You’ll have 15 months of no interest on balance transfers and new purchases (13.49% to 24.49% variable APR after that), an offer you won’t find with higher-echelon travel cards. ![]() The Discover it Miles is also a good option if you’re looking to pay down an existing credit card balance or finance a big purchase. You won’t find such simplicity with competitors like Chase, Amex, or Capital One. There are no partner hotel or airline loyalty programs and no travel portal to contend with. You can apply rewards to travel purchases, but you can also just transfer them to your bank account without sacrificing the value. You earn miles but their value stays consistent. It operates like a minimalistic cash back card with a travel twist. The Discover it Miles is a great choice for those new to the travel rewards or wary of annual fees and complicated rewards structures. Miles can be redeemed as a statement credit on travel purchases made within the last 180 days, as cash back via a direct deposit, or at checkout on or -all at one cent per mile.While Buy Side from WSJ evaluates rewards credit cards based on their rewards rates, it’s wise to consider other perks and card details before applying for the card.įocused on simplicity and affordability, the Discover it Miles is light on benefits. If you’re looking for a low-maintenance credit card that will earn you competitive rewards on all spending, the Discover it Miles is an excellent choice. While you can find alternatives with a better rewards potential, those typically come with annual fees. After your first year with the card, Discover will also match all the miles you earned over the past 12 months, bringing the first-year total earnings for a reader with our hypothetical budget to 108,000 miles ($1,080 when redeemed). ![]() If you spent $3,000 a month like the typical Wall Street Journal reader, you will earn 54,000 miles per year with the card (worth $540 when redeemed). If you do pay off your card every month, however, the Discover it Miles can be pretty lucrative. Otherwise, interest charges will quickly negate your rewards earnings. For that reason, if you have a habit of carrying a balance, it’s best to stay away from this type of credit card. Rewards credit cards typically have high interest rates, and the Discover it Miles is no exception. ![]() If you do, you’ll pay between $11 and $20 each month per $1,000 borrowed, depending on your credit. The Discover it Miles doesn’t charge an annual fee, so there’s no cost to hold it unless you carry a balance after the card’s 15-month 0% APR period. Plus, the Discover it Miles doesn’t have even basic travel perks, like rental car coverage or travel protections. While this card’s base 1.5-miles-per-dollar-spent rate is competitive, it’s not the absolute highest you can find. That said, frequent travelers may find better value with a different credit card. Low-hassle rewards, intro offers and the lack of annual fee are the reasons Buy Side from WSJ named the Discover it Miles the Best Credit Card for Budget Travelers in 2022. Afterwards the transfer fee is 5% and the variable APR is 16.99% to 27.99%.) (There is a 3% balance transfer fee during the introductory period. On top of that, the Discover it Miles offers 0% APR for 15 months on purchases and balance transfers, which is rare to see on travel cards. Instead, cardholders can redeem rewards for travel credits or cash at a rate of one cent per mile. ![]() Discover doesn’t have a travel portal or partner with airlines and hotels. Redeeming Discover miles is also incredibly straightforward.
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