Discover® More(SM) Card Review: What you need to know.

pbucelwicz — Wed, 22 Jul 2009 01:23:58 +0000

Before getting any credit card you should read all the terms of use and all the fine print. I will highlight some of the things you should know about this cards cash back program before you decide to get it or not.

From the marketing text the card sounds great:

5% Cashback Bonus® in categories like travel, home, gas, restaurants, movies and more
5% to 20% Cashback Bonus at top retailers through our exclusive online shopping site
Up to 1% Cashback Bonus on all other purchases automatically
Unlimited cash rewards
Increase, even double, your rewards when you redeem for gift cards from our 100 Cashback Bonus Partners
0% Intro APR for 6 months on Purchases, and up to 6 months on Balance Transfers*
Apply Now!

The 5% cash back in categories such as travel, home, gas, restaurants, and movies are on a per signup basis and changes per quarter. The current Discover More Rewards calendar looks like this:

The Shop Discover is actually a really good program and you can earn up to 20% cash back on purchases as select stores.

Rewards Disclosures: Earn unlimited cash rewards on all purchases. Earn a full 5% Cashback Bonus on category purchases throughout the year by signing up for each program. In addition, earn a full 1% unlimited Cashback Bonus on all other purchases after your total annual purchases exceed $3,000; other purchases that are part of your first $3,000 earn .25%. Warehouse purchases (those made at select warehouse clubs, discount stores and their affiliates) earn .25%. We do not include warehouse purchases or 5% Cashback Bonus program purchases (up to the dollar limit specified in each applicable program) in calculating your total annual purchases to determine your tier level. Rewards are redeemable starting at $20. Rewards have no expiration date; however, if your account is closed for any reason or inactive for 18 consecutive months or if you fail to make the Minimum Payment Due by the Payment Due Date for two consecutive billing periods, your Cashback Bonus will be forfeited. Full terms and conditions will be sent with your card.

One reason I favor my Chase Freedom card still, is because VISA is more widely accepted. All places that accept credit cards will accept visa/master card(except Costco/BJ’s). Not all stores will accept Discover but most restaurants and major stores probably will.

* See the online credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the “Apply Now” button, you can review the credit card terms and conditions on credit card issuers website.

Discover Open Road – Update: New Terms*

pbucelwicz — Fri, 25 Jan 2008 15:35:25 +0000

Key Points:

• 0% Intro APR^
• Save at the pump and everywhere else.*
• 5% Cashback Bonus® on gas and auto maintenance purchases
• 5% to 20% Cashback Bonus at top online retailers
• Up to 1% Cashback Bonus on all other purchases**
• Unlimited cash rewards
• Increase, even double, the value of your rewards when you redeem for gift cards from our
80 Cashback Bonus Partners

Apply Now!

Fine Print you should know:

^0% APR for 12 months depending on credit.
*Earn a full 5% Cashback Bonus on your first $100 in combined gas and auto maintenance purchases each billing period, up to $1,200 annually.
Combined gas and auto maintenance purchases in excess of $100 each billing period earn Cashback Bonus at the same rate as other purchases
**Full 1% on all other purchases after your total annual purchases exceed $3,000; other purchases that are part of your first $1,500 earn .50%.

MoneyAnswerTree Review:

This is a great gas card. You earn 5% on the first 1200 in a year then 1% after that. This is still better than earning 3% on gas for the first 600 dollars a month with Chase Freedom. If you have an SUV or truck, you might want to go with the Shell Gas card. It offers 5% back on gas with no limits. With gas prices so high, and climbing, it is a good idea to get a single card for all your gas purchases. I also use this card for buying oil, and other related maintenance items for my car. I have also used this card as a form of financing, taking advantage of the 12 months no interest. As long as I pay off the balance before 12 months there are no fees.

Update: Jan. 25, 2008
Discover changed their terms for this card. Before it was earn a full 5% on the first $1200 in combined gas and auto maintenance per year and 1% back for every other dollar. They have lowered their cash back rewards! It is now .50% for every dollar spend $2999 and under, then 1% for purchases $3000 and over annually. This does not seem like that great of a card anymore. Additionally, the 5% back on gas is limited to the first $100 per month. I personally spend close to $200 dollars a month on gas. If you use this card for gas only it is still probably worth it. If you are like me and go to the same gas station all the time, check to see if your gas station has a rewards credit card. It will probably be better rewards. I use the Shell Platinum MasterCard from Citi®.

Technical Review:

The rewards program for Discover is very fast! You are able to redeem your cash back in increments of $20. You don’t need to wait until $50 like some other cash back cards. Also through the Discover site, there are options to make your rewards worth more by buying gift certificates to their affiliated retailers. The discover site is very secure, and one of the better laid out interfaces I have used. Everything is well layout and easy to find.

Discover® Open Road Card