- No annual fee
- Generous bonus offer for qualifying cardholders
- Promotional 0% APR for 14 months
- Rotating bonus categories confuse some cardholders
- Initial credit line might be as low as $500
Application Process: Apply online for a near-instant decision, or call (800) 347-0264. You typically need credit in the good to excellent range to get approved, so take some time to fix your FICO if you aren’t quite there yet.
Fees: Cardholders appreciate that this Discover card has no annual fee and no monthly maintenance fee. Balance transfers carry a 3% fee per transfer, and cash advances cost $10 or 5% of each cash advance amount, whichever is greater.
Discover kindly waives your first late payment fee. After that, expect to shell out $37 for late payments. There’s also a $37 fee for returned payments.
APR: Enjoy a 0% Intro APR for 14 months on purchases and balance transfers. After that, your rate jumps to a 13.49% to 24.49% Standard Variable Purchase APR.
Cash advances have a 26.49% APR.
Rewards: Reward amounts vary with this Discover card, but you’ll always earn at least 1% cash back on qualifying purchases. Each quarter, there are rotating categories that reward you with 5% cash back for eligible purchases.
Bonus Offers: If you have multiple credit cards, you may want to focus on this one for your first year. Discover matches all cash-back rewards from your first 12 months as a cardholder.
- Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate
- Earn unlimited 1% cash back on all other purchases – automatically
- INTRO OFFER: Discover will match ALL the cash back earned at the end of your first year, automatically
- Redeem cash back any amount, any time, and rewards never expire
- Use your rewards at Amazon.com checkout
- Receive FREE Social Security number alerts—Discover will monitor thousands of risky websites when you sign up
- No annual fee