Credit card review: The Miles Card from Discover Card

Most of us are bombarded with credit card offers these days. Unless you have opted-out, you probably receive at least two credit card solicitations in the mail every day! How can you tell the great offers from the real losers? Check the Schumer's Box, that's the chart included with the offer that outlines the rates. Or check in with CreditBloggers.com. We love decoding hidden credit card rates and fees!

Today, we're looking at The Miles Card from Discover Card. Here are the details:

• APR - 0% introductory APR for 12 months followed by a very low 10.99 % to 17.99% thereafter. 10.99% is about as low as credit card rates come these days.
• Credit limit - $5,000 minimum. However, if you don't qualify they may offer you the same rates with a $500 limit instead.
• Other APRs - 0% on balance transfers for 12 months and then the standard rate thereafter. 20.99% on cash advance requests.
  
• Default APR - The default rate is 15.99% to 28.99% depending on your payment history. Some cards go as high as 31% as the standard default rate.
  
• Annual Fee - None.
  
• Other Fees - $15 to $39 per late payment depending on balances. 3% cash advance fee for each transaction. $15 to $39 over the limit fee.
  
• Universal Default Clause - Discover doesn't mention any universal default policy in their terms and conditions.
• Perks - Earn one mile for every $1 you spend with the card. Choice of cash, travel or gift card rewards.  No airline blackout dates or restrictions. Easy online banking and $0 fraud liability.
  
• Negatives - It can be very difficult to be accepted for a Discover Card.  The have stringent application guidelines.
  
• Acceptance Requirements - Among other requirements, borrowers must have good credit (probably above 720) and at least $15,000 in annual income.

Overall, The Miles Card from Discover Card is a consumer's dream. Low rates and excellent rewards from a straightforward company, what more could you want?! The only downside to this card is that it is difficult to get. Applicants need to have a good financial profile in order to be approved.

Do you have a credit card offer that you would like reviewed? Send us an email or share your feedback in the comments section below.

Comments

[Josephine]

Your info on Miles Discover is not my experience. With seven days notice, they 'closed' my account and issued a new account, thereby transferring my balance from 3.9 to 20% interest. Had not been late nor overbalance, etc. at any time. Closed the final account as a result. Got to say NO to high interest rates.