Review of the Discover it™ Credit Card

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The recently launched Discover it™, has a lot of great features. This is definitely a step up from the old Discover More card, which is no longer offered. And for good reason, because the Discover it is equal or better in every aspect. The most noticeable difference is the rewards program. The 5% cash back in rotating categories is unchanged, but now you get 1% on all other purchases. This is better than the Discover More card tiered rewards program, where you were earning less than 1% per dollar spent, until you reached $3,000 in purchases. I really like this change, as they have not only increased the cash back, but it is also much simpler. Now it is no longer necessary to try and reach $3,000 in purchases, by only using the rotating categories, in order to avoid the lower cash back on all other purchases.

There are no limits on the 1% cash back earnings, however the 5% cash back in rotating categories does have a quarterly limit. The maximum cash back amount varies, but it usually allows up to $1,500 in purchases per quarter. The rewards can be redeemed for statement credit or as a direct deposit. It is also possible to get a little more out of the cash back, when redeeming for partner gift cards. You have a selection of over a 100 merchants and those gift cards are all sold at a discount, which can range from 10% to as high as 50%.

Less Fees

Discover has done a lot to try and make the card holders experience as pleasant as possible. Every time you contact customer service, you can be assured it is U.S. Based. They are also going to be a lot more understanding when it comes to the fees and interest rates. They understand you may end up forgetting a payment, but there will be no late fee for your first late payment. You may never need this feature, because making the payments on time are going to be easier to accomplish. Now you can pay the credit card bill up until midnight (ET) on the due date, by phone or online. Other fees you will never see again are foreign transactions fees and overlimit fees.

The introductory rates for both purchases and balance transfers are excellent. You get 0% APR for the first 14 months in both instances, although you will be charged the standard 3% balance transfer fee. Considering the length of the introductory rates, it is still going to be worth transferring balances from other credit cards. The standard APR after the 14 months can be anywhere from 10.99% – 19.99% depending on your creditworthiness.

You can also choose to get the Discover it™ with an 18 months introductory period for balance transfers, but then the introductory period for purchases is only 6 months. That card can be found here, and the only difference between the two cards is the intro period.

Every Discover card holder get access to ShopDiscover, which provides additional cash back for online purchases, in addition to your credit card cash back. There are many of these cash back sites available for anyone to use, but ShopDiscover occasionally offer some very high percentages, that no other site can compete with.

Conclusion

The increase in the cash back percentage for other purchases was long overdue. This increase and the elimination of fees has effectively made the Discover it™ card one of the best credit cards on the market, for anyone who only wants to carry one card in the wallet. I do think it is a shame they are not currently offering the Discover open road card and Escape by Discover. Being able to choose a card where the cash back is higher on gas or for the frequent traveler to earn double miles on all purchases, is going to be missed by many.

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