While the credit card landscape has changed a great deal since the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, becoming a kinder and gentler marketplace for consumers, it is still fiercely competitive.
Last year was no exception.
Perhaps the best overall credit card to emerge last year was Discover’s innovative “it” card.
The new Discover “it” card is the first major bank credit card to offer a free monthly FICO credit score imprinted on the monthly statement. The new Discover “it” also offers cardholder friendly pricing and a fairly generous cash rewards program. And it is a cool looking card, The metallic blue card resembles brushed steel, with the cardholders name and card number on the back of the card.
For rewards the new Discover “it” credit card generates 5% cash back (up to $1500 in purchases) in certain categories that change each quarter: Restaurants & Movies between January and March; Home Improvements, Furniture Stores and Bed Bath & Beyond between April and June; Summer Traveling between July and September; and Holiday Shopping between October and December. The details for the 2014 bonus earnings periods will be issued May for the Summer Break promotion and in August for the Holiday Shopping bonus.
Of course, there is a standard Discover 1% unlimited cash back on all other purchases.
The no annual fee credit card also offers no overlimit fee. no pay-by-phone fee, no foreign transaction fee. And no fee for your first late payment. Plus Discover promises not to raise your APR for paying late.
Discover offers a 0% promo interest rate on purchases for six months and 18 months on balance transfers. A variable APR kicks in afterwards between 10.99% and 22.99%.
However, there is one caveat: a 3% balance transfer fee.
Cardholders can choose their own due dates and pay until midnight (ET) online or by phone. Free online management tools, mobile apps and e-mail reminders are offered too.
Discover “it’ can also be used to get cash over your purchases at the point of sale. Discover does not charge a transaction, ATM or bank fee. Also, the cardholder’s regular purchase APR applies to the cash instead of the prime +21.74% rate (currently 24.99%) applied to cash advances. About 60 store chains participate in the POS cash program
Additionally, Discover emphasizes they offer 100% U.S. based customer service available any time. Furthermore, Discover “it” offers to help you if you lose your job to get a lower rate, lower payment or other help.
Bottom Line : Check “it” Out.
The U.S. credit card market is very fragmented so there are many “best credit cards” depending on what you are looking for in terms of rewards and pricing.
Among other “best credit cards” is the Simmons First Visa Platinum Rewards credit card with a 9.25% interest rate and the USAA Rate Advantage MasterCard with rates as low as 6.90%.
Visit http://dld.bz/dhgk7 for more “best credit card” suggestions.
Author information
A. McKennit
Staff Writer at CardTrak.com Inc.
Personal finance journalist helping consumers enjoy & appreciate money management for over 10 years. Always on the hunt for new trends and products in the payment industry. Enthusiast for all things in food, wine and travel.
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