Best Credit Card - Discover IT Miles Travel Card - get upto $8k/yr based on $8k mnth spend. YMMV

Unknown Pts
edited August 2017 in Finance
Discover IT Miles Card is a great card for most people.  If you are a heavy credit card user, you can get back upto $5.8k annualized cash back based on $5k monthly spend, and $8k based on $8k monthly spend.  

Top 3 unique features
1) 3% cash back on ALL purchases. That is by far the best offer out there. 
2) Very flexible price protection benefit, with $500 per item and $2500 per calendar year (that means if you structure properly you can get $5k per annual card ownership, based on when you get the card). The benefit is 90 days post purchase, works on Black Friday door buster deals, and even out of stock items.
3)  No annual fee for details.

 ---> Signup using this link below to get extra $100

There are a few key concerns to be aware of:
1) Discover is not accepted everywhere, but from my experience it is accepted in most places.  To be sure, you shouldn't rely on Discover as your exclusive card and should have a Visa or MasterCard as well just in case.
2) Discover is not great for international travel, If frequent traveler I would consider to supplement with a card that waives foreign transaction fees and provides lounge and other benefits.
3) Discover doesn't provide a great credit line from my experience
4) if you don't spend too much on your monthly credit card bills then you maybe better off opting for a different credit card with a large signup bonus offer like Chase Sapphire (worth $500- $625)
5) if your primary concern is to carry a credit card balance or if you are having cash flow issues then you maybe better off looking for a credit card with an even more extended 0% APR purchases or balance transfer offers. This card already comes with 14 months 0% purchase APR, which is pretty good.   I don't recommend to carry credit card balances in general, but if you have special circumstances then you may have better credit card options.

Other nuances:
1) Many people assume that because the card is called Miles, the benefit is not cash but Travel. That is really confusing.  The benefit is actually a direct bank deposit, so it's just as good as cash. I am really not sure why they advertise it as miles.
2) The 3% cash back is truly on everything, which is great.  1.5% back right away and 1.5% cash back match after a year of card ownership.  Total 3%.  The cash back match is a time limited offer and only for new card members.  If you already have a Discover card, no worries, you can have up 2 cards per person, so just apply for another one. If you have 2 cards already then you may ask another member of your household to sign up and add you as an authorized user.
3) There are other perks that come with the card (free FICO score, social security identity monitoring alerts,  90 day return guarantee, extra year extended warranty, 90 days damage and theft protection).
4) There is a sister Discover card called Discover IT card that has a lower overall cash back, but higher on specific rotating categories.  I strongly recommend to go with the Miles version, as 3% on every purchase will be favorable in most cases.

Special bonus:
If you have a friend who has a Discover IT Miles card then they can refer you and you each get $50 worth of points.  In your case your $50 worth of points will be matched after 12 months along your other points, so that's extra $100 you make.  
If you don't have a friend with Discover IT miles card, you may use link below and I will be your friend (we will both get the credit as described above)


  • 1
    Thank you @DealGuru for sharing this insight.  It sounds like an unbelievable value you can get from purchases we are making anyway. The work sounds a bit cumbersome, but well worth it for such a great saving.
  • 1
    Unknown Pts
    edited August 2017
    I agree with @BargainDude
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