To capture this card in a pun, it is what it is. Basically it’s the same Discover card that many of us love, but it is improved slightly. There are lots to like about the card, but some of the key pieces I like are:
- No annual fee
- No foreign transaction fees
- 5% cash back in categories that change each quarter
- Unlimited 1% cash back on non 5% categories (no more tiered system!)
The big change is that Discover seems to have woken up to this century and eliminated their previously tiered system where you get something miniscule like .25% on your first $3,000 in spending, and then it increases as your spending increases. The rotating categories are complicated enough without that so it’s good to see them simplify this in favor of the consumer. What would have been better and differentiated them from Chase would have been to offer anything over 1%. Even a 1.11% offer. Call it the Discover One Card or something.
This new card is still not perfect. It’s not accepted everywhere and there’s no sign up bonuses, but this card has a place in my wallet, and it should probably have one in yours. If you want to truly be able to maximize your credit card spending, you really have to carry all the cards with 5% categories. So sign up today!