Discover Platinum Card is one of the cash reward credit cards operated by Discover Financial Services, a business unit of Morgan Stanley. The card offers a number of benefits to the user.
Discover Platinum Card provides 5% cash back on purchases made at select merchants or in certain categories throughout the year. You will get up to 1% cash back on all other purchases made using the card. Besides, you can increase your cash back bonus when you redeem your cash rewards for gift cards or certificates from the company’s partners. Certain circumstances, such as account closure and inactivity for more than 36 months, however, could result in forfeiture of some or all your cash back bonus.
The Annual Percentage Rate or APR is 0% for all purchases till the last day of the billing period. After that the standard APR (estimated between 11.24% and 18.24%) is charged. Balance transfer APR is 0% till the last day of the billing period. Post this period, the standard APR is charged. For defaulters, the rate is between 16.24% and 28.99% and is decided on the basis of their payment history. For cash advances, the APR varies between 20.99% and 22.99% based on what Discover Card you have.
A 25 day (or more) grace period or interest-free period is also there for Discover Platinum Card holders. Credit limit for Discover Platinum Card is $5,000 and $1000 for Discover Gold/Classic Card. The two cycle average daily balance method is applied to determine the card holder’s charges. This method is slightly costlier than the more commonly used daily average balance. The Discover Platinum Card has no annual fee. Also, there is no charge for additional cards on one account. You can share all the benefits of the cards with your family members with the additional cards issued in your name.
The fee for every cash advance transaction with this card is 3%. It charges late fee of $15 on balances up to $500, and $39 on balances over $500. Its over limit fee is $15 on balances up to $500, and $39 on balances over $500. You will get air travel accident insurance and rental car collision coverage with this card. Some of the other benefits that the user of discover cards can receive are different card designs, online access to account information, emergency replacement of cards, protection against fraud, Insurance for auto rental, travel accident insurance up to $500,000. The company also provides easy account management options. Its online account options provide you timely reminders about fees and charges.
Discover Financial Services a variety of other cards including the Discover Gold Card, the Discover Platinum Card, The Miles Card from Discover Card and an array of affinity cards. These cards, intended for meeting the different needs of people, have several benefits and incentives.
It is suggested that if you are applying for any of the Discover Cards, you compare the benefits with other cards. Do a little research in the internet before going for the card. Also, you should understand the various jargons and terms like APR, fees, annual charges, cash back bonus, gift certificates etc, mentioned in the application form. If you do not understand any of the term and condition of the card, ask the customer care service for details, they will help you understand.
Also, credit cards have both advantages and disadvantages. The users should be aware of the pros and cons if they have applied or now using the credit cards. The cards may be an easy solution to the cash crunch, but if misused you will fall under debt trap.
Note: The figures specified in this article were current at the time of writing the article. However, author doesn’t guarantee the correctness of these figures.