Review of Discover Platinum Clear Card



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

Summary - The Discover Platinum Clear Card has identical features as the normal Discover Platinum Card. The only difference is that you get a different card design and you can also choose from a few "Clear Designs". We recommend the Discover® Platinum Clear Card discover platinum clear card bacause
  • You can earn 5% rebate on purchases from partners in the Get More Purchase program
  • You can exchange cash rebates for up to double the value in gift cards or gift certificates
  • You can earn unlimited rebates

Let us take a closer look at this card

Rebate FormulaThis is a tiered cash back credit card whereby can potentially earn up to 2% rebate. The rebate 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.

Discover Platinum Clear 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% cash rebates from Get More Purchase Program - 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 APRThe Discover Platinum Clear Card has no annual fee. The APR ranges from Prime Rate plus 3.99% to 10.99%%. You also get a 0% APR on purchases balance transfer for 10 months. You do not have to pay a balance transfer fee during the introductory period. The grace period on purchases is 25 days, more than the standard 20 days used by most credit cards. However, the Discover Platinum Clear Card uses the two-cycle-average daily balance method of calculating balances.

ConclusionThe Discover Clear Card is a very unique hybrid cash rebate and reward credit card. We like the fact that you can earn 5% cash rebates with purchases from merchants of the Get More Purchase program. Though it is a tiered cash rebate credit card, you can double the value of your cash rebates by exchanging them for double the value in gift certificates or cards. You can also earn unlimited rebates. Those who shop frequently at Get More Purchase merchants and like to redeem cash rebates for gift certificates will find the Discover® Platinum Clear Card discover platinum clear card

gives more reward value than most other credit cards.

Positives
  • Earn 5% rebates from Get More Purchase merchants
  • Double the value of cash rebates by exchanging them for gift certificates or cards
  • No annual fee
  • You can get a low APR if you qualify
  • 25 day grace period for purchases


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



$15.00 - $1000 or less
$35.00 - greater than $1000
Discover Platinum Clear Card
Reward Benefits
Rebate Percentages Tiered rebate system
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 purchases and 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
Late Payment fee $15.00 - up to $100
$25.00 - $100-$1000
$35.00 - greater than $1000



Apply for the Discover® Platinum Clear Card discover clear card

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