Discover More Card Credit Card Review

As part of the Discover family of cards, the More card includes the company's famous 1% cash back reward on purchases. But this isn't the best card to transfer a balance.

• People with good or excellent credit looking to save money on balance transfers.

Credit Rating Required

• Good to Excellent (700+)

Pros

• No annual fee.
• Cash back rewards on purchases.

Cons

• High balance transfer fees.

Rewards

• Up to one percent cash back on purchases.

APRs

• Zero percent on balance transfers for nine to 15 months, depending on your credit worthiness, then 11.99 to 20.99 percent depending on your credit.
• Zero percent on purchases for six months, then 11.99 to 20.99 percent.
• Default APR: 16.99 percent to 25.99 on purchases, up to 28.99% on cash advances.

Fees

• No annual fee.
• Balance transfer fee: 4 percent of balance on first transfer, 5 percent on subsequent transfers.
• Late payment fee: $19-$39.

The Discover More Card illustrates why you always have to read the details in credit card applications, particularly for balance transfer cards. While some of the terms look similar to those on other programs, there are many differences that could cost you.

For example, there is a 4% balance transfer fee on the Discover More Card; other cards charge only 3%. But the 4% fee applies only to the first balance transfer; if you transfer another balance, the fee jumps to 5%.

In addition, if you do transfer a balance to your Discover More Card, Discover will add an additional $40 to your minimum monthly payment. If that's a problem for you, don't apply for this card.

Like all other Discover credit cards, the Discover More Card features the famous up-to-1% cash back reward on spending. But don't fall into the trap of making purchases on a card where you're carrying a low-rate balance. First because the zero interest period on purchases lasts for only six months. Secondly, if you're using this card to carry a balance, chances are you're already near the credit limit. Making purchases increases the likelihood that you'll eventually exceed the limit and incur an over-limit fee. (Note: you must opt-in to have over-the-limit transactions processed.)

Also, unlike Capital One, which promises a quick turnaround on balance transfers, Discover tells you to allow up to four weeks for them to pay off your other accounts. In the age of instant electronic payments and credit approval, does it really take them that long? Meanwhile, interest charges will continue to build on your other cards.

If you're looking to transfer a balance, avoid cards that reward you for purchases. It's just a trap to get you to increase your balance, pay more interest, and incur more fees. Never mix balance transfers and purchases on the same card. If you're going to use this card to carry a balance, get another card for purchases. Better yet, use this card for purchases and get another to carry a balance.