Discover it® chrome — New! Double Cash Back Your First Year
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When the Discover it card hit the scene, it made waves with hype from their marketing campaign, with a high 5% cash back on special rotating categories. They've just released the Discover it® chrome. Let's take a look at what new benefits they're offering.
How This Card Works
Unlike the original Discover it card with rotating categories, the Discover it chrome offers 2% cash back at gas stations and restaurants (up to $1,000 combined each quarter, no sign-ups needed). All other purchases earn 1% cash back. As an exclusive bonus for new cardmembers, all the cash back you've earned is automatically doubled at the end of your first year.
This card also offers a 12 month 0% introductory APR on balance transfers and purchases. A 3% fee applies to each transferred balance. There are no foreign transaction fees and no annual fee.
The company has long been ranked highly for customer service, promoting the fact that a real person will answer your call in seconds. You'll also get your recent FICO credit scores for free on your monthly statements and online.
Discover also offers a new Freeze ItSM feature which allows you to prevent new prevent new purchases, cash advances and balance transfers in seconds if you feel your card has been compromised.
After the 12 month promotional period, if you carry a balance, your APR will be between 10.99% and 22.99%, depending on your credit score. Additionally, if you decide to transfer a balance, you will pay a 3% fee. This is charged even if you are transferring a balance during the 0% APR introductory period.
There is no penalty APR, no late fee for your first late payment, no foreign transaction fee, and no annual fee.
First Year Bonus: New cardmembers get double the rewards you've earned at the end of your first year.
No Rotating Categories: You know exactly what the bonus categories are. They don't change each quarter, nor do you need to sign up to receive the bonus rewards.
0% Intro APR: Get 12 months of 0% Introductory APR for balance transfers and purchases.
Fees: You won't get hit with a late fee the first time you make a late payment. You won't get bumped to a higher APR even if you do pay late. There are no foreign transaction fees nor annual fees.
Rewards Redemption: Unlike other cards that require a certain amount before you can cash out your rewards, you can redeem your rewards for cash at any time, at any amount.
Credit Protection: You get a your recent FICO Credit Scores for free on your monthly statements and online. You can also quickly freeze or unfreeze your account through their website and mobile app.
There are only two bonus categories and the bonus rewards is limited to $1,000 in combined gas and restaurant purchases each quarter. The APR can be as high as 22.99%, so those with fair to low credit who plan on keeping a balance should look for low interest credit cards instead. Discover also isn't as widely accepted as other card issuers.
Who This Card Is Best For
Like many cash back credit cards, the Discover it chrome card is ideal for those who want to earn money on their regular spending, specifically for spending on gas and restaurants.
Because this card comes with a generous 0% APR, it can be ideal for those who are trying to pay down debt by consolidating balances via 0% balance transfer offers. As with most rewards credit cards, Discover it chrome works best when you pay off your balance each month (at least after the introductory period is over) so that the interest you pay doesn't offset your cash back earnings.
For those looking for a reasonable, straightforward cash rewards program — and if you travel overseas and want to avoid transaction fees — the Discover it chrome card is well worth carrying.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any bank, card issuer, airline or hotel chain.