Special Offer: 0% for 10 months and is applied to Purchases, Balance Transfers. APR (Purch): 9.99% Variable* Annual Fee: $0 Category: Reward - Cash

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Credit Card Review - Discover Platinum

The Discover® Platinum Card, issued by Morgan Stanley, is designed for those with very good credit who are looking for a cash reward credit card.

Through the reward program, cardholders can earn up to 1% in cash rebates for purchases made with the card. As with many cash reward related programs, however, the amount spent on the card reflects the cash rebate earned.

Those who spend up to $1,500 (or if purchases are made at select warehouse clubs and discount stores) will receive a .25% rebate, those who spend between $1,500 and $3,000 will receive a .5% rebate, and those who spend over $3,000 will receive a 1% rebate.*

In addition to the standard cash rebate payout, cardholders can earn up to 5% rebates at participating retailers through the Cashback Bonus® reward program.

Aside from the reward program, the card also provides several platinum benefits including up to $500,000 in travel accident insurance, auto rental insurance, and various fraud and security protection services.

The card has no annual fee and an attractive 0% introductory rate on purchases and balance transfers for ten months. The APR for this card is very low, although it is important to note that only higher qualifying applicants will receive the lowest rate available.

Finance charges applied use the "Two Cycles Average Daily Balance" method, which is a more costly method in applying finance charges for those who occasionally carry a balance as compared to the "Average Daily Balance" method used by most card issuers.

Therefore, those who plan to spend at least $3,000 a year (to earn the 1% cash rebate), plan to use their Cashback Bonus® award at participating retailers (to earn double cash rebates), and plan to pay in full each month after the introductory rate expires (to avoid costly finance charges), will benefit most from what the Discover® Platinum Card has to offer.

* It is important to note that like many cash reward cards, the highest rebate offered will not apply to all purchases made with the credit card. In this case, 1% will only be applied to those purchases made after the cardholder spends over $3,000 in one year, so the overall cash rebate earned will be less than 1%, depending on the amount spent. For instance, if the cardholder were to spend $4,000, only $1,000 of this amount would be applied towards the 1% rebate. However, this does not take into account any promotional offers or the 1% Cashback Bonus® award.
Review Date: 8/15/2005

Most Attractive Feature(s): Double cash rebates at participating retailers and merchants (through the Cashback Bonus® award program); 0% introductory rate; no annual fee.
Least Attractive Feature(s): Uses "Two Cycles Average Daily Balance" method when determining finance charges.

Click Here To Apply For Your Discover Platinum Credit Card

Additional Perks
Various card designs to select from.
Various Internet account related services.
Up to $500,000 in travel accident insurance.
Fraud and security protection services.
Auto rental insurance.
Free Discover® 2GO Card upon request (a compact card design that can be easily attached to any key chain).
Discounts on products and services at participating merchants and retailers.
See website for additional benefits.

Important Notations
The APR for purchases varies according to the applicant’s credit history and may range from 3.99% and 10.99% + Prime Rate.
See website for complete terms and conditions of card usage and application disclosure.

Note: The review on this card was updated on 8/15/2005. The review is believed to be accurate during the update, however, information posted may have changed since the update. We strongly suggest that you carefully read the Terms and Conditions statement that accompanies the credit card application. Credit card review information is provided by CardOffers.com, Inc.