Discover offer some of the most lucrative accounts available today. Perhaps no other large credit issuing company was as quick to make the changes required by the new credit card laws as the folks at Discover.
Over the years, Discover has been good at identifying trends and needs of consumers. As credit rating qualifications were somewhat relaxed beginning in early 2000, Discover was known for its consistent mail out offers for new credit accounts and offering special deals for new cardholders.
What Makes Discover Cards So Popular?
The people at Discover often follow a new credit trend created by another large lender such as CitiBank or Chase. If low interest rate cards are being widely advertised and become popular, Discover quickly launches it’s version of that credit account and markets it aggressively.
The Discover brand name is widely recognized and trusted by consumers and by adjusting the terms slightly of a credit card already available, Discover quickly adapts to marketplace trends.
The Discover More credit card is designed for thrifty consumers. A 5% cashback bonus on purchases in popular categories appeals to families. An introductory 0% APR encourages new account holders to transfer balances to Discover for a 12 month period of free interest.
The first six months after you open a Discover More account, you will receive 0% interest fees for any purchases made with the Discover card. After that time, the interest will be a variable rate and is determined by adding from 8.75% to 17.74% to the prime rate.
This rate will be determined by credit history and only perfect credit will qualify at the lower end of the scale. There is no annual fee.
The Discover Open Road credit card is the choice of people who want cashback on purchases of gasoline and dining out.
Each month the cardholder receives an automatic double cashback bonus on the first $250 of fuel and dining charged to the account. The open road card also offers 0% balance transfer for 12 months and a six month 0% interest rate on purchases made with the card.
For frequent travelers, the choice is the Discover Miles credit card. Bonus miles are accumulated and can be redeemed for travel credits, gift cards or for cash. Travel is unrestricted and can be booked through any travel agent or airline and includes travel booked through online travel sites.
Your first $3,000 in travel and restaurant purchases earns double miles each year. The standard bonus is 1 mile for each $1 purchased with your Discover Miles card. Clearly, the double miles will add up much faster. Any time you shop the Discover retail store online you receive double miles.
Customer Service Benefits
In the past, customer service at Discover was not what cardholders wanted. Complaints grew about phone recordings that never led to a customer service agent and about lack of response to consumer questions and concerns.
Discover address the issue and now guarantees live phone support within 60 second for its credit card users. Online tools and service have added a level of options that were not previously available for managing your account.
One of the most popular options available in your account is the e-mail reminder which you can use to send yourself a message reminding you of the due date of your monthly payment.
Interest Rates and Fees
The 0% for six months on purchases and for twelve months on balance transfers is an appealing selling point for Discover cards. If you overspend during that initial time period you may find those purchases costly when the regular APR is applied in the seventh month.
Interest rates run 1-2% higher than those of several major credit issuers but the late fees of $39 are in line with charges of other lenders.
For a credit card that will suit your particular needs and lifestyle, this review may be useful.
The ability to choose what products you receive cash back bonuses or extra miles for can save a significant amount of money in your budget.
The high level of customer service attached with your account, the online tools and the e-mail reminders make the Discover consumer friendly.