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.
- No annual fees
- No foreign transaction fee
- Free credit score
- Fraud safeguards
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.
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.
- 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.