ 45 | $ 50 |
| TJ Maxx | 111% | $ 45 | $ 50 |
| west elm | 111% | $ 45 | $ 50 |
| Williams-Sonoma | 111% | $ 45 | $ 50 |
| Younkers | 111% | $ 45 | $ 50 |
| Zappos | 111% | $ 45 | $ 50 |
| Shell | 107% | $ 70 | $ 75 |
| Whole Foods | 107% | $ 70 | $ 75 |
I typed up the list manually from the Discover site so pardon any spelling errors in merchant names.
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