In 1985 Sears introduced a new credit card known as Discover. At the time the Discover Card was introduced, Sears was the largest retailer in the United States and the addition to this payment method would further they’re sales.
Unfortunately, pressure from Wal-Mart and other large retail chains caused Sears to accept Visa and MasterCard in addition to only Discover and in 1993, Sears was forced to sell off the Discover brand. Today, the Discover More Card is one of the most recognizable cash back credit cards available to consumers, and almost everyone knows who Peggy is, the hilarious eastern European customer service rep.
The Discover® More® Card fires on all cylinders for customers, offering a good interest rate, great rewards program and exceptional intro period. Let’s start with the rewards program, which offers consumers cash back on every purchases. For the first $3,000 spent, cardholders will earn a meager 0.25% cash back. After $3,000 is spent annually, 1% cash back is earned on all purchases. Unless of course you are spending in the 5% cash back bonus categories, which change each quarter (and sometimes each month). 5% cash back can be earned on select purchases throughout the year and there is a limit to the amount of cash that can be earned in these categories, which changes from time to time. The 2012 schedule for 5% cash back categories is as follows:
- January – March: Gas & Entertainment
- April – June: Restaurants & Movies
- July – September: Gas, Theme Parks & Movies
- October – December: Holiday Shopping
Equally if not more impressive is the introductory offer the Discover® More® Card provides it’s cardholders. Everyone will receive a 0% intro APR on purchases AND balance transfers for 14 months. The balance transfer fee is 3% and once the intro rate expires, the standard purchase and balance transfer APR becomes 10.99% – 20.99% variable, depending on the applicants credit history. The stronger your credit, the lower your interest rate and vice versa.
Last but not least, the Discover More Card charges no annual fee. In fact, the reason why the Discover Card was so successful back in the 80′s was because it was the only credit card that didn’t charge an annual fee. Using a card for your everyday purchases is a great way to increase the discounts you receive, and doing it with a no-fee credit card is crucial to maximizing rewards.
All in all, the Discover More Card continues to shine and prove itself worthy of being owned by millions of Americans. Even though the cash back categories and intro periods are constantly changing, the core values of high cash back and no annual fee will always attract customers.
My credit score is still not perfect but for the first time in four years, I was able to secure a new credit card. Discover’s credit criteria for the Discover More Card was right in line with my credit so I applied and was approved (Whew). If you’re in need of a new credit card that does everything very very well, consider the Discover® More® Card.