Best Discover Credit Cards of August 2022

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Discover offers several different credit cards, each with different features. Here are the best ones, right now, and who should consider them.

Discover it Cash Back Credit Card

Best for: Those who use their card frequently and want to rack up the cashback

Getting cash back for the purchases you make with your credit card has become commonplace. The trick is to find the card that offers the best cash-back deal. Discover it Cash Back Credit Card, with its 5% cash back on different categories each quarter, first-year cash back match and no annual fee, is a solid choice.

Cashback

After activating, you will get 5% cash back at two different retailers each quarter up to the quarterly maximum. For example, from July to September 2022, you’ll get 5% cash back at restaurants and when you use your card with PayPal. October through December, you’ll get 5% cash back at Amazon.com and when using a digital wallet. The 5% cash back applies to the first $1,500 in purchases each quarter, which would give you $75 in cash back.

Plus, automatically get 1% unlimited cash back on all other purchases — no activation necessary. Discover also matches all the cash back you earn in your first year, with no limit.

Get Credit Card Perks

Interest Rate

0% intro APR for 15 months on purchases and balances transfers. After 15 months, your rates will be APR. Your rate will depend on your creditworthiness and will vary based on the prime rate.

Balance Transfers

Balance transfer fee is 3% until Nov. 10, 2022 with the intro APR balance transfer offer. After that, a transfer fee of up to 5% will apply on futures balance transfers.

Cash Advances

The APR for cash advances is 26.49%, and the fee is the greater of $10 or 5% of the amount of the advance.

Discover it Student Cash Back Credit Card

Best for: Students who want to earn cashback

Students in college — or even high school — should have a credit card, both for emergencies and also to learn how to handle one. The Discover it Student Cash Back Credit Card has all the features students need with no annual fee, plus a generous cashback program, including a first-year cash back match.

Cash Back

Get 5% cash back on the first $1,500 in purchases in two specific categories each quarter. Keep in mind, you will have to activate this feature. You also get unlimited 1% cash back on everything else automatically. At the end of the first year, Discover matches all the cash back you got that year.

Get Credit Card Perks

Interest Rate

Pay 0% APR for the first six months on purchases. After that, you’ll pay between APR, depending on your creditworthiness. The interest rate will vary based on the prime rate.

Balance Transfers

If you transfer a balance from another credit card, you’ll pay 10.99% APR for the first six months, as long as the transfer posts to your account before Nov. 10, 2022. After that, your regular interest rate of APR applies. There is a balance transfer fee of 3% of the amount of the transfer until Nov. 10, 2022. For transfers after that date, the fee will be up to 5% of the transfer amount.

Cash Advances

The interest rate for cash advances is 26.49% APR and will vary based on the prime rate. You’ll also pay a fee of the greater of $10 or 5% of the amount of the transfer.

Discover it Miles Credit Card

Best for: Frequent travelers

Travel credit cards are a must if you travel for business or for pleasure. While the concept of earning miles is not that different from cash back, travel cards like the Discover Travel Credit Card also have travel-specific perks, like no foreign transaction fees if you’re traveling abroad.

Get Credit Card Perks

Rewards Miles

As with most travel cards, the Discover Travel Credit Card lets you earn miles rather than cash back. Customers who choose this card earn 1.5 miles for every dollar spent on any purchase, with no limit. Plus, Discover will match all the miles you earn in your first year. Miles can be redeemed for cash, an account credit, credit for travel purchases or you can use them to pay at select merchants. Each mile is worth $0.01 and any number of miles can be redeemed at any time.

Interest Rate

For the first 15 months, the interest rate on purchases is 0% APR. After that, the interest rate will be a APR depending on your creditworthiness and will vary with the prime rate.

Balance Transfers

You’ll pay no interest on balance transfers for the first 15 months. After the 15-month 0% APR period ends, your regular interest rate of APR applies. Until Nov. 10, 2022, the balance transfer fee is 3% of the transfer amount. After that time, it will be up to 5% of the transfer amount.

Discover it Secured Credit Card

Best for: Those with lower credit scores

If your credit isn’t good enough to qualify for a regular credit card, you may be able to get a Discover it Secured card. This card requires a deposit equal to the amount of your credit limit, so, if you want a credit limit of $1,000, you will put down a deposit of $1,000. The minimum deposit is $200. You can use the card like a regular credit card, but you still need to make monthly payments. And if you carry a balance from one month to the next, you’ll be charged interest. If you close the account, you’ll get your deposit back, as long as you don’t have any outstanding charges. A secured card can help you build your credit if you use it wisely.

Cash Back

With the Discover it Secured Credit Card, you earn 2% cash back at restaurants and gas stations on the first $1,000 in combined purchases each quarter. On all other purchases, you earn 1% cash back with no limit. Discover matches the cash back you earn in your first year, dollar for dollar with no limit.

Interest Rate

The interest rate of the Discover it Secured Credit Card is and will vary based on the prime rate.

Balance Transfers

When you transfer a balance from another credit card, your interest rate for the first six months will be 10.99% APR, for balance transferred prior to Nov. 10, 2022. After that, you will pay your regular interest rate of . You’ll pay a fee of 3% of the balance amount for transfers before Nov. 10, 2022. After that, the fee will be 5% of the transfer amount.

Cash Advances

The interest rate for cash advances is 26.49% APR and varies with the prime rate. You’ll also pay a fee of $10 or 5% of the amount of the advance, whichever is more.

Final Take

When choosing which credit card to apply for, many people only look at the big three — MasterCard, Visa, and American Express. These cards show that Discover is worth a look too and you could easily find the very best card for you.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Aug. 4, 2022.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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About the Author

Karen Doyle is a personal finance writer with over 20 years’ experience writing about investments, money management and financial planning. Her work has appeared on numerous news and finance websites including GOBankingRates, Yahoo! Finance, MSN, USA Today, CNBC, Equifax.com, and more.

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