Discover Card has just released an excellent gas credit card just in time for the summer of 2011! Currently their Open Road Credit Card is offering a $50 bonus to new card holders in the following manner:
- Get a $10 Cash Back Bonus on each of your 5 first gas purchases of at least 25 bucks within the first 3 months of opening the card.
To go along with the $50 cash back bonus, the Discover Open Road Card also features a fairly lucrative cash back structure on all other purchases. Keep in mind Discover does impose caps on most expenditure categories. Here is how the cash back program works:
- Earn 2% cash back on ALL gas purchases (up to $250 each month).
- Earn 5% to 20% cash back bonus at over 200 top retailers through Discover Bank’s online shopping mall. They have a large selection of merchants that they work with to provide these outstanding discounts. Here are a few of them:
5% at BestBuy.com, 5% at iTunes, 10% at Barnes and Noble website, 5% at Orbitz, 5% at Travelocity, 10% at 1800Contacts.com, 20% at Teleflora.com, 15% at Drugstore.com, 10% at Macys.com, 10% at FootLocker.com
- Earn 1% cash back on all other purchases.
If you’d like, you can also use this card as a balance transfer card. It offers a 0% introductory APR for 12 months from date of first transfer, for transfers under this offer that post to your account by July 10, 2011. After the introductory APR expires, your APR will be 11.99% to 20.99% based on your creditworthiness. This APR will vary with the market based on the Prime Rate.
To calculate the APR you’ll incur with their credit card, they’ll use the highest prime rate listed in The Wall Street Journal on the last business day of the month. For the purchase and balance transfer APR, they’ll add between 8.74% to 17.74% to the Prime Rate .
We wouldn’t advise using this card for cash advances. To come up with the APR associated with cash advances they’ll add 20.74% to the Prime Rate. Also if you fail to make a payment you’ll get knocked with a penalty APR which Discover will calculate by adding between up to 13.74% and up to 22.74% to the Prime Rate.
Summary of Credit Card Offer:
If you plan on making all your payments in full each month, this card is a phenomenal way to rack up rewards swiftly (most notably with gas fill-ups). The 20% cash back bonus offer they offer with their online retail partners is unrivaled in the market. Plus, if you need to transfer a sum from another credit card with an unfavorable APR, their balance transfer period is pretty respectable (12 months – 0% APR).
Compare this with our favorite cash back credit cards of 2011, or if you’ve taken advantage of a noteworthy gas rewards credit card this year, please share by leaving a comment!