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Discover More Card Review |
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| 0% APR for 12 months on balance transfers; up to 5% cash back | |
Full Review: |
The Discover More Card offers a 12 month, 0% intro APR for balance transfers made in the first 3 months of getting your card to all approved cardholders regardless of which ongoing APR you qualify for. It also has a generous although fairly complicated cash-back rewards program, making it a very strong choice for those looking to transfer a balance. The introductory APR for purchases is 0% for the first 6 months, and the ongoing APR ranges from 10.99% to 18.99%. The balance transfer APR is 0% for the first year, after which it will be the same as the purchase APR. There is also a 3% fee for balance transfers.
Cardholders earn 5% cash back on up to $800 in purchases within select categories including travel, home improvement stores, department stores, gas stations, restaurants, pet stores and many more. The individual categories that you can earn 5% on rotate every 3 months. For example, from October-December 2008 they are grocery stores, restaurants and movies and from January to March 2009 they are airlines, hotels, car rentals and cruises. Cardholders also earn .25% cash back on all other purchases until they spend $1,500 annually with the card, and then earn .5% cash back until spending exceeds $3,000 annually. Once cardholders reach the $3,000 threshold, they begin earning 1% cash back for all other purchases the rest of the year. Total cash back is unlimited, and cash is redeemable in $20.00 increments. The balance transfer introductory period and interest rate are very competitive and the cash back rewards program is quite good. For consumers who have excellent credit and would like to transfer a high interest balance to a 0% account for 12 months and still have the opportunity to earn significant cash rewards, the Discover More Card is a fantastic option. |
Service Details:
| APR: | 10.99%-18.99% (0% for first 6 months) |
| Features: | 5% cash back on purchases within select categories; 1% on all others after $3k annually |
| Annual Fee: | None |
| Credit Needed: | Excellent |
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