Discover Card rewards, fees, interest rates
I can't ever understand why people are so excited with credit card rewards, like the ones Discover Card offers. What is more, some choose their credit cards based on rewards offered, not fees or interest rates. Of course, if you are to use a credit card then it is better to use the one that gives you at least something back. But all the excitement often diverts your attention from much bigger things, like building real wealth and looking for real opportunities that can change your life. Not some monkey stuff that you get only if you spend 10 times more. People who are after Discover Card rewards or those from others, remind me small children that make their parents to spend a lot of cash to get some silly junk in places like Chuck E. Cheese when you can buy the same garbage in your local Walmart instead, for a fraction of what you waste in Chuck the Schmuck. I certainly understand that kids are having fun, but you get my point, no?
Then there are Discover Card fees and interest rates. With the Credit Card Act of 2009 finally kicking in, credit card issuers must use other ways to make money and who can blame them. The standard APR on Discover More Card is between 11.99% and 18.99%. Variable Cash Advance interest rate is cool 23.99%. Default rate on purchases ranges from 16.99% to 23.99%. On cash advance, however, default rate goes as high as 28.99%.
Want more fees on Discover More credit card? There are transfer fees. Both, cash advance which is a form of transfer, and balance transfer fees are 5% of amount you are transferring for each transfer. Finally the late fee is $19 on balances up to $250, and $39 on those that are over $250.
Enough of that unpleasant stuff, let's continue with Discover Card rewards. Discover More currently offers several reward choices. First and probably the most popular is 5% Cash Back Bonus which can be earned on travel, gas, groceries, restaurants and other categories that change by quarter. Here is the schedule,
Jan through Mar 2010 - Travel, capped at $800
Apr through Jun 2010 - Home and Fashion
Jul through Sep 2010 - Gas, Hotels and Movies
Oct through Dec 2010 - Restaurants and Fashion
Secondly, you can get anywhere from 5% to 20% back at shopdiscover.com. The site offers you to shop among 150+ online retailers including Best Buy, HP, Kohl's, Mattel, OfficeMax, Crate & Barrel and so on. You can find some good deals while earning your cash back Discover Card bonus.
Third, you can get up to 1% Cash Back bonus by just using your card. The amount is unlimited and you are getting automatic 1% back on everything you buy. This is one of the most popular Discover Card rewards
Fourth, you can redeem your rewards for gift cards or instant eCertificates from over 100 brand name Discover Partners.
So here we are, I have spent 40 minutes, describing most if not all the woes regarding Discover Card rewards, fees, interest rates, instead of showing you more on how to lower your taxes, explaining what needs to be done to increase credit score by 100 points or educating you about cheap cash advance loans / fees. That is not good, because we need to stay focused on the key things, but then again, once-in-a-while diversion will hopefully help us concentrate down the road.
More on Discover Card,
Debt settlement is successful but Discover keeps status on credit report
Zero percent interest Discover credit card pays for high interest mortgage
Thu Feb 25, 2010 11:02AM | Copyright: www.bad-credit-advisor.com | More in Credit Card Deals | Comments (0)
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