Discover Escape Travel Rewards Credit Card
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In spite of the ongoing credit crisis, Discover has launched a new credit card. It’s called the Escape Card by Discover, and it offers some fairly generous travel rewards as well as a 25,000 mile bonus, whih is the equivalent of a $250 signup bonus. The reward program offers two miles for every dollar spent. The miles never expire, and there’s no cap on how many you can earn.
Given that these miles are worth $0.01/each (more below), this is the equivalent of a 2% cash back reward. As far as redeeming your miles goes, you can use them on any airline for any flight. Simply purchase your ticket(s) with the card and then redeem your miles at a rate of $100 for 10,000 miles.
If you’d prefer non-travel rewards, you can redeem your miles for gift cards from over 90 Discover partners. Gift card redemptions start at 1,000 miles. Alternatively, you can convert your miles into statement credits, though the exchange rate here is only $25 for 5,000 miles.
As for the 25,000 mile bonus, you’ll receive 1,000 bonus miles per month for the first 25 months as long as you use the card at least once per month. This card also comes with 0% APR on purchases for six months.
The only real downside to this card is that there is a $60 annual fee. However, the bonus miles more than cover this amount for the first two years. All in all, the generous rewards make this card awfully tempting.
Published on February 10th, 2009 - 6 Comments
Filed under: Credit Cards, Reviews
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About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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I tried to get the “Miles” card from Discover recently, and they said they have a new policy that only allows one Discover card per person. Since I already have an Open Road card from Discover, that made me ineligible. Has anyone else heard of this new “policy”?
Comment by Stephen — Feb 10th 2009 @ 9:37 amStephen: Interesting. I haven’t run into this myself.
Hmm, I like the sound of this card. Maybe I’ll get this one in addition to the Amex Starwood Rewards card. I usually stay at a Starwood hotel, so that would save me money on hotel stays, and then I can use this one for a little arbitrage and rack up some miles for free airlines. If I played the numbers well, I could probably work a free trip completely every year…well, for as long as either company feels like being generous with their points.
Comment by Kristy @ Master Your Card — Feb 11th 2009 @ 1:11 amNot to dog on Discover, but they are like the anti AMEX. Both cards aren’t accepted everywhere, but at least you don’t get snickered at when you pull out your AMEX and they say no.
Discover was my first credit card ever (thanks college dorm welcome package) but I haven’t used them in years. Looks like a good deal, you just might find it hard to really take advantage of their reward program.
Comment by thomas — Feb 11th 2009 @ 1:53 amI don’t see the 0% for 12 months BT. For me, it shows:
Offer A : 0.0% until the last day of the billing period ending during September 2009;* then the standard APR for purchases
Comment by Larry C — Feb 13th 2009 @ 10:49 amLarry C: Strange. They shortened it. I’ll make the change. Thanks.