discover credit card foreign transaction fee

Also, the card doesn’t charge a penalty APR and guarantees not to raise your APR if you skip a payment.

For one, it offers an introductory APR of 10.99 percent on balance transfers for the first six months for transfers that post during the introductory period (regular 28.24% Variable APR thereafter). On the bright side, the Discover it® Secured Credit Card offers more forgiving terms for inexperienced credit card holders. Easier on some of the other fees and penalties You need to make certain before you apply for the card that you have a plan in place to pay off your balance each month, since carrying a balance from month to month can be costly. All cardholders, regardless of their credit score, are assigned a 28.24% Variable APR. Unfortunately, the APR on the Discover it® Secured Credit Card is extremely high – even for a credit-building card. In other words, the Discover it® Secured Credit Card is far more rewarding than most of its competitors. We estimate that a cardholder who spends an average amount in each of the card’s categories and around $3,600 on the card each year can earn around $62 per year on the card over three years. While many cards for building credit charge an annual fee (or even multiple fees!) the Discover it® Secured Credit Card doesn’t charge an annual fee, and does an even better turn: With the card’s valuable cash back rewards program, you can actually earn money back each year by using the card. Plus, Discover matches all of the cash back that you earn at the end of the first year, basically doubling the card’s rewards in the first year. You’re entitled to the same rewards that Discover offers to its Discover it® Chrome cardholders: 2 percent cash back on restaurant and gas station purchases (on up to $1,000 in combined purchases per quarter) and 1 percent cash back on other purchases. The Discover it® Secured Credit Card isn’t the only card in the credit-building realm with cash back rewards, but, unlike most competitors, the Discover it® Secured Credit Card’s cash back program isn’t a subpar version of the rewards that it offers to cardholders with more desirable credit scores. In a relatively short time, you could have your deposit fully refunded while enjoying the benefits of Discover’s cash back rewards program. The card allows you to choose a credit limit as high as $2,500 – a fairly high limit for a secured card – but you are required to secure the entirety of that credit line with a deposit.Īs a major plus, Discover promises to review your account on a monthly basis starting at seven months to see if you qualify to graduate to a unsecured card. The Discover it® Secured Credit Card also starts you off with a decently sized credit line – if you can foot the deposit. You can even establish your credit line by using your tax return for the refundable security deposit (bank information is required when submitting your deposit). The Discover it® Secured Credit Card allows you to establish your credit line with a slightly smaller than average deposit. While many secured cards require at least $300 up front, the Discover it® Secured Credit Card lets you start an account with at least $200. Not only can you earn a profit off the card through its cash back rewards program, but you can be automatically considered for an unsecured credit line and get your security deposit back in as little as seven months through responsible credit use, putting you heads above the alternatives for building credit. In the case of the Discover it® Secured Credit Card, the large upfront cost is well worth it in the long run. If you’re on the low end of the credit spectrum, you may be sweating over the choice of plunking down a large deposit for a secured card or paying a small ongoing fee for an unsecured card.

Discover credit card foreign transaction fee