0 Interest Discover More Card

Discover More Card is a 0 interest credit card that gives you 0 interest rate on balance transfers and 0 APR on new purchases for the first 6 months of the card. After the introductory term of six months the standard APR for purchases as well as balance transfers becomes a rate between 11.99% variable and 18.99% variable. There is no zero percent offer on cash advances and a APR of 23.99% variable is applicable.

And starting from January 1, 2010, APRs for purchases and balances will increase to 16.99% variable and 23.99% variable, while the APR for cash advances will increase to 28.99% variable. The rate which you get charged with depends on your application and credit history.

It is important to know that the 0 interest offer extends to only balances that are requested to be transferred during the credit card application. Balances transferred only after the application may not enjoy 0 interest rate. The extension of offer onto these balances will be subjected to the company’s discretion. There is no annual fee on the card, although there are other fees that come with the card. These fees include foreign fee for purchases made outside of the U.S., cash advance fee and a 3% balance transfer fee.

While the Discover More card gives 0 interest rate on both purchases and balance transfers, it’s APRs after the introductory period is fairly high compared to other 0 interest credit cards available. But luckily, payments that you make towards the repayment of debts will be applied to balances with higher APRs before those with lower APRs. This means that every bit you pay is more significantly towards reducing the interest you have to pay. Most credit cards are set up the opposite way, with payments going towards lesser APR balances first. In this way, you can maximise the 0 interest period for reducing your debt, and hopefully, by the time the 0 interest ends, you won’t have very much balance for the high APRs to act on.

But you should be careful to keep your payments in good standing. The 0 interest rate offer can be forfeited if you default on payments or violate credit card terms and conditions. This default rate which will be charged on your debts is as high as 29.99%.

The Discover More credit card is also a cash back card with quarterly changing purchase categories of up to 5% cash back bonus rewards. The other purchase categories will also enjoy cash back rewards at 1% and 0.25%, so for those of you who are really on tight budget. You can time your purchases quarterly to maximise your returns.

With a 0 interest rate percent on both purchases and balance transfer for 6 months, the Discover More credit card is a decent 0 interest credit card. APRs after introductory period can be high, but the cash back rewards are also one of the highest. If you can pay off your debts on time, high APRs shouldn’t be a problem at all.

The Discover More Card at a glance:

Zero Percent Interest Rate:
Purchases and Balance Transfer, not applicable for Cash Advances.

Introductory Period:
6 Months.

Fees:
No Annual Fee.
Minimum finance charge - $0.50.
Fee for Foreign Purchases - 2% of the U.S. dollar amount of each purchase made outside the U.S.
Cash advance fee - 5.0% of cash advance amount, $10 minimum.
Balance transfer fee - 3.0% of balance transfer amount, $10 minimum.

Standard APRs after introductory term:
Rate 1 - 16.99%; Rate 2 - 23.99%; (based on application and credit history).
Cash Advances - 28.99%.
Default rate - 29.99%.

Other benefits:
5% cash back bonus rewards on a wide range of items.
Payments on balances apply to those with high APR first.

Eligibility:
New card members only.
Subjected to credit approval and other terms and conditions (read carefully before applying).