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The Discover Open Road Credit Card is designed for users who spend a lot of time and money on the road - through the cash back program you can earn cash rewards every time you gas up or spend money on auto maintenance. If you are the sort of person who does spend a lot of money regularly on travel expenses (at least in terms of car trips) then you will be able to benefit from this credit card so long as you remember to use it on related purchases so that you can gain cash back on necessary money being spent. Aside from the fact that there are no annual fees on this credit card and you have the chance to earn cash back on travel spending there are actually several fees affiliated with this credit account that you should be aware of before applying or using the card. Late fees, overlimit spending fees, cash advance fees and balance transfer fees apply where on other credit cards they may not. Late fees are calculated at $15 for any amount up to $500 and $39 for any amount exceeding that; this rate will change after the introductory offer ends December 1st 2007 and becomes $19 for any amount up to $250 and $39 for any amount over that. If you charge more money than you have been allocated in credit then the fee is $15 for up to $500 and $39 for any amount over that. For cash advances you will pay 3% per transaction with a minimum of $5; the annual fee for these advances is 20.99% rising to 23.99% after December 1st. If you want to transfer the balance of another credit card onto your new Discover Open Road Card then the fee for the transaction is 3% with a minimum payment of $10 and a maximum payment of $75. APR will not be charged until after September 2008 after which period the standard purchase APR will apply. The card comes with a purchase APR of 10.99% to 18.99% depending on your credit history however if you miss payments this will revert to the default APR of up to 30.99%. If you make regular payments each month on the account that clear your purchase balance then you will retain the original 25 day grace period meaning that when you make purchases they won't immediately be charged APR. |
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