Monday, March 2, 2015

Discover IT Miles - Great Card for Every Day Spending

There’s a new kid on the block who wants your business in your everyday spend. The Discover IT Miles card is offering 1.5 points per dollar spent, plus a one-time end of the year match of all points earned during your previous year. 


This effectively makes this card earn 3X on all your spending. All of this with no annual fee. I like this card so much that I applied for it. This has a potentially huge return in the first year. If you spend $33,333 in your first year with this card, you will earn back $1000 at the end of the year. Not a bad return, and not a bad start towards your next vacation.
Discover Card Caveats

The two biggest caveats I have about Discover cards are:

  • Oftentimes not accepted
  • High interest rate for rollover balances

Besides these two caveats, I think that this card is a great opportunity to earn some rewards with your every day spend. Discover also provides the opportunity to increase your award by redeeming for merchant gift cards instead of statement credits. Finally, another advantage with applying for this card is that you will then gain access to the Discover shopping portal. For shopping portals, I usually check Chase Ultimate Rewards first. But I also find that Discover can provide some nice shopping portal rewards opportunities that you may not find on Chase UR, such as Kohl’s. They are no longer listed in the Chase UR portal, but provide a 5% reward from the Discover portal. 


In short, you will not go wrong in making this card your primary for every day spending.

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