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.