The Discover interest charge on purchases ranges from 11.99% to 22.99% Variable for most Discover cards. This includes the Discover it Cash Back, Chrome, Miles, NHL Discover, and Balance Transfer cards. The actual rate you’ll receive within that range upon approval varies based on your credit, income and other factors.
When you make a purchase on a Discover card, it is subject to an interest charge known as the Annual Percentage Rate (APR). To know how much you’re paying on your balance each day over the course of a year, divide the APR by 365. Discover will multiply this rate by your current balance every day to come up with the daily interest charge. Interest compounds daily. This means you’ll owe interest each day on any unpaid balance, including interest from previous days.
The simplest way to avoid paying interest charges is to pay the full balance due by the due date each billing period. Discover offers a grace period during which you will not be charged interest on your purchases if you pay off the entire balance. Discover’s grace period is at least 25 days (23 in February) from the end of the billing period until the due date. You will lose the grace period if you do not pay the balance in full during any month. You can have the grace period reinstated by paying the bill in full for two straight billing periods. Keep in mind that grace periods do not apply to cash advances or balance transfers.
Discover cards have also have 0% APRs on purchases and balance transfers for a certain number of months. After the 0% intro rates expire, any remaining balance is subject to the regular APR. Your Discover credit card will also have a separate APR for cash advances. There are no penalty APRs for late payments with Discover.
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