What Credit Score Do You Need for a Discover More Card?
February 14th, 2012 | Author: Stephanie
[T]he Discover More Card is one of the more popular credit cards on the market due to the favorable terms and excellent rewards programs offered to cardholders. This is a great all purpose card that can be used for purchases large and small, for daily household use or even for larger purchases. This is a bonus card that offers widely varied and attractive rewards options and cash back on all purchases, high levels of cash back for certain purchases. There is no annual fee for the Discover More Card, but it is intended for people with good to excellent credit, and their approvals show that preference is for those with excellent credit scores.
One must have a credit score of between 650 and 750 to be considered, but approval ratings are much higher for those with scores in the upper 700s. They use your FICO score in determining eligibility, which is an amalgamation of the scores from the three different major credit score reporting agencies. One of the only negatives generally associated with this card, aside from the rigorous standards for approval, is that there are incredibly high balance transfer fees. That makes this card an unattractive option for those who are looking to transfer
the balance of a different debt onto a card with a lower interest rate – EXCEPT for those who are opening a new account.
Interest rates on the Discover More Card will vary from between 10.99% and 20.99% depending on your credit score, and this is a variable interest rate. One of the biggest perks for getting a Discover More Card is for the amazing perks associated with signing up for the card. You get an introductory 0% APR for the first fifteen months on both purchases and balance transfers.
This makes this a great card for those who are looking to make a large purchase that would easily be repaid within that time, or for large purchases where the interest rate on the Discover card is lower than on other cards or with other forms of financing. The 0% introductory APR on balance transfers gives you a great opportunity to transfer those balances from other cards with higher interest rates over to your new card, without incurring the usually high balance transfer fees. This is not a card that will allow you to make regular balance transfers affordably, but if you are looking to transfer your debt to a lower interest rate card, or can get that balance paid off within the introductory period, this card is highly attractive for many reasons.