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.