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.
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