Updated May 19, 2016

The Facts

• Annual Fee: None

• Rewards: 1.5x miles everywhere. Discover miles are worth exactly 1 cent per mile when redeemed for travel purchases, as a statement credit or deposit into your bank account.

• Signup Bonus: None. However, Discover currently matches all miles that you earn in the first year, if you open a new account. This essentially makes the card return 3x miles or 3% travel rewards on all purchases for the first year. Since we have other products (Citi Double Cash, Fidelity Visa) that return 2% cashback without annual fees, we view this matching offer as a signup bonus of 1% of your first year's spending. For example, if you spend $50,000 in your first year, you will earn en extra $500 beyond what is offered by a 2% cashback card.

• Application Landing Page

• Other Benefits: An annual $30 credit for in-flight Wi-Fi purchase. Waived foreign transaction fees. Free TransUnion FICO scores.

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The Math
This card returns impressive 3% rewards for the first year but pretty mediocre 1.5% for the subsequent years.

The Conclusion
This card is great for the first year, especially when you plan to spend a lot in your first year.