Explore the Discover: Your Best Credit Card Deal

So, you are probably in an urgent need for quick money. Applying for a credit card, especially by the form of instant application, seems to be useful. But what you can find as your future credit card? Here one of the recent credit offers of the Discover is read out for you. It's just called "the Discover Card".

From the very first moment this cash back credit card looks as if it has almost two different ways of usage. The first way will lead you to increasing benefits rates, the second - to the debt hole... So, let's discuss them one by one.

The given consumer credit card has rewards mostly on the basis of Cash back Bonus. They call it the "Get More" program - you earn 5% cash back during all the year. Together with other benefits (like 1% on all other purchases if their annual expense is more than 3,000$), your purchases seem to bring the joy. But don't forget that even if you are fit for getting high bonus percents they can work only in some debt diapason. I may give one more example. Want to have 0,5% cash back on the purchases? They will give it to you - when your total amount exceeds 1,500$. Though be careful - in fact you may make a one-time purchase of 5000$ or more - but you will get your cash back only within the first 1,5 thousand. The same can be told about specialized purchases in different warehouse clubs and discount stores - you need firstly to sign up for the program every three months, because they change the promotion, but it takes only seconds. And after that you get your 0,25% on these purchases.

Of course the card doesn't have any annual fee, its 25-days grace period is reasonable, though a bit short, and it has 0% introductory APR until November 2008. Balance Transfer is 0% till the same month, but it can be done really only until February 1, 2008. And here begin your possible difficulties.

In fact this card, despite its "money-giving-force", may be the tool of your financial decline. I don't mean something inevitable. But the credit card as any coin has two sides. Let's look closer. So - the card issuer, depending on the situation, may charge you with enough amounts of fees and rates. Among them I can mention almost 23% on cash advances, default rate up to 30% (and probably even more). Usual APR will strongly vary, beginning with some 11% and ending with any possible rate, though it's usual maximum claimed as 18,99%. The company will compute Your factual rate on the basis of your credit score.

Want a balance transfer offer? Take into account its time condition, because after initial period the transfer rate will be the standard APR. And also do not forget about 3% of balance transfer fee, 3% advance cash fee and other fees, which are charged after late payments.

Thus I may advise these credit cards, for those who can repay - it will be useful. Otherwise, think twice. As far as I can understand the very idea, this credit offer is suitable especially for promotional purchases - as at that time this card works appreciably at full bonus power. You can easily apply online for the card - it will be processed in 30 days.