New Changes To Discover Card’s Terms!
For those of you with Discover credit cards, it would be important to read the following so that you are aware of some of the changes. I received a small four-page pamphlet from Discover Card announcing changes to the Discover More and Discover Motiva cards. The changes include terms on cash advances, the Late Fee, and assorted changes to the rewards programs.
For the cash advances, they say that once that special rate expires, the standard APR will apply, and if you are late with a payment during that special rate period, your rate will end.
The Late Fee will be $19 if your balance is less than $250 and $39 if it is more than $250. Previously, the late fee was $15 on balances up to $500, and $39 for balances over $500.
In the rewards area, they say they are changing how they calculate total annual purchases for the Cashback Bonus, which will no longer include purchases at warehouse stores or Get More purchases for the Discover More card. (Bye- bye rewards on those mega purchases at Sam’s Club or Costco.) They will also no longer be mailing checks for cash back. Instead, cardholders can choose a credit to the account, an electronic deposit into a designated account, a gift card or electronic gift certificate for partners or make a charitable donation.
The terms and rewards changes go into effect for billing periods after October 1, 2007. The opt-out period ends September 25, 2007. If you opt out of these changes, your account will be closed. If you use your card after September 25, 2007, you have accepted the term changes.
I know most people probably throws away all your junk mail that comes with their credit card statements, but it’s important to look at those inserts.That’s usually how the credit card companies announce changes. And a good card becomes a bad card, you need to be prepared to close the account.
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