Discover Credit Card RequirementsPosted on October 18th, 2011 | admin
Discover Credit Card Requirements
Discover currently offers four cash-back credit cards, the Discover More, Open Road, Motiva and Student cards. Each offers a range of different features to cater to individual tastes, but the Discover credit card requirements are broadly the same across the range.
Each card that Discover offers is available to only those over 18 years of age, and residents of the United States of America. During the application you will also need to offer information to prove your identification, this includes your full name, address, and social security number.
The Discover More and the Discover Motiva Cards are for those with a good to excellent rating and applicants will typically need to have a credit score of between 750 and 800, although a good application may get away with a slightly lower score than this. The Open Road and Student cards are suited for those with a lower credit score, and both these cards see the issuer accept applicants with a fair to good credit history. Usually a score of around 630 is sufficient enough to be accepted.
None of the Discover cards require definitive proof of income, although it is not part of the Discover credit card requirements you are still prompted to reveal your annual income during the application. Although a low income will not be the main reason for being declined it could make the decision easier on the issuer. For the more upmarket Discover Motiva and More cards, a traceable and at least average income is probably needed, although an excellent credit history is a far more important factor. Honesty is the best policy when declaring income and many are surprised to be awarded a credit card despite a low salary. Sometimes to protect themselves against clients with lower earnings, card issuers will set a small limit usually around $500 and allow the user to build their reputation.
The Discover More, Motiva, and Open Road cards all have a grace period of 25 days, but like with all credit cards the grace period is only applicable if the balance is paid in full. There are penalty fees for late payments and the return of payments; all cards here have the same penalty fee of up to $35. If you fail in paying at least the minimum by the deadline day you will be charged a penalty fee of $25. However if you have been charged for a late fee in any of the six days before the payments due date, the fee will be $35; this same rule is in effect for returned payments. One of the Discover credit card requirements is that you must pay your balance or fees in US Dollars.
The array of cash-back cards offered by Discover is among the easiest to understand in terms of deciphering what credit card requirements are in place. With many of the features and conditions being universal across the range.
The Best Cash Back Credit CardsPosted on September 30th, 2011 | admin
Getting Paid for Spending Money: Cash Back Rewards
Credit cards have become an everyday part of our lives and our financial planning. Sometimes we want the extra cash flow, sometimes it is for convenience and easy accounting at month’s end, and you can’t use cash to buy things online. Advertising for credit cards has come a long way too. You can’t watch an hour of television without seeing a credit card commercial, and your favorite magazines are probably full of offers as well.
How do we choose which cards to apply for? Catchy advertisements may help, but the primary selling tool in recent years is the assortment of rewards associated with using a particular card. The big selling point years ago was in trying to qualify for higher and higher spending limits, all the way up to unlimited. Now it is more about frequent flyer miles, low APR, and our favorite, cash back.
Cash back rewards are our favorite because of the simplicity. With some cards, like Simply Cash from American Express, there’s no effort at all. The reward amount is deducted from your next statement. Other cards offer varying percentages of cash back on either a set slate of categories like airfares or hotel stays, and still others have a program that changes the percentages and the categories each quarter of the year.
Payment of rewards may vary according to threshold amounts and frequency (one cash back card associated with Costco pays off only once per year). The biggest challenge is to identify which type of cash back rewards you prefer.
Most surveys are ranking the Chase Freedom Visa highly right now, with 5% off on up to $1500 spent with the rotating-categories model, and unlimited 1% cash back on everything else. With solid initial rewards ($200 cash back after spending $500) and no annual fee, this is a crowd pleaser.
Also consider the Discover card. This was the card that made cash back rewards popular in the first place, and they still hold a prime place in this industry. The card is currently offering 5% cash back after you’ve spent $3000 (using a quarterly rotation of categories), plus 1% overall on other purchases, and 5 – 20% discounts when shopping online with preferred retailers. With the amount of e-commerce that most Americans conduct everyday, this can really add up!
For small business owners, Simply Cash from American Express OPEN is a great card, offering 5% cash back rewards on things you have to buy anyway for your business, like wireless service and office supplies. They offer 3% cash back on gasoline purchases, and there is no annual fee. It is hard to find a better card for business use, and it carries the outstanding travel protection features that American Express cards have always been renowned for. You can also save up to 10% with FedEx and Hertz. Personal credit card users looking for similar advantages can check out Blue Cash Everyday from American Express, offering cash back on supermarket purchases, department store purchases, gasoline, and more.
Cash back rewards cards are here to stay. Which one will you carry?