Discover Motiva offers a unique set of features for those who carry a balance.
First, the card has an introductory APR period of 3.99% for 15 months on both purchases and balance transfers, which ranks it among the best deals out there. In fact, the average credit card charges you a rate of closer to 14% to borrow money, so this is a great way to save money while you pay down your debt. However, beware of the 4% balance transfer fee for the intro offer, or the 5% balance transfer fee for normal balance transfers.
Second, the card offers an ongoing rate of 16.99% to 25.99% depending on your credit score and a few other factors. However, if you pay on time, you get rewarded with a reduction in interest charges on your next statement, of 5%.
Third, this card earns rewards, unlike most cards with an introductory APR period. You get 1% cash back after you spend $3,000 per year. Before then you only get 0.25%.
Pay on time bonus
Any time you pay your bill on time, you receive a 5% deduction on your interest for your next months' statement. This effectively takes a 20% interest rate down to 19%, which isn't necessarily great, but can really add up over time due to compounding. You may also want to check out other balance transfer deals
on our site, that are even more attractive than that offered by Motiva.
No matter what your credit score, if you carry a balance, you should really consider your local credit union. There are many credit unions, with open membership, that offer rates far lower than 19%, even for people with very bad credit, or no credit. Check out our credit union credit card finder
to find out more.