In addition to credit cards, Discover offers customers products within Discover Bank, like deposits and personal, student and home equity loans. Discover emphasizes value, customer service and security and claims to be the only issuer without annual fees on any card. Discover consistently ranks at or near the top among national issuers for credit card customer service. Discover finished a close second to American Express in the J.
Power U. Credit Card Satisfaction Study after taking the top spot in five of the six previous years. The Discover network had just 1 million merchants in but had grown to 50 million accepted locations by Notable Discover benefits include:.
Although you should try not to carry a balance on any credit card, variable APRs on Discover cards tend to compare favorably with current credit card interest rates if you have good or excellent credit. Categories for the third quarter of July-September are restaurants and PayPal. In the fourth quarter October-December , the categories rotate to Amazon. You can use any Discover Miles you earn with the Discover it Miles card to cover travel purchases or Amazon.
In addition, you can convert miles at a rate for cash back as bank account direct deposit. Discover has also announced that your miles can now be used to cover your credit card bill, including the minimum payment.
Unlike a few issuers, Discover will credit your account with your cash back or miles balance rather than forfeit your rewards if your account is closed or unused for 18 months. Account security is a point of emphasis for Discover.
Although credit bureaus like Experian and other credit monitoring services can also search thousands of risky sites for your Social Security Number, Discover is one of the few issuers that provides this deep web account monitoring alert service for free. This means first-time credit cardholders and those with lower credit scores can earn cash back rewards with a first-year bonus to cap it off.
However, the February Nilson Report stated 99 percent of U. Although these common card perks are offered on many major cards, Discover discontinued their purchase protection, extended warranty and auto rental collision insurance features in The card recently became available again. Some Discover cards currently include balance transfer offers, but the term lengths tend to be shorter than the month or month offers available with top balance transfer cards.
The only flat-rate cash back card Discover offers is the Discover it Business Credit Card and its unlimited 1. The Discover it Miles unlimited 1. Discover customers can hold a maximum of two credit card accounts with five authorized users on each. Cardholders can apply for a second card after their existing account has been open for 12 billing cycles. There are several Discover cards available for consumers, and the one you choose should be based on your individual financial needs. Cardholders in the following categories can definitely benefit from Discover cards:.
Discover provides great options for students looking for their first credit card or to build up their credit scores. While Discover does have decent travel card offerings, these travel cards leave some things to be desired in terms of travel protections and perks. Discover does have a credit card dedicated solely to balance transfers. The list of criteria for rating credit cards includes:.
Whether the card offers extras such as retail discounts, extended warranties on purchases, travel insurance and financial management tools. Have questions for our credit cards editors? Feel free to send us an email , find us on Facebook , or Tweet us Bankrate. Every reasonable effort has been made to maintain accurate information.
However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer. I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Personal Finance Credit Cards. What Is Discover Card? Key Takeaways Discover Card is a consumer credit card brand known for its cash-back rewards program and reduced fee structure.
Discover Financial issues its cards directly to its customers without using intermediate bank issuers and thus profits directly from the interest earned on their credit card balances. Given its business model, Discover has an added incentive to encourage its customers to borrow more heavily on their cards than on those of their competitors.
How Does Cash Back Work? Cash back refers to a credit card that refunds a small percentage of money spent on purchases. You can also sign up through cash-back sites and apps. What Are National Issuers? National issuers are credit card companies that issue cards to customers throughout the United States. What Is Mastercard? A Mastercard is any electronic payment card that uses the Mastercard network for processing transaction communications.
What Is an Affinity Card? Offered through banks, affinity cards tied to nonprofit and charitable organizations can create a passive stream of donations. How Credit Cards Work Issued by a financial company giving the holder an option to borrow funds, credit cards charge interest and are primarily used for short-term financing.
We provide banking and credit products that help people achieve their goals—from establishing good credit, to paying for a college education to consolidating debt. In payments, our networks connect banks, cardmembers and merchants around the world with innovative commerce solutions.
Our mission is to help people spend smarter, manage debt better and save more so they achieve a brighter financial future. Learn more. We provide competitive paying jobs to customer service representatives who have a stake in the success of our business and the care of our customers.
Discover believes in being a good corporate citizen, particularly in communities where our employees live and work. Being here with you makes a difference.
Laney in New Albany. Alfredo in Phoenix. Test marketing continues in Atlanta and San Diego prior to the national rollout. Discover Card Services, Inc. On Dec. The Card product described above is no longer available. Go to Discover. Greenwood Trust Company, incorporated in , is acquired by Discover in The Miles Card by Discover card allows redemption with as little as 2, miles for non-flight reward options.
Discover offers the option for paperless statements to minimize the impact on the environment and reduce clutter for customers. The resolution of the U. Department of Justice lawsuit against Visa and MasterCard for anticompetitive practices clears the way for financial institutions to issue cards on competing networks.
This acquisition enables PULSE and its more than 4, member banks, credit unions and savings institutions to join with the Discover Network and its 4 million merchant and cash access locations. This transaction marks the beginning of a strategic alliance between China UnionPay and Discover Financial Services for reciprocal card acceptance. On Feb. Discover Financial Services announces on Aug.
The Discover Business Card offers a single payment solution for small business owners. During a fourth quarter earnings report on Dec. Mack announces that Morgan Stanley would spin off Discover Financial Services into an independent publicly traded company in the third quarter of On March 13, , Discover announces the launch of the Discover Motiva card, the credit card that gives cardmembers cash rewards for making six on-time monthly payments in a row.
The Discover More Card is designed for consumers who use credit in many different categories and provides them with more ways to earn cash back on their purchases. The acquisition of Diners Club International in July puts Discover on the path to global acceptance. The integration of networks allows Discover cardholders to use their cards globally on the Diners Club network. Established in , Diners Club International is credited with creating the first multipurpose charge card in the world.
Discover sought damages for imposing rules that prohibited member banks from issuing credit and debit cards over Discover Network. Discover introduces Spend Analyzer, an innovative, easy-to-use online tool that provides cardmembers with a visual representation of their Discover card purchases for the past 24 months.
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