Discover® Platinum Card

0% Intro APR* No Annual Fee Full 5% Cashback Bonus® on Get More Program Purchases Throughout the Year* Up To 1% Cashback Bonus® on All Other Purchases*

Review: 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 earn a full 5% in cash rebates for purchases made at select merchants, up to 1% for general purchases, and .25% for purchases made at select warehouse clubs and discount stores. Those who spend up to $1,500 on general purchases will receive a .25% rebate, between $1,500 and $3,000 will receive a .5% rebate, and over $3,000 will receive a 1% rebate.* As an added bonus, cardholders can earn up to a double Cashback Bonus® for redeeming their rebates for gift certificates from participating Discover Card Partners. There is no yearly limit on the amount of rebates that can be earned, and rebates do not expire as long as the account is active within a 36 month period. The card has no annual fee and an attractive 0% introductory rate on purchases and balance transfers for twelve months. The APR for this card is reasonably low for those who qualify. 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. 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. Cardholders will also receive discounts on products and services at participating merchants and retailers. Therefore, those who plan to spend over $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 full 5% Cashback Bonus® award.

Date of Review: 2006-04-13 00:00:00

Notes: The APR for purchases and balance transfers varies according to the applicant's credit history and may range from 3.49% to 10.49% + Prime Rate. See website for complete terms and conditions of card usage and application disclosure.

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. Discounts on products and services at participating merchants and retailers. See website for additional benefits.