Jul 3, 2009

New Discover Card

You know all those pre-approved credit card offers they send in the mail? Well, I fell for one. I’ve been wanting to get a cash-back card for awhile, and Discover sent me an offer I just couldn’t refuse! I get up to $200 in bonus cash back, basically just for using the card during the first year I buy it. I have to spend $500 in the first three months and make at least one purchase a month for the next 10 months. This will be absolutely no problem because of all the trips I’ll be taking this summer. It’s money I’ll be spending anyway, and I’ll get some cash back for it! It’s pretty much the perfect time for me to take the plunge. My new card came in the mail today, and it's activated and ready to go! Do any of you have a Discover cash back card? Are you happy with it?


HighClassLowIncome said...

I have a Discover cash back card, unfortunately I've racked up a balance so until I pay this off, I don't want to add more to my revolving balance. They do have some good deals though, like some months they offer 5% back on different categories. I personally wish they had an automatic payment option.

The Executioner said...

Discover gives 5% cash back on selected categories, up to a certain amount. For example, from July - Sept they are giving 5% back on gasoline and a few other categories. But there is a catch. You only get it for the first $300 on purchases in those categories. And 5% of $300 is only 15 bucks. It is better than nothing, but it won't make you rich. For all other categories, Discover doesn't pay a very good rate...some fraction of 1% until you spend at least X dollars a year, at which point they bump it up a bit more. If you do a lot of spending on credit cards, you'd probably do better finding a card which pays 1-2% on all purchases, and use that for your primary spending. Then, if you happen to be buying something which falls into Discover's 5% cash back category, go ahead and use the Discover until you've purchased $300 (or whatever the limit is), and go back to your other card afterward. Make sense?