Dec 31, 2012
miraamira

New Discover it Card – Even Better Now

Many of us are using Discover cards for years and it is winning in customers satisfaction category year after year.
The most popular Discover Card was More card that offered 5% cashback on selected categories (restaurants and movies this quarter through March 2013), the only regular complaint from the users was that that outside the 5%categories you could get only 0.25% as a cashback for the first $3000 spending.
Now Discover made a strong move – they improved they best card and now offer a new line of Discover it Cards. This card in general have all advantages of More card plus offer 1% for everything that doesn’t fit into 5% bonus categories.
A new card comes in two versions for regular customers and one student card.
One of the non-student cards is tailored for those who prefer longer balance transfer intro APR (up to 18 month zero percent for balance transfer and 6 month 0% purchase APR) and another one offers the same intro APR on purchases and balance transfers (14 month no interest). Both cards offer similar generous cashback and practically no fees (no annual fee, no foreign transactions fee, no overlimit fee).
Student card is similar in terms of cash back and offers only less 0% introductory APR on purchases (6 month) and doesn’t offer no interest balance transfer. Regular rates on the student cards are also slightly higher (12.99% – 18.99%).


Details on Discover it Card

APR

  • APR on purchases: 0% for the first 14 month (18 month if you prefer it to long 0% balance transfer), regular APR then at 10.99 – 20.99% variable rate (based on creditworthiness)
  • APR on balance transfer: 0% for the first 14 month (6 month if you choose 18 month intro purchase APR), regular balance transfer APR is 10.99% – 20.99%.
  • Cash advance APR : 24.99%
  • No penalty APR: that’s awesome!

Fees:

  • no annual fee
  • no overlimit fee
  • No foreign transaction fee
  • No late fee for the first case of the late payment, after that $35
  • balance transfer fee 3%
  • cash advance fee – $10 or 5% which is greater
  • returned payment fee -$35

Cashback:

  • 1% on everything
  • 5% up to $1500 on selected categories (now through March 2013 – restaurants and movies).





Details on Discover it for students:

APR

  • regular purchase APR: 12.99% – 18.99% variable APR based on your credit
  • intro zero interest APR: 6 month
  • intro balance transfer rate: 10.99% intro APR for 9 months
  • Cash advance APR : 24.99%

Fees:

  • No annual fee
  • No international transaction fee
  • Balance transfer: 3% of the transfer
  • Cash advance: $10 or 5% whichever is greater
  • returned payment fee $35
  • late payment – no fee for the first late payment, $35 then

Cash back rewards:

  • 5% up to $1500 on selected bonus categories that change every quarter (you need to sign up (it’s easy) for those categories every quarter to participate)
  • 1% on all other purchases






As a conclusion, Discover again offered something special to the clients, it looks like Discover it card is the best cash advance card with no annual fee on the market now. The card is fair to the client – fees are very limited, no fees apply in most cases. No international transaction fee also looks great, but do not forget that Discover is not widely acceptable in other countries, so we will not advice on using this card for travel.
It is very visible on the competitive comparison table that the bank combines the best of its competitor products:

DISCOVER ITCHASE
FREEDOM®
BANK AMERICARD CASH REWARDS™CAPITAL ONE® CASH REWARDSCITI SIMPLICITY® CARD
No annual fee+++++
100% U.S. based customer service available any time+----
No late fee for your first late payment+---+
Paying late won't increase your APR+---+
No overlimit fee+-+++
No foreign transaction fee+--+-
5% cash back in categories that change each quarter ++---
Unlimited 1% cash back+-++-
Pay for millions of items with your rewards at Amazon.com++---
Pay your bill 'til midnight (ET) the day it's due by phone or online+----
Choose your payment due date online or by phone++-++
Lower rate, lower payment or other help after job loss+-+--
Automatic expedited delivery of your new card+----

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