The Discover® More® Card, formerly known as the Discover Platinum Card, is an excellent card for balance transfers and, in my opinion, the best general credit card for consumers. My high regard for Discover is based on two key factors: during the credit crunch in 2009, they were the only major credit card company that didn’t impose massive interest rate increases on their card holders. The second factor is that Discover provides excellent, U.S. based customer service. These two factors have helped Discover rank second among all major credit card companies in J.D. Power’s annual satisfaction survey since its inception.
Who Can Benefit the Most from the Discover® More® Card
The standard Discover® More® Card provides one of the longest 0% rates on balance transfers, currently 15 months*, and charges a low 3%* balance transfer fee. Unlike many other credit cards that offer multiple 0% introductory periods, all applicants who get approved for the Discover® More® Card get the full 15 month balance transfer rate. This feature makes the Discover® More® Card a very good option for people looking to transfer high interest balances from other credit cards.
Once the 0% balance transfer period ends, Discover offers variable rates that range from as low as 11.99% up to 22.99%*. Applicants with better credit get lower rates, as is the case with most credit card offers.
Apart from people looking to transfer balances, all Discover credit cards are a good option for those who want helpful, friendly U.S. based customer service. Anyone who has dealt with the incompetent and oftentimes deceptive reps at the other major companies will appreciate being treated respectfully when dealing with Discover.
The Discover® More® Card is also a decent, though not spectacular card for cash back rewards. The Discover Cash Back Bonus program lets cardholder’s earn 1% cash back on purchases after they spend $3,000 in a year and a 5% cash back bonus in categories that rotate four times a year. This is not the most lucrative cash back program, but it is easy to use.
Who Can Benefit More with a Different Credit Card
The standard Discover® More® Card only comes with a 0% introductory rate on purchases for 6 months, so people who will be taking on new debt may want to consider a different credit card with a longer 0% APR on purchases.
Another issue is acceptance. While Discover is accepted just about everywhere, you may still run into situations where a Visa or MasterCard is needed, especially if you are traveling overseas. Thus, if you don’t currently have a MasterCard or Visa, it might be best to apply for one of those cards in lieu of the Discover® More® Card.
Lastly, if you are a high spender, you may be able to earn more in rewards with a different cash back credit card. For those who spend $10,000 a year or less on their credit cards, the difference in how much you earn in rewards is pretty negligible. But if you spend $30,000 a year on your card, it may be worthwhile to consider other options.
Final Thoughts on the Discover® More® Card
The Discover® More® Card is an excellent card for people who can benefit from 0% balance transfers. While it doesn’t offer the best cash back rewards program for high spenders, it does offer top notch customer service that more than makes up for any of its deficiencies in the rewards department.
For more information and to review the fine print, please see the Discover® More® Card Application.
Note: In addition to the standard Discover® More® Card, Discover is also offering an 18 month* balance transfer card. However, this card only offers a 0% APR on purchases for 6 months*, so it is not ideal for those who need to transfer balances and also intend to make new purchases that won’t be repaid immediately. You can view the details below.