We’re all looking for the best ways we can use our credit cards and one way to help is to find the card that best fits our needs. Here’s a card that could help with your spending habits – the Discover More Card with a $75 $50 cash back bonus.
Note: The Discover More Card with Cash Back Bonus has expired. Take a look at our Discover More Card review to see the features of the non-cash-back bonus version.
Here are the features:
- Get $50 Cashback Bonus when you make $250 in purchases within 3 months
- 0% intro APR on balance transfers for 12 months, then the variable APR of 11.99% – 20.99%
- 0% intro APR on purchases for 6 months, then the variable APR of 11.99% – 20.99%
- 5% Cashback Bonus® in categories that change like travel, gas, groceries, restaurants, home improvement stores and more
- Up to 1% unlimited Cashback Bonus on all other purchases
- No Annual Fee
Let’s break this down:
If you have a credit card balance on another card and aren’t happy with the card, here’s an opportunity to transfer your balance to a card with 0% APR for 12 months. With 0% you can really attack the principal without compounding your interest owed. Just be aware of the 12 month limit and make sure the transfer is worth the balance transfer fee (there is an initial fee of 3% to transfer though the balance will not have interest for 12 months).
If you know you will be making a big purchase, the Discover More card can be good since you are getting 0% APR on new purchases for six months. Keep in mind though that after six months interest will start. Consider this against some retail cards where if you don’t pay in full you are charged interest back to the purchase date.
A $75 $50 (updated 04-02-11) bonus is pretty cool. You do have to make $250 in purchases within three months though. If you don’t use a credit card often and don’t think you will make it to $250 then this incentive doesn’t help you. But if you know you have a big purchase coming up (remember 0% APR for six months) or know you will make the $250 threshold, then getting $50 back is nice. Use your credit wisely and that’s free money!
I’m always using one of my cards over another because I can earn points on it (we pay our balance in full so the points are a real bonus for us). Cash back is an alternative to points that’s pretty useful since you don’t have to figure out what to turn your points in for. Getting up 5% cash back, depending on the category, can add up quickly!
No annual fee is pretty self-explanatory. Used to be you could reasonably expect to get a no annual fee card if you had decent credit. But these days credit card companies are tightening up and I think you will see more annual fee cards on the market. That the Discover More Card with $50 cash back doesn’t have an annual fee is pretty cool.
Should you sign up for the Discover More Card with Cashback Bonus?
Don’t just sign up for another card if all you want is the bonus. Remember every line of credit opened affects your credit score so you need to be careful. But if you are looking for a new card that fits the features of the Discover More Card then you should really give it a look. It could provide some nice perks for you.
Sign up for the Discover® More Card – $50 Cashback Bonus.
* Always make sure you read and understand the terms of any credit card before you sign up. Be aware that the terms may change after this article’s publication.
That looks like an unbelievable offer from a credit card company. Although I’m sure the regular APR is fairly high and they’re counting on you not paying off your balance in 6 months and your transfer in 12. Do they have a rewards claim fee?
I don’t recall seeing a rewards claim fee but to be careful I would suggest reading through their offer.
Their regular APR is of course higher. A credit card holder does need to understand the time frame and understand the fact that the rate will go up. Their credit score will help determine what the actual APR will be once the initial APR expires.
This card does sound a little too good to be true. It is good advice to not rush out to get this card if all you are interested in is the bonus or the opportunity to “earn back” $75. Be careful about how many credit cards you sign on for.
Yes, you can’t go chasing bonuses in credit card offers. But if you are already in the market for one then compare away and see what’s best for you.
Greg McFarlane says
15% cash back? Even for only for the first 3 months?
It does sound like a lot, but the average cardholder is probably worth hundreds of dollars a year to Discover. This is just a discount to get your business. Look at the transaction from the other party’s (i.e., Discover’s) perspective.
BUT…Discover buries something in the fine print. This isn’t the standard 1% cash back Discover card we’re familiar with. Instead, with Discover More you get a stinking 1/4% on your first $3000, 1% after that. What’s worse, the $3000 resets to zero every year.
So comparing the traditional Discover to Discover More, if you spend $3000 a year, you get $30 with the former, $82.50 with the latter. Do the same thing the following year, and the numbers are $30 and $7.50 respectively.
Look, I had a Discover card for years. I only gave it up because it was useless outside the U.S. and I found an American Express no-fee one co-branded with a company I patronize all the time anyway. Discover’s 1% is a huge incentive, especially since neither Visa, MasterCard nor AmEx offers it. But if you’re beholden to Discover, this new gimmicky card ends up not being as good as the standard Discover card after a couple of years. Good thing it’s for new customers only.
Hmm, I guess you have to look at your credit card use and your time frame as well and see if the terms are worth it.