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| Photo Credit: Alin S |
The
Discover
IT®
credit card is a revolutionary product for individuals with excellent
credit scores. So, if you are one then you must read what is given
below. It may be nice to go for this product even when you have
“good” credit score and you are able to pay back the money on
time. But, if you are none, then better skip the pain.
Discover
IT® Credit Card – The review
If
you are a regular reader of newspapers, you must have heard about the
Discover
IT®
card. But, the small advertisement in the newspaper, may not tell
details about this product. Let's discuss the pros and cons of this
product in detail.
Benefits
There
are many benefits of this product like no annual charge, no over
limit penalty, no pay-by phone fees, no penal interest rate for late
payment etc. Such features are revolutionary for the credit card
parties. No wonder if this card can be termed as “fee-free card”.
Discover
IT®Credit Card comes with excellent promotional rates. On the first It
card, one can get a NIL interest rate for almost 14 months if you do
a balance transfer to this card from another card. For the second
Discover It credit card, this can be as high as 18 months.
This
card also has great cash back scheme. For some categories, it can be
as high as 5%, but 1% cash back is normally available for all
purchases.
There
is also one college Discover
IT®
Credit Card variant, with benefits and features much better than the
other similar cards for college students. The final and the best
benefit of the Discover
IT®
Credit Card are the great customer service. When you call them, there
is always a live representative to talk to you. It is not like other
companies, which make you pass through the pick and choose automated
options and long commercials. This can sometimes be very irritating
if someone has lost his card and he is made to listen to commercials
for 5 minutes.
There
are many other such benefits, but let us cut the discussion on
benefits short and discuss some of the negatives.
Negatives
Normally
a person with good credit scores only will be able to get this card.
But, if you have a good credit score then the interest that you will
pay will be more than what you can get from other products. For
persons with excellent credit scores, the interest rates will be
quite competitive to be about 11%. But you may pay interest as high
as 22%, even when you have the “good” score. This seems to be a
bit high.
Conclusion
The
bottom line is that Discover
IT®
card is definitely a unique product among the credit card basket. The
benefits are far greater than the negatives, especially for
individuals with excellent credit history. This product is a much
better choice for persons with excellent credit history.
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