Discover it® Miles Credit Card Review

Welcome to our in-depth review of the Discover it® Miles Credit Card. This card is a compelling option for those who love to travel and prefer a straightforward, easy-to-understand rewards structure. With a generous miles earning rate and an impressive first-year match program, the Discover it® Miles Credit Card offers significant value to cardholders. In this review, we will explore various aspects of this card, including its key features, benefits, pros and cons, and more.

Discover it® Miles Credit Card Review

The Discover it® Miles Credit Card is designed for travelers who want to earn rewards on every purchase without the hassle of tracking complicated bonus categories. Its primary selling point is the 1.5x miles earned on every dollar spent, coupled with Discover’s unique first-year matching program, which effectively doubles your rewards for the first 12 months.

Key Features

– Earning Rate: 1.5x miles on every dollar spent.
– First-Year Match: Discover will automatically match all the miles you’ve earned at the end of your first year.
– Intro APR: 0% Intro APR for 14 months on purchases and 15 months on balance transfers.
– Variable APR: 17.24% – 28.24%.
– Annual Fee: $0.
– Foreign Transaction Fees: None.
– Credit Score Required: Good to Excellent (670-799).
Let’s dive deeper into what makes the Discover it® Miles Credit Card stand out and why it might be the right choice for you.

Discover it® Miles Credit Card Key Takeaways

Choosing the right credit card can be a daunting task, but understanding the key takeaways of the Discover it® Miles Credit Card can help you make an informed decision.
1. Generous Rewards Structure: Earn 1.5x miles on every dollar spent, making it easy to accumulate rewards quickly.
2. First-Year Match Program: At the end of your first year, Discover will match all the miles you’ve earned, effectively doubling your rewards.
3. No Annual Fee: Enjoy all the benefits without having to pay an annual fee.
4. Introductory APR: Benefit from a 0% Intro APR for 14 months on purchases and 15 months on balance transfers, making it a great option for those looking to pay down existing debt or finance a large purchase.
5. Flexible Redemption Options: Redeem your miles as statement credits towards travel purchases or for cash back.
6. No Foreign Transaction Fees: Use your card abroad without worrying about additional fees.
7. Good to Excellent Credit Required: This card is best suited for individuals with a credit score ranging from 670 to 799.

Discover it® Miles Credit Card Pros and Cons

Understanding the pros and cons of the Discover it® Miles Credit Card can help you determine if it aligns with your financial goals and lifestyle.

Pros

1. No Annual Fee: Enjoy the benefits of the card without any annual fee.
2. Unlimited Match for Miles in the First Year: Discover will automatically match all the miles you’ve earned in your first year, doubling your rewards.
3. Introductory APR: Benefit from a 0% Intro APR for 14 months on purchases and 15 months on balance transfers.
4. Flexible Redemption Options: Redeem your miles for travel purchases or cash back.
5. No Foreign Transaction Fees: Use your card abroad without incurring additional fees.
6. Payment Flexibility: Flexible payment options and no penalty fees for the first late payment.
7. Fraud Protection: Enhanced security features to protect your account from fraud.

Cons

1. Limited International Acceptance: Discover cards may not be as widely accepted internationally compared to Visa or Mastercard.
2. Relatively High Credit Score Required: A good to excellent credit score is needed to qualify for this card.
3. High Variable APR: After the introductory period, the APR can range from 17.24% to 28.24%, which is relatively high.
4. Balance Transfer Fees: A 3% intro fee on balances transferred by June 10, 2024, and up to 5% fee for future balance transfers will apply.
5. Cash Advance Fees: Either $10 or 5% of the amount of each cash advance, whichever is greater.

Discover it® Miles Credit Card Benefits

The Discover it® Miles Credit Card comes with a variety of benefits that can enhance your travel experiences and provide peace of mind.

Rewards Program

The core feature of the Discover it® Miles Credit Card is its rewards program. Cardholders earn 1.5x miles on every dollar spent, with no caps or restrictions. This makes it easy to accumulate rewards on everyday purchases, from groceries to gas to dining out. At the end of your first year, Discover will automatically match all the miles you’ve earned, effectively doubling your rewards. For example, if you earn 35,000 miles throughout the year, Discover will match it and increase your rewards balance to 70,000 miles.

Redemption Options

One of the standout features of the Discover it® Miles Credit Card is its flexible redemption options. You can redeem your miles as statement credits towards travel purchases, such as airline tickets, hotel stays, car rentals, and more. Additionally, you have the option to redeem your miles for cash back, which can be deposited directly into your bank account or applied as a statement credit.

Introductory APR

The Discover it® Miles Credit Card offers a 0% Intro APR for 14 months on purchases and 15 months on balance transfers. This is an attractive feature for those looking to finance a large purchase or pay down existing debt without incurring interest charges. After the introductory period, the APR will range from 17.24% to 28.24% variable.

No Annual Fee

One of the most appealing aspects of the Discover it® Miles Credit Card is that it comes with no annual fee. This means you can enjoy all the benefits and rewards without having to worry about an annual cost.

No Foreign Transaction Fees

For frequent travelers, the absence of foreign transaction fees is a significant benefit. You can use your Discover it® Miles Credit Card abroad without incurring additional charges, making it an excellent choice for international travel.

Payment Flexibility

The Discover it® Miles Credit Card offers flexible payment options, allowing you to manage your finances more effectively. Additionally, there are no penalty fees for the first late payment, providing some leniency if you miss a payment deadline.

Fraud Protection

Discover provides robust fraud protection features to safeguard your account. You can rest assured that your card is protected against unauthorized transactions, giving you peace of mind when making purchases.

Purchase Protection

The Discover it® Miles Credit Card also offers purchase protection, which can cover eligible purchases against damage or theft for a specified period. This is a valuable benefit for those who want added security when making significant purchases.

Travel Benefits

In addition to earning miles on every purchase, the Discover it® Miles Credit Card offers various travel benefits. These include travel accident insurance, rental car insurance, and access to travel assistance services. These benefits can enhance your travel experience and provide added protection during your trips.

Conclusion

The Discover it® Miles Credit Card is a fantastic option for travelers and everyday spenders alike. With a straightforward rewards structure, generous first-year match program, and a host of valuable benefits, this card offers significant value without the burden of an annual fee. The 0% Intro APR for 14 months on purchases and 15 months on balance transfers adds further appeal, making it an excellent choice for those looking to finance large purchases or pay down existing debt.
However, it’s essential to consider the cons, such as the limited international acceptance and relatively high credit score requirement. Additionally, the high variable APR after the introductory period and the fees for balance transfers and cash advances are factors to keep in mind.
Overall, the Discover it® Miles Credit Card is well-suited for individuals with good to excellent credit who want to earn rewards on every purchase and enjoy travel-related benefits. If you fall into this category, this card could be a valuable addition to your wallet, offering flexibility, rewards, and peace of mind.
Before applying, it’s always a good idea to review your financial situation and consider how the card’s features align with your spending habits and financial goals. If the Discover it® Miles Credit Card meets your needs, it could be a powerful tool to help you earn rewards and enhance your travel experiences.
Thank you for reading our comprehensive review of the Discover it® Miles Credit Card. We hope this information has been helpful in your decision-making process. If you have any questions or would like to share your experiences with this card, please feel free to leave a comment below.