Customers who are interested in accumulating reward miles they can use for multiple types of travel rewards may want to consider the Escape by Discover Credit Card. This travel credit card option gives them travel miles when they make eligible purchases for their home or business, as well as other rewards. New customers can take advantage of a preferred interest rate when they open an account. Read this Escape by Discover review and then either apply for the Escape by Discover Card by clicking on the orange apply button above or visit our home page to compare credit cards of all types!
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Incentives for New Customers
New account holders who open this card get double travel miles from their purchases. The company also gives them the opportunity to earn 1,000 bonus miles for each month they make a purchase using their card. This offer is available for up to 25 months. The chance to earn up to 25,000 bonus miles is an attractive one for people who travel regularly or who are planning to do so in the future.
The Escape by Discover Credit Card also offers customers other benefits. They get auto rental insurance and lost travel luggage coverage as part of the terms of opening an account. Customers also get the benefits of having delayed trip insurance and travel cancellation insurance coverage.
This card option gives new customers a zero percent introductory interest rate on new purchases and balance transfers. Keep in mind that these offers only last for a set time, and in the case of the Escape by Discover Credit Card, new account holders can take advantage of the introductory rate for six months.
Escape by Discover Travel Rewards
The Escape by Discover Credit Card allows account holders to accumulate reward miles when they use it for everyday and business purchases. The miles on the account can be used to help pay for flights and travel on cruise ships. Customers can also apply them toward the cost of staying at hotels or renting a car when they are on a trip.
The reward miles accumulated by customers holding an Escape by Discover Credit Card don’t expire, which means the cardholder doesn’t have to use them by a particular date. He or she can save up the miles for a special trip, if desired.
Another option for Discover credit card cardholders who have accumulated miles with their card is to redeem them for gift cards. The cards are offered by over 90 brand-name companies who have chosen to partner with Discover. A minimum of 1,000 miles is required to get a gift card.
Discover Escape Ongoing Interest Rates and Fees
Once the introductory period has expired, cardholders are charged an annual interest rate of 11.99 and 18.99%, depending on their credit rating. The default interest rate for customers who are late with payments or have failed to keep their account up to date by skipping payments is a whopping 29.5%.
This card option also has an annual fee of $60 charged to account holders. Customers can get a cash advance on their account if they wish, but they are charged a fee of 3% to do so. Each cash advance has a minimum fee of $5 per transaction, no matter what the amount of the advance is. The interest rate charged for a cash advance is 23.99% after the six-month introductory period has expired.
Customers who are considering getting a cash advance on their credit card account should keep in mind that they will be charged interest on the transaction. Unlike credit card purchases for products or services, the interest on the purchase accumulates on a daily basis. This can be a very expensive way to get cash and other options should be considered first, if possible.
This particular offering from Discover is a popular choice among customers who are or who will be traveling. The interest rate charged after the introductory period has expired is rather high, and anyone who is considering this credit card option needs to consider whether the possibility of accumulating travel reward miles makes sense to them. There are other cards available offering a lower annual interest rate to customers who have good or excellent credit.
If you travel regularly or are interested in accumulating reward miles you can use for gift cards, the Escape by Discover Credit Card is a good option. Before making a final choice about the right credit card for your needs, it’s a good idea to consider all of your options. Use our free credit card finder or apply for the Escape by Discover credit card by clicking on the orange button at the top of the page!