Discover introduces a new credit card: Discover it® Miles
Discover joined the credit card issuers who offer their customers miles rewards, which are not associated with any airline, by launching a new card called Discover it® Miles.
Although this card is billed as travel credit card and it allows you to earn miles, it can be used as traditional cash back credit card and similar to other Discover cards. The Discover it® Miles will allow you to earn 1.5 miles (or 1.5% cash back) on everything. In addition, all earned miles will be matched at the end of the first year of card membership (only for new cardmembers).
So, Discover actually gives you the opportunity to earn 3% cash back on all first year purchases. In addition, the Discover it Miles card comes with a 14-month interest-free promotional financing on new purchases (when the introductory interest rate is over, the ongoing APR will apply) and with a low introductory APR on balance transfers. Balance transfers, as well as cash advances, won’t earn rewards though.
Earned miles can be redeemed for travel statement credits toward travel expenses made within the last 180 days or for cash back deposited to your bank account. Travel purchases include airline tickets, hotel rooms, car rentals, travel agents, online travel sites, and commuter transportation.
You can start redeeming once you have at least one mile earned. When you redeem for cash back, the redemption rate will be the same: 1 mile = 1 cent.
So, even though the card is called travel rewards credit card, it is in fact a 1.5% cash back credit card with 3% cash back in the first year.
As it was mentioned above, the Discover it® Miles card is similar to other Discover it cards which means there is no annual fee, no late fee on your first late payment, no foreign transaction fee and no pay-by-phone fee. The free FICO credit score will also be provided automatically each month.
If you love cash bask, you will love this card. The Discover it® Miles card is already available to new customers. The existing Discover cardholders will be able to convert their cards to Discover it® Miles later this year.
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