The Discover Motiva credit card has an intriguing bonus for anyone who carries a balance.
Pay at least the minimum due on time for six months and Discover will return your last interest payment.
Once you accumulate $20, you can receive a gift card to use at one of Discover’s 100 brand-name retail partners, or you can donate it to charity.
When you reach $50, you can also have the bonus credited to your credit card account or electronically deposited in a checking or savings account.
There are no limits on how much you can earn, so you can collect a bonus every six months until you get that balance paid off.
That bonus is on top of the 1% cash rebate you earn on most purchases — which will be worth a lot more once you’re out of debt and the rebate is not being gobbled up by interest charges.
There’s no annual fee and the introductory rate on purchases is 3.99% APR until May 2010. After that a variable rate from 11.99% APR to 18.99% APR kicks in, based on your credit history.
Motiva probably makes the most sense if you have a balance to transfer from another card.
The transfer fee is 3% of the balance — as good as you’ll find right now.
The introductory 3.99% interest rate is also available on balance transfers for 6 to 12 months depending on your credit.
That’s a little more than the 0% introductory rate some cards are offering on balance transfers. But none of them come with the cash bonus for making your payments.
Click here to compare Discover’s offer with those from the best balance transfer cards in our database.