Review of Discover Platinum Card



The Discover Platinum Card was last reviewed on : 1st July 2005

The Discover Platinum Card is a unique hybrid reward and cash back credit card. We recommend this card because you can
  • Earn 5% cash rebate for purchases at merchant partners of Get More Purchase program
  • You can double the value of your cash rebates if you exchange them for gift certificates or gift cards of partner merchants
  • You can earn unlimited rebates

Let us take a closer look at this card

Rebate Formula - The Discover Platinum Card is a tiered cash back credit card. You can potentially earn up to 2% rebate. Here is how it works. The tiered cash back formula is based on your annual expenditure. For the first $1,500 in annual expenditure, you earn 0.25%. For the next $1,500 in annual expenditure (ie $1,500 to $3,000), you earn 0.50% rebate. Once your annual expenditures exceed $3,000, you earn 1% rebate. You will earn 0.25% rebates at selected discount outlets and stores. You can double your rebates if you exchange your cash rebate for Discover Card merchant partner gift certificates or gift cards. See the rebate formula below. Cash rewards are redeemable in $20 denominations. Best of all, you can earn unlimited rebates.

Discover Platinum Card Rebate Formula

Annual Expenditure Rebate % Rebate% if exchanged for gift certs or cards
$0-$1,500 0.25% 0.50%
$1,500 to $3,000 0.50% 1.00%
More than $3,000 1.00% 2.00%


5% Bonus Cash Back Offer - You can earn 5% cash rebate on Discover's Get More Purchase program. Under this program, shopping at various retailers will enable you to get a 5% cash rebate. The present retailers under this scheme are Ace Hardware, Bed, Bath and Beyond, Lowes, Menard, Pier 1 Imports, Restoration Hardware, SHERWIN-WILLIAMS, Smith & Hawken, The Container Store, The Home Depot.

Annual Fee and APR - The Discover Platinum Card has no annual fee. The APR ranges from Prime Rate plus 3.99% to 10.99%. You also get a 0% APR on balance transfer for 10 months. The grace period on purchases is 25 days, more than the standard 20 days used by most credit cards. The Discover Platinum Card uses the two-cycle-average daily balance method of calculating balances.

Important Discover Card Features - Discover Cards allow you to download your credit card statements to Quicken and Microsoft's Money. You can also change your statement bill due date to match your other credit cards.

Summary - The Discover Platinum Card can be viewed as either a tiered cash rebate credit card or a shopping reward card. As a tiered cash rebate card, you earn 1% rebate after $3,000 in annual expenditure (nothing outstanding). But you can exchange your cash rebate for double the value in gift certificates or gift cards. This is where Discover beats most other shopping reward cards. The is no other reward card that pays you a 2% payout (or 2 points for every dollar you spend) on ALL purchases. You simply earn "faster rewards" with this card. Best of all, this is one of the few reward cards that lets you earn unlimited rebates (rewards). You can also earn 5% cash rebates for purchases at merchants that are part of the Get More Purchase program. We highly recommend the Discover® Platinum Card discover platinum card to those looking for a shopping reward credit card.

Positives
  • Can earn up to 2% rebates
  • No annual fee
  • You can get a low APR if you qualify
  • 25 day grace period for purchases
  • Earn unlimited rebates
  • 5% cash rebate on Get More Purchase partners


Negatives
  • Uses the two-cycle average daily balance method of calculating monthly balances





Discover Platinum Card
Reward Benefits
Rebate Percentages Tiered rebate system
Earn 5% cash rebate on Get More Purchase program
Earn 0.25% rebate for annual expenditures up to $1,500
Earn 0.50% rebate for annual expenditure between $1,500 and $3,000
Earn 1% rebate once annual expenditure exceeds $3000
Rebates can be doubled (ie as high as 2%) if exchanged for selected partners gift certificate
Credit Limit Up to $50,000
Cost/Fees/Interest rates
Introductory rate 0% introductory APR on balance transfers for 10 months
Annual Fee No annual fee
Purchase APR Prime Rate plus 3.99% to 10.99%
Balance Transfer APR Prime Rate plus 3.99% to 10.99%
Cash Advance APR 20.99%
Penalty/Default Rate APR Prime Rate plus 10.99%, 15.99% or 19.99%
Min Finance Charge $0.50
Grace Period 25 days
Balance Calculation Method 2-cycle Average Daily Balance (including new purchases)
Balance Transfer fee 3% min $5.00, max $50.00
Cash Advance fee 3% min $5.00
Over-the-credit-limit fee $15.00 - $1000 or less
$35.00 - greater than $1000
Late Payment fee $15.00 - up to $100
$25.00 - $100-$1000
$35.00 - greater than $1000



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