4.7
5.6
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Author: Kaitlyn Short
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.
Continue reading for a complete review of this company, as well as Discover card reviews from real customers.
Discover offers a number of rewards options on a variety of cards:
At the end of your first year as a cardholder, Discover adds up all the rewards you earned and matches it.
There are no annual fees associated with any of Discover's credit cards, which can save cardholders hundreds of dollars each year.
Discover does not charge a foreign transaction fee, which is a nice benefit for frequent travelers.
Discover offers FICO credit score monitoring for free, and you don't even have to be a Discover cardmember to use this service, and checking will never impact your credit. Through this service you can see a breakdown of your FICO score and the five categories that affect it — payment history, credit utilization, length of credit history, new credit, and credit mix. In addition, you can take an in-depth look into your payment history and credit mix.
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.
Note: Many other card issuers offer the ability to freeze and unfreeze your card if necessary.
Most of Discover's credit cards offer an introductory APR of 0 percent for the first 14 months.
The majority of Discover reviews are positive, awarding the credit card company 4 or 5 stars. These positive reviews most frequently highlight the following:
Negative reviews are limited, but of these reviews, customers mention that interest rates are high and that cards are not accepted everywhere.
For the first late payment, Discover does not charge a late payment fee. However, cardholders can expect to be charged a fee for every late payment after the first.
Discover cards are accepted at 99 percent of locations that take credit cards across the United States, and the Discover Global Network offers acceptance in 200 countries and territories across the world.
The Discover network continues to grow, but compared to Visa and Mastercard credit cards, which are accepted almost anywhere internationally, Discover credit card acceptance is limited. Thus, if you travel frequently, Discover may not be the best card option for you.
After the first year of being a Discover cardmember, there are minimal cardholder benefits available, especially in comparison to other card issuer rewards cards.
For example, Discover will match all cash back earned in your first year of being a cardholder, but only in the first year.
Discover only has one co-branded card available: the NHL credit card. Other large credit card companies, such as Capital One or American Express, offer many co-branded card options.
Co-branded credit cards offer greater access to rewards at more locations and on a wider range of purchases. Instead of having one retail card providing rewards at specific limited locations, co-branded cards combine retail benefits with the ability to gain points, miles, and rewards on more than just retail purchases.
Discover Financial offers several attractive features, including no annual fees, no foreign transaction fees, competitive APRs, and a number of rewards programs. You can even benefit from cash back rewards with a Discover secured card, a unique offering in the industry. This is a great option for individuals who would like to build or rebuild their credit, while also reaping some rewards.
If you are a frequent international traveler, Discover may not be the best choice for your credit needs. While a Discover card will likely be accepted at a majority of locations in the United States, international acceptance is still very limited, especially in comparison to Visa or Mastercard credit cards.
The majority of Discover card reviews are positive. Many customers highlight the card issuer's cash back rewards, but some mention that interest rates are higher than you might find elsewhere. However, many customers mention that their first credit card was through Discover, suggesting that it is a good option for first-time credit card users.
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