The Discover it® Cash Back features a high cash-back rate in rotating quarterly categories — but you don't get those rewards automatically, activation is required and spending caps apply. Even so, for people who prefer cash back and don't mind putting in a little work, this $0-annual-fee card is well worth it.
Paying the security deposit on a secured card might not appeal to everyone at first, but the Discover it® Secured Credit Card could be one of your best options for building or rebuilding your credit. It reports to the three major consumer credit bureaus and offers plenty of useful features, all with no annual fee.
Global acceptance winner: Visa
In comparison to Visa, Discover cards are accepted at more than 48 million locations. The reality is that there are more destinations worldwide where Discover cards aren't accepted, whereas you'll almost always be able to use a Visa in places where credit cards are accepted.
Discover is now also at 99% acceptance among U.S. merchants that take credit cards. That's according to the February 2020 Nilson Report industry newsletter.
Visa and Mastercard are the most widely accepted credit card networks. Visa credit cards can be used at 44 million merchant locations in more than 200 countries and territories. Mastercard credit cards are accepted at 37 million merchant locations in more than 210 countries and territories.
A 700+ credit score is needed to get most Discover credit cards, but there's no minimum credit score needed for a few Discover cards. You can get the Discover it® Secured Credit Card with a bad credit score (below 640).
The highest credit limit on a Discover card is not public knowledge, as Discover does not disclose a maximum credit limit for any of its unsecured credit cards. Some Discover cardholders have reportedly been approved for credit limits ranging from $6,500 up to $9,200. These are unconfirmed reports, however.
The big difference is in the initial bonus. Discover it Miles matches all miles you've earned at the end of your first year, and Capital One Venture nets you a one-time bonus of 75,000 miles for spending $4,000 in the first 3 months.
Discover is accepted at 99% of places in the U.S. that take credit cards1. That includes millions of merchants nationwide like grocery stores, gas stations, big retailers, home improvement centers, online favorites, amazing restaurants, major utilities, digital wallets and much, much more.
The main differences are that Discover is accepted less frequently than Mastercard, and that it doesn't partner with banks to provide consumers with debit or credit cards. Basically, Discover is both the issuer and the network, whereas Mastercard is just the network.
1. Discover is Accepted Nationwide By 99 Percent of the Places That Take Credit Cards. Whether you're filling up at the gas station, shopping online or buying a gift at a local store, chances are that Discover credit cards are accepted.
Since Costco has a contract with Visa, shoppers can't use credit cards backed by the other three main networks, American Express, Mastercard or Discover, at Costco warehouses. However, you're able to pay with Mastercard and Discover cards for purchases made at Costco.com and the Costco app.
A Discover minimum payment will never be more than your full balance. And you'll only be required to pay your full balance if it's $35 or less. But it's best to try to pay your balance in full each billing cycle.
WalletHub, Financial Company
Discover is neither a Visa nor a Mastercard. It's more like an American Express card, but they're not exactly the same, either. Discover is similar to Visa, Mastercard and American Express in the sense that all four are card networks.
If you have good credit, you should have high odds of getting approved for a credit limit around $5,000. With excellent credit, you may get a limit of more than $10,000. A high credit limit is good because using up most or all of your credit card's limit is bad for your credit standing.
According to Weiss, one of the most recommended cards for high-net-worth individuals is The Platinum Card® from American Express . While this card comes with a wide range of perks that make it seem too good to be true, it also comes with an annual fee of $695 (See Rates), which is higher than most other credit cards.
Discover may automatically increase your credit limit depending on your account history and creditworthiness. If you consistently make on-time payments on your Discover card account, for example, you might be more likely to receive an automatic credit limit increase than someone who regularly misses payments.
A high number of credit applications also makes you a riskier applicant. You could have trouble getting a Discover credit card if you've applied for multiple credit cards or loans recently, even if you weren't approved for some of them.
Your due date is at least 25 days after the close of each billing period (at least 23 days for billing periods that begin in February). We will not charge you any interest on purchases if you pay your entire balance by the due date each month.
Credit cards branded Visa Signature or Visa Infinite typically offer a starting credit limit of $5,000 or more. The Chase Sapphire Preferred® Card is a Visa Signature card, for example, and the Chase Sapphire Reserve® is a Visa Infinite card (a tier above Signature).
Discover credit cards are accepted as a payment method at Walmart. However, the fact that all Discover cards are Walmart Pay-compatible is closest you'll get to a Walmart offer for Discover cardholders.
Major Credit Card means MasterCard, Visa, American Express, or Discover.