Since the top travel rewards cards generally offer 1-2 points per $1 for standard spending, earning 3x points on every purchase is a rewards enthusiast's dream.
So, why is the one card that offers 3x points for each dollar you spend not getting its share of attention?
Of course, I'm talking about the Discover it Miles card. It offers an unlimited 1.5 points per $1 spent, yet Discover has promised to double that amount after the first year.
This means you'll earn a total of 3 "miles" for every dollar you spend on the card. And you can redeem them for nearly any type of travel at a rate of one cent per point.
However, the big "catch" is that you don't get your "double points" until 12 months is up.
If you spend $10,000 on your card the first year, for example, you would wind up with 15,000 points worth $150 to spend all year long. But, you wouldn't receive your bonus points (another 15,000) until 12 months was up.
This is a deal-breaker for many, either because they want to spend their points as they go or because they hate the idea of waiting 12 months for anything.
Other downsides include the fact you can't transfer your points to travel partners like you can with premier Chase and Amex travel credit cards, plus the fact this card doesn't have a signup bonus.
However, if you have the patience to wait 12 months for your full 3 percent back for travel, there are plenty of reasons to consider signing up for this card regardless of its drawbacks.
Major benefits to consider:
-No annual fee
-You eventually earn 3x points for travel (you just have to be patient)
-Book any travel you want with no blackout dates
-Your miles never expire
-No foreign transaction fees
-Get a free FICO score on monthly statements
With all those benefits, it can definitely pay off, and since there's no annual fee, you won't have to pay for the privilege of earning rewards.
[READMORE]READ MORE: Which Travel Card is Best for Beginners?[/READMORE]
On the flip side, 12 months is a long time to wait to get your points "doubled." A lot of people have stayed away from this card because they worry about some technicality holding them back from receiving their extra points. Or, they would rather redeem points for travel gradually every month.
Either way, only you can decide if this is a good deal for travel, or if you'd be better off getting a card with a lower rate of earning but fewer stipulations.
Personally, I think Discover it Miles is a stellar deal if a) you're patient, b) you prefer flexible travel points, and c) you don't need to redeem your miles anytime soon.
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