Discover IT Cash Back Credit Card Review (2019)
This is a review of the Discover IT Cash Back credit card. It is not one of the many new credit cards in 2019, but it has been around for years and it is still going strong. I would like to highlight from the start that the Discover IT is a good credit card, but it is not as good as other online articles and forums are making it out to be. I am not saying it is a bad card, I am just saying that you should lower your expectations a little otherwise you may be disappointed
Discover IT Cash Back Credit Card Summary
The Discover IT is not the sort of card you should get if you have a high credit rating because their target market is people who have an average credit rating or a less developed credit profile. As a result, your high credit score will not buy you a good amount of credit, nor will it buy you a great APR rate. However, the cash-back perks with this card are on par with their main competitors, the starter APR rate of 0% is okay, and it lasts for 14 months, and there are no foreign transaction fees, but we wouldn’t recommend using this credit card overseas because you are not going to get much money for your dollar because the conversion rate with credit cards is terrible. You get more for your money if you convert with the market rate using Transferwise or CurrencyFair. Discover IT cash back card review covers the good and bad in as eeven handed way as possible.
Discover IT Cash Back Credit Card Vital Statistics
5% Cash Back On Rotating Categories – They have a cash-back calendar that tells you which categories are currently eligible for a 5% cash-back bonus. Categories range from spending money in restaurants to spending money on Amazon. There is a limit of $1500, after which you only get 1% cash back. Do not forget that you have to sign up for the rewards program in order to earn and redeem the points required for cash back credit on your statement.
Unlimited 1% Cash Back On Purchases – You get 1% of your purchase amount back so long as your purchase doesn’t count as a cash advance. The cash back doesn’t count for balance transfers either. There is no limit on the 1% cash back, whereas there is a $1500 purchase amount limit on the 5% cash back deal.
Cash Back Match At The End Of The Year – One of the things that pushes the Discover IT Cash Back Credit Card to the top is their cash-back match function where you earn cash back for the year, and at the end of the year they match the amount you got for cash back and credit it to your next two statements. There is no limit to how much they will match at the end of 12 consecutive months.
Your Cash Back Points Do Not Expire – If you do not claim your cash back, then it will be given to you when your account closes, or the cash back will be credited to your account statement if your account goes dormant for 18 months.
There Is No Annual Fee – There are no maintenance fees, monthly fees or annual fees besides the APR interest that they charge you for the money you have borrowed.
APR Starts At 14.24% – If you have an excellent credit rating, then you may go the 14.24% APR, but most people receive the 25.24% APR, and some people even have to pay the 29.99% APR.
0% APR For The First 14 Months – There is no interest on your purchases and your balance transfers for the first 14 months after opening your account and activating your card. It is a fairly standard offer, whereas most only offer 12 months whereas this card offers 14 months. There is a 3% fee for each balance transfer you transact.
US Based Customer Service – The fact that Discovery has a US-based call center is great news, especially if you are tired of poor quality customer support such as what you get with Chase. Discovery also allows you to see your FICO score for free too, which is becoming a fairly common thing for US and UK credit card companies to do. Just make sure you do not end up signing up for a free trial that ends with a paid subscription. The free-turning-to-paid subscription trick is what Equifax and Experian and TransUnion.
Discover IT Cash Back Credit Card – Pros
I have read a lot of forums where people tout the merits of Discover IT over other cards with cash-back deals, but the Discover IT is not that different from other cards. It has 5% cash back on rotating categories, which is similar to other cards such as Chase Freedom, and there is a limit on how much you can spend in order to redeem your cash back. It may not be as original and fantastic as online commenters say, but it is still a fair offer. Plus, you get 1% back on any other purchases.
The 0% no APR for the first 14 months is also a reasonably good offer when compared to many others, and it works with balance transfers too, which is handy for people who like to switch their debt around to save on interest. It is true that there is a 3% balance transfer fee, but that is fairly standard these days.
There is no annual fee, your cash-back points do not expire, your credit card can be replaced overnight for free, and the Discover rewards system also means you may spend some of your cash-back points at Amazon instead of redeeming them as statement credit (i.e. cash back).
Discover IT Cash Back Credit Card – Cons
Customer service is encouraged not to side with you when dealing with merchant disputes. You have probably heard that Discover cards are not accepted very widely. This is not true these days, but Discover doesn’t want to rock the boat, so their customer support agents are encouraged to side with merchants when there is a dispute. As a result, only the worst rip-off merchants will suffer. In some cases, getting Discover to refund your money from a poor quality merchant is difficult because the customer support are taught to blame the customer.
They draw you in with a low APR rate, they have you go through the whole application process, they tell you that you have been approved, they send over the terms and conditions, and then just before you sign up, they tell you that your rate is something higher than the rate you saw originally. For example, the number 14.24% APR is present on most of the sign-up screens, but the rate you actually get is 25.24%.
There are still places that will not accept Discover for a bunch of reasons. One of the more worrying elements is that some cryptocurrency dealers and exchanges will not accept Discover, which is not very encouraging given the cryptocurrency is the future. If you hear about something called a prime rate, it is just their terms and conditions that says they can raise your APR interest rate to as much as 29.99% whenever they wish.
Discover IT Cash Back Credit Card Fees And Numbers
Credit Card APR is between 14.24% and 25.24%, but may rise to 29.99%
APR for Balance Transfers is 0% intro for 14 months, rising to between 14.24% and 25.24%, but may rise to 29.99%
APR for Cash Advances is 27.24%, but may rise to 29.99%
Penalty APR does not exist, but the company reserves the right to raise your APR rate
Balance Transfer Fee is 3% of the amount you transfer
Cash Advance Fee is 5% with a minimum of $10.00
Late Payment Fee is up to $37 per incident
Incur One Late Payment for free without having to pay a fee
Returned Payment is up to £37 per returned payment
Lines Of Credit start at a minimum of $500
Should You Get The Discover IT Cash Back Card?
Do not believe a lot of what you read online because most credit card articles are paid for by affiliate advertising where one credit card is pushed over all the others because that particular credit card pays more affiliate fees to the website owner. I have seen quite a few websites and forums where they say that the Discover IT Cash Back Credit Card is better than others because of its 5% rotating categories cash back scheme, but there are others out there just like it.
Besides the 5% cash back and 1% cash back, there are a few reasons why you should try this card. The cash back points do not expire in any way, and Discover will match your cash-back amounts at the end of each year if your account is in good standing. In addition, the 14 month introductory period for both purchases and balance transfers is rather good.
If you have a good or excellent credit score, then you may like to shop around because this card is not going to give you a good APR. The company is fighting for the “In debt” and “Almost in trouble” crowd, which means people with a good or excellent credit rating do not get nearly as much as other credit cards are willing to offer. Also, it is annoying that cards like this one ask that you sign up for rewards schemes and activate rewards rather than just giving them to you. Never the less, if you have an okay to good credit rating and you want a card that gives you cash back, then this is a worthy candidate for your custom.