Discover Financial Services has recently announced its new rewards credit card. The Motiva Card offers rewards to cardholders that carrying a balance that manage to make their payments on time. The system is quite simple – if you make six consecutive payments on time, you will receive the interest back on the following month as a bonus. You can accumulate your new found wealth and later apply it toward the balance of your card or you can use it to purchase rewards. Those that apply for the new credit card will also enjoy no annual fee.
The timing of the launch of this new credit card that pays cardholders for being responsible seems to be pretty coincidental if you ask me. I mean, credit card companies have been under fire lately for their failure to clearly disclose information to their customers and for using “predatory” practices when dealing with their customers. So, the motive behind the new card is a bit suspicious. Nonetheless, it’s a great idea.
The company claims they’re introducing the new card in an effort to promote good credit management. According to Margo Georgiadis, the executive vice president and chief marketing officer of the company, another motive behind launching the new card is the fact that most of their customers “didn’t feel rewards programs were focused on their needs; they felt they were focused on the biggest spenders.”
With this new card, Discover hopes to more effectively target those that aren’t necessarily big spenders but that are still responsible with their card. To help their customers maintain the level of responsibility they have been known for, the company also offers the option to sign up for free e-mail payment reminders as well as email alerts when they are getting close to their credit limits. In addition, cardholders will be able to make their monthly payments for free by phone.
If you are interested in the Motiva, you may also want to consider transferring your balances from your higher interest credit cards. The card will be offering a 3.9% balance transfer rate, a rate the company hopes will draw customers over while hanging onto them for the long haul as they work to receive their on-time payment bonus.
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