Discover Financial began offering the Discover Card in 1985 and introduced its cash rewards credit card in 1986. Today, Discover is the third-largest credit card brand in the United States and has over 61 million cardholders.

Rank Chart
Reward Options
Our Score
6.99 - 10.5%
0 - 24.99%
0 - 23.24%
0 - 23.24%

The Good

  • Rewards
  • No annual fees
  • No foreign transaction fee
  • Free credit score
  • Fraud safeguards
  • APR


Discover offers a number of rewards options, including the Discover it Chrome Student Card, the Discover it Cash Credit Card, and the Discover it Miles Credit Card. With the Chrome Student Card, students can get $20 cash back each school year that their GPA is 3.0 or higher for up to the next five years. At the end of the first year, Discover adds up all the cash back earned on the student card and matches it. The Cash Credit Card gives 5 percent cash back in the selected quarterly category. The Miles Credit Card offers an automatic match of all the miles earned at the end of your first year with no blackout dates. Miles can be redeemed for travel credits or cash.

No Annual Fees

There are no annual fees associated with any of Discover’s credit cards, which can save cardholders hundreds of dollars each year.

No Foreign Transaction Fee

Discover does not charge a foreign transaction fee, which is a nice benefit for frequent travelers.

Free Credit Score

Discover provides its cardholders with the ability to view and monitor their FICO score for free.

Fraud Safeguards

Discover offers several fraud safeguards, including purchase monitoring and the ability for customers to freeze and unfreeze their card in the event that it is lost or stolen.


Most of Discover’s credit cards offer an introductory APR of 0 percent for the first six to twelve months. Ongoing APRs range from 11.24 to 23.24 percent*, which is competitive within the industry.

The Bad

  • Late payment penalties

Late Payment Penalties

For the first late payment, Discover does not charge a late payment fee. However, for every late payment after that, the fee is $37.

The Bottom Line

Discover offers several attractive features, including no annual fees, no foreign transaction fees, competitive APRs, and a number of rewards programs. However, the company does have a late payment fee in place.

*Disclaimer: Listed interest rates were accurate as of December 2016 but are subject to change. Actual rates may differ from those listed in our review.

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