Discover is a popular credit card brand offered primarily in the US. It was first introduced by Sears in 1975. When introduced, Discover didn't charge an annual fee and offered a fairly high-than-average credit line, disruptive enough to the established credit card market.
Today Discover cards are used by most people. They tend to be quite similar to Visa and MasterCard but with a slightly different logo. These cards usually have no annual fees, except for the convenience and reward programs. Discover cards come with cash back rewards. This is a great incentive for using the card as cash back rewards accumulate.
Another common use of Discover cards is as rewards for making purchases. These purchases will be made in the form of a percentage off. If the purchase qualifies for rewards then this will earn the card user a point. The points can then be redeemed for merchandise at retailers like Best Buy and CVS. If a card holder finds the store the card has been applied to is sold, the card holder may be able to trade in their cards to qualify for better rewards at other stores.
Other cards include: Double Card, Premier Reward Credit Card, and Platinum Card. The Platinum Card is the highest-end card available and earns double points for every dollar spent. These double-points earned are applied to airline miles and hotel stays. Most cards also have rewards programs, which include dining, travel, gasoline, home improvement, cash back, and gas station rebates.
Some cards will offer the ability to transfer balances from another card. This is often done through a debit card balance transfer card. A Discover card owner can also choose to add funds to their account with an online bank account. Often a card holder will have a small balance at a bank account and spend a significant amount each month then will decide to transfer their balance to a Discover card. When transferring the balance, the credit cardholder may pay more than they owe when opening the account.
There are other types of cards available such as the Business Cards which may offer rewards in addition to cash back. and savings. These cards can also be used to pay bills, apply for financing, or deposit cash into their account.
These cards are not for everybody, as some credit card holders are less likely to be approved than others. Many credit card companies require applicants to have a high credit score. This score is calculated based on the applicant's payment history, any outstanding debt, and their financial information such as income and debt to income ratio.
It is important to realize that many credit cards will offer more benefits, and rewards than cards without the Discover name. on it. This makes these cards an attractive choice for people who are looking for a card that has a large reward program but who do not need a card holder to pay off all of their credit card debt each month.