Discover Bank is one of the smaller credit card issuers on the market. They have a slightly lower level of acceptance than the major credit card issuers – but what they lack in acceptance they more than make up for with more rewards, cash back opportunities and promotions.
Discover Bank’s it Card is the Only Available Offer.
Archived Discover Card Deals Below (Not Currently Available in 2013):
Discover Bank generally has three major credit card promotions that they offer throughout the year. Below is a summary of these promotions.
1) Discover Balance Transfer Card (NO Balance Transfer Fee!) – No Balance Transfer Fee! This Discover balance transfer card is waiving their balance transfer fee. This is a substantial promotion especially if you are trying to transfer a large balance from an existing card. Most balance transfer cards charge a one-time fee of between 5-8% of the overall balance, so this card could easily save you hundreds of dollars in transfer fees if you are moving a large balance. It also features 0% APR on balance transfers for 12 months, 0% APR on purchases for 12 months, 5% cash back on a specified category of expenditures (gas, grocery, restaurant, home improvement, etc), 1% cash back on other expenditures and NO annual fee.
2) Discover More Card $100 Bonus - Get a $100 cash bonus after you spend just $500 on this card within the first 3 months. You’ll also receive a 0% intro APR for 12 months (followed by a regular APR), 5% cash back in categories such as gas, grocery, home improvement and dining out, and 1% unlimited cash back on all other purchases. No annual Fee is associated with this card and the expiration of this promotion is still yet to be determined.
3) Discover More 24 month 0% APR Balance Transfer – Depending on how large of a balance you are looking to transfer you may want to apply for either this promotional offer or the first one we’ve mentioned. This card will give you an unheard of 2 years worth of ZERO interest to pay off your credit card balance, however, you’ll incur a 5% balance transfer fee with this card.
How to decide between Discover Bank’s two balance transfer promotions…
The first one waives the 5% balance transfer fee and allows for 12 months of zero interest while the second keeps the 5% balance transfer fee but gives you 24 months of zero interest.
If you are employed and think you’ll be able to pay the balance you are transferring in it’s entirety within 12 months, we would recommend the first offer. Why? Lets say you wish to transfer a balance of $10,000 from a credit card with an unfavorable APR to this Discover Card Promotion. You will have a $500 (5% of $10,000) balance transfer fee to pay upfront and just 12 months to pay off the debt before an APR of between 12.99% and 20.99% kicks in. However, if you are confident you’ll be able to pay back the $10k in one year, this would definitely be the promotion to take advantage of.
The second card will allow you an extra year to pay off your entire balance transferred with zero interest. You will have to pay the $500 balance transfer fee but you’ll be able to take your time paying off the balance by making smaller monthly payments over the course of two years.