Home > > Discover More(SM) Card

Discover More(SM) Card

0% Intro APR*
More ways to earn more cash - than anyone else.SM*
5% Cashback Bonus® in categories like travel, home, gas, restaurants, movies and more
5% to 20% Cashback Bonus at top retailers through our exclusive online shopping site
Up to 1% Cashback Bonus on all other purchases automatically
Unlimited cash rewards
Increase, even double, your rewards when you redeem for gift cards from our 80 Cashback Bonus Partners
Complete fraud protection for your peace of mind
$0 fraud liability guarantee
Advanced fraud early warning alerts
Fraud specialists dedicated to helping you 24/7
Customer service that puts you first
One call and we take care of it
Talk to a knowledgeable person in less than a minute
Easy online account options that put you in control
Timely e-mail reminders to help you avoid fees
No annual fee
Formerly Discover Platinum Card
*View Discover® Card Rates, Fees, Rewards and Other Important Information.

More ways to enjoy more cash than anyone else.SM*
Enjoy a 0% Introductory APR* and get 5% Cashback Bonus® in popular categories like travel, home, gas, restaurants, movies and more and up to 1% Cashback Bonus on all other purchases.
For your peace of mind you'll have a $0 fraud liability guarantee. This card also offers the easy online Account options that put you in control and you'll pay no annual fee.
You also can Increase, even double, your rewards when you redeem for gift cards from our 80 Cashback Bonus Partners. *View Discover® Card Rates, Fees, Rewards and Other Important Information.
2

DID YOU KNOW?

	What's sometimes better than money in the bank? Home equity! Simply put, home equity is the current value of your home, minus the balance you owe on your mortgage. While typical bank savings accounts may earn an average 2% annual return, home values have been appreciating at 10-20% or more -- sometimes much more -- per year. Thus, as a homeowner, you have a potentially very powerful financial resource at your fingertips. One of the most popular ways to tap into that resource is a home equity line of credit. Is a Home Equity Line of Credit Right for You? A home equity line of credit works something like a credit card. Once your maximum loan amount is determined by a lender, you can borrow any amount up to that maximum. And like a credit card, your loan payments vary based on the amount you have used. As you pay down the balance, your payments go down... and your available loan balance goes back up. Say for example you have a home that would sell for $300,000, and your mortgage balance is $200,000. Your equity is the difference, or $100,000. Most lenders will loan 100% of the equity (depending on your credit rating and some other factors). So your maximum loan amount would probably be set at $100,000. That's your "credit limit." If you use $50,000 to remodel your home, you make payments based on that $50,000 -- not the $100,000 maximum loan amount. If you borrow an additional $20,000 to put in a swimming pool before paying down the existing $50,000 balance, your payments would be based on the new amount, $70,000. And you still have access to the remaining $30,000. As your loan amount varies, so does your monthly payment. This is different than a typical loan in which you would borrow a lump-sum amount and make fixed monthly payments based until the entire loan is repaid. More Flexibility A home equity line of credit gives you more flexibility than a typical loan. You only use (and pay for) the amount of money you really need, as you need it. And you won't need to re-apply for a new loan every time a new financial need comes up. Speaking of financial needs, here are some of the most popular reasons for obtaining an a home equity line of credit. Consolidate Debts. Using your equity line of credit to consolidate other debts may eliminate the stress of multiple bills plus give you a more favorable interest rate, with a lower monthly payment -- and possibility even tax benefits! Make Home Improvements. Many people use an equity line of credit for renovating, remodeling, or improving their home. Certain types of improvements, such as kitchen renovations, can increase the value of the home as well as make the occupants happier! Refinance Existing Mortgage. Have interest rates decreased since you bought your home? If so, you might consider using a lower-rate equity line of credit to pay off the existing, higher-rate mortgage. Note, however, that while a line of credit may take advantage of current low interest rates, you may find that your regular loan protects you better from fluctuating rates. So if you will not be paying off the loan within the next few years, it may be best to keep your existing loan with it's fixed interest rate. When Should You NOT Use a Line of Credit? Before succumbing to what seems like 'easy money,' it is important to evaluate the additional risk. Some debts -- such as student loans -- have features that you may not be entitled to if you switch them to an equity line of credit. Other expenses, like a new car, may seem like good items to buy with your home equity line of credit, but weigh the pros and cons carefully. Some home equity line of credit loans allow you to pay only the interest for many years. Would you really want to be paying for a car for several years after it's lost most of its value? Unless you plan to pay off the debt as quickly as possible (which typically would mean paying more than the minimum payment), using a home equity line of credit for "disposable" consumer goods is probably not the best choice. Remember, before taking on any financial obligations, it is important to understand the risks as well as the benefits. A home equity line of credit can be the appropriate answer to your financial needs, but be sure to get as much information as possible before signing on the dotted line.

Before mortgage interest rates begin to rise, homeowners should consider the advantages of refinancing now. Although we’re witnessing record low rates, these rates will not last forever. Unfortunately, many homeowners will delay refinancing and miss out on the savings. There are many reasons to refinance. Here are the top three reasons to refinance while rates are low.

Reduce Your Monthly Mortgage Payment

Interest rates greatly effect mortgage payments. Individuals with poor credit can get approved for home loans. However, the lender will charge higher fees or interest. If you receive a high interest rate, you may pay a couple of hundred dollars more than a good credit applicant who applied for the same mortgage amount.

If you purchased your existing home with poor credit, refinancing for a lower rate may decrease your monthly payments, especially if your credit has improved. Obtaining a home loan is a great way to boost your credit rating. In fact, many homeowners notice an increase in their credit score after establishing a good payment history with their mortgage lender. Thus, if you received a bad credit mortgage, make an effort to better your credit, and then refinance for a low rate.

Get a Fixed Rate Mortgage Loan

Furthermore, many homeowners choose to refinance their existing mortgage to take advantage of a low fixed rate. When interest rates were higher, many home buyers opted for adjustable rate mortgages because they carried lower rates. Although homeowners with an adjustable rate mortgage also benefit from decreases in interest rates, these low rates are not promised.

Every so often, mortgage rates rise and fall. If rates begin to climb, so do the rates for an adjustable mortgage. Hence, mortgage payments will increase. To avoid increased payments, refinance and secure a low fixed rate that will remain the same throughout the duration of the loan.

Take Advantage of Cash-Out Refinancing

Cash-out refinancing is a very attractive feature to refinancing your current home loan. With this option, you can refinance for a better rate, and borrow from your home’s equity. At closing, you will be given a lump sum of cash. Funds may be used to consolidate debts, remodel your home, take a nice vacation, or pay for a child’s education expense.