Charles H. Miller
Discover has prepared a no-fuss cash back rewards card for gas and restaurant purchases. The Discover it® chrome, which is also known as Discover it® Gas and Restaurant card, will also reward other purchases, while offering some other benefits to its holders, including the cash back match option at the end of the first year. Lets delve into details, shall we?
Highlights
- Cash back match at the end of your first year
- 2% cash back at gas stations and restaurants (up to $1,000 per each quarter), 1% cash back on all other purchases
- 0% intro APR for the first 12 months, after which it goes to 11.24% – 23.24%
- 3% Balance Transfer Fee
- No annual fee
How It Works
Cash back: Discover it® chrome offers 2% cash back at gas stations and restaurants (up to $1,000 combined per quarter), 1% cash back on all other purchases. There are no limits to the rewards that can be earned and cash back never expires.
Sign-up offer: Discover will match the cash back you’ve earned at the end of your first year. For instance, if you spend $7,000 in your first year with Discover it® chrome, $3,000 of which was on gas and meals in restaurants (qualifies for 2% cash back), you’ll earn a total of $100 cash back ($40 + $60). At the end of the first year, Discover will match that, and you’ll get another $100.
Shopping and travel benefits: Including purchase protection, price protection, return guarantee, and extended warranty. Travel benefits include car rental insurance and emergency roadside assistance.
Discover benefits: These would include complimentary access to your most recent FICO credit scores, and the so called Freeze It feature that allows you to prevent new purchases, cash advances and balance transfers if you feel your card has been compromised. Also, Discover is known for its high-quality, U.S. based customer service.
APR: 0% introductory APR for the first 12 months on balance transfers and purchases, after which APR goes to anywhere between 11.24% and 23.24%, based on your creditworthiness.
Fees: The Discover it® chrome card has no annual fee and no foreign transaction fee. Also, you won’t get hit with a penalty fee the first time you make a late payment, and your APR won’t be changed. A 3% fee is applied to each transferred balance.
Costs
- 0% intro APR for the first 12 months, after that it’s 11.24% – 23.24% variable
- 3% Balance Transfer Fee
- $0 Foreign Transaction Fee
- $0 Annual Fee
Great for Students!
There is also a version of this card made for students — Discover it® chrome for Students. It offers all of the same bells and whistles as the “regular” card, plus an additional $20 cash back each school year if a student’s GPA is 3.0 or higher (for up to the next 5 years). APR is slightly different with Discover it® chrome for Students. There’s a 0% introductory APR for six months on purchases and 10.99% introductory APR for six months on balance transfers (terms apply). After that, it goes to 13.24% – 22.24%.
Pros
- Cash back match at the end of the first year of using the card.
- 0% APR for the first 12 months on both balance transfers and purchases (slightly different for the student version of the card).
- You won’t get hit with a penalty fee the first time you make a late payment, and your APR will stay the same.
- Complimentary FICO credit scores on your monthly statements and online.
- Great option for students.
Cons
- There are only two bonus categories (gas and restaurant purchases) for which 2% cash back applies, and these bonus rewards are limited to $1,000 in combined purchases each quarter.
- Discover has yet to make its card as widely accepted as Visa and MasterCard.
Is This The Card For You?
Like many other cash back credit cards, the Discover it® chrome is made for folks who want a piece of what they spend — back. In that sense, this card offers a no-fuss way to accomplish that on everyday items like gas and restaurants. At the end of the first year, Discover will match what you made and effectively double your payment. Also, the chrome could also be used for consolidating balances via a 0% balance transfer option, which is available during the first 12 months of card usage. Finally, the 0% foreign transaction fee also makes this Discover card suitable for travel.
