Discover is a credit card company that operates in the United States and was introduced by Sears in 1985. At first, the cards from Discover did not charge any annual fees and offered abnormal credit limits compared to the existing credit cards in the industry, thus disrupting their operations. The cards also offered a “Cashback Bonus” on purchases, a feature that even attracted more users of the cards. There are various ways you can use a credit card. Today, we shall mainly dwell on how to transfer money from a Discover card to a bank account.
Many people don’t know that you can transfer money from a credit card to a bank account. Transferring funds from your credit card to a bank account is usually costly due to high transfer fees. When you use your credit card to obtain cash, you usually obtain a cash advance. Even though financial experts do not recommend using your credit card to get cash at an ATM or a bank, sometimes you have to due to complex financial status.
Another disadvantage of using a credit card to obtain the cash is that interest rates start accruing as soon as you get the cash advance. Furthermore, the interest rate on cash advances is usually higher when you use the credit card for purchases. It is better to get a personal loan to sort out your financial issues than to use a credit card.
What are the various credit cards that you can get from Discover?
There are various credit cards that you can get from the company. They include the following.
- Cash Back Credit Card
- Travel Credit Card
- Student Credit Card
- Business Credit Card
- NHL Credit Card
i) Cash Back Credit Card
The Cash Back Credit Card is in two forms. We have the Discover it® Cash Back Credit Card that allows you to earn 5% cashback on your daily purchases at different places such as Amazon.com, grocery stores, gas stations, restaurants, and when you pay using PayPal every quarter. You can also automatically earn unlimited 1% cashback on all other purchases.
The other Cash Back Credit Card is the Discover it® Gas and Restaurants card that earns you a 2% cashback at gas stations and restaurants on up to $1,000 in combined purchases each quarter. The card also automatically earns you unlimited 1% cashback on all other purchases.
ii) Travel Credit Card
The Travel Credit Card allows you to fund your travel expenses. It has no annual fees, and you can be sure to save more with the card. You can be sure of various perks irrespective of how you travel. You can get Miles and turn them into cash or even get a statement credit for travel purchases.
ii) NHL Credit Card
The NHL Credit Card allows you to support the team you love while you earn top-tier rewards. The card has no annual fees whatsoever.
iii) Student Credit Card
To apply for the Student Credit Card, you do not need any credit scores whatsoever. The card lets you build your credit history while in college as you earn rewards when using it. Interestingly, the credit card does not charge annual fees. There are two forms of student credit cards. These include the Student Cash Back credit card and the Chrome for Students.
iv) Business Credit Card
If you are a business person, then the Business Credit Card will suit you. The card gives you unlimited 1.5% cashback rewards on every business purchase. You can even use the card to transfer money using the routing number and account number to an account of a supplier or service provider, and you are good to go. The card has no annual fee.
How many credit scores do I need to get a Discover credit card?
Most Discover credit cards require you to have good or excellent credit scores. Good credit refers to FICO scores of 670 and above, up to where the excellent credit scores range begins.
However, not all credit cards require you to have credit scores. As I mentioned earlier, student credit cards do not require any credit scores.
How do I get a Discover card?
You might be interested in getting the Discover credit card but not sure how to go about it. Well, you have come to the right place where you will learn everything in detail. You can register an account with Discover online by visiting the card website and navigating to the register section. The following is the process you can follow to get a Discover credit card.
- Visit discover credit-cards and choose the most preferred credit card to apply for.
- Hit the Apply Now tab.
- On the page that opens, enter your ZIP code, the Last four digits of your Social Security Number (SSN), and date of birth.
- Hit continue. You can even choose to skip the step to continue later.
- Next, choose your card design.
- After that, enter your name, Home address, date of birth, employment status, monthly rent payment, total gross income, and your email address.
- Read the terms and conditions and agree.
- Lastly, “Hit Submit” and wait for further instructions from Discover.
You will receive the credit card at the physical address that you provide during the card application. Make sure you enter every detail correctly during the card application. Once you get the card, you can then register it online in the following manner. Once the credit card registration is over, you can then begin using the card in various ways. You can use the card to transfer money to someone else’s bank account or your bank account, as we shall see shortly.
- Visit the Discover website and navigate to the Register An Account Tab just below the Login In section.
- On the page that opens, move to the Credit cards section and hit “Register Now.”
- Enter the 16-digit card number and the card’s expiry date, then the last four digits of your Social Security Number.
- Tap continue and follow the guidelines to complete the card registration.
How to transfer money from Discover card to bank account
As I mentioned earlier, you can transfer money from your Discover credit card to your bank account to an account of someone else. There are various ways you can move money from your credit card to a bank account. They include the following.
1) Transfer at a bank
In most cases, we transfer money from debit cards to a bank account. Also, you can transfer money from a prepaid card to a bank account. Similarly, you can take your credit card to a bank that accepts the card together with your identity card and then ask one of the tellers to withdraw the amount of money you wish to transfer to a bank account.
You also have to give them the bank account where you wish to transfer the money. Therefore, you should withdraw from the bank with the account to transfer money to.
2) Transfer at an ATM
You can transfer money at an ATM point. You have to withdraw the funds first, then deposit them in your account. Depositing money in your bank account through an ATM requires you first to write a deposit slip and then put it in an envelope with the money you want to deposit in your account, and after sealing it, you drop it in the deposit slot of the ATM.
3) Transfer online
You can log into your online card account and initiate the transfer of money to your bank account. You require the bank account routing and account numbers to transfer using ACH or wire transfer. Discover may accept the ACH payments instantly if you transfer the funds to a Discover bank account since the transfer is within the same company.
4) Get a credit card convenience check.
You can request your card issuer to give you a check to deposit in your bank account. The check works like regular checks, and you can be sure that the funds will be available in your account within a few days. Remember that some people do not like electronic money transfers, and transfering money via check may be the only best option left.
For your information, Discover offers banking services. When transferring the funds from a credit card to an account in Discover, the funds can move faster since you are moving money within the same institution. One can open a free online checking account no opening deposit no credit check.
However, Discover may run your details in the ChexSystems to see if you have any poor banking history. The Discover credit card comes with a debit card that you can use for your various transactions.
Does Discover charge fees on credit cards?
Discover charges some fees on their credit cards. For example, the Student Cash Back.
Credit Card charges $20 statement credit each school year. The same applies to the Student Chrome Credit Card. The NHL® Credit Card charges you a 3% Intro Balance Transfer Fee, while the Annual Percentage Rate (APY) applies for all cards. Some cards don’t charge annual fees.
Discover cards are usually issued in the US. The cards are credit cards in nature and thus allow you to borrow money from Discover. Even though Student credit cards do not require any credit scores, other credit cards from the issuer require good to excellent credit scores. Discover credit cards have lots of rewards that you can enjoy when you become a user. Apart from credit cards, Discover also offers banking services.