Purchases Add up with Discover Card
SUMMARY: The Discover® More® Card, which used to be called Discover Platinum offers no annual fee and 0% APR intro rates. Discover also offers a 5% cash back for special everyday type purchases that other rewards cards may not offer. This rewards card from Discover is clear and platinum in color making it modern and fun to carry around in your wallet or purse. Discover Card plans on a new image rollout so you may see lots of changes in terms of rewards and special offers coming your way.
This particular platinum card is a great card for consumers with good credit history who are looking for excellent cash rewards in exchange for using their card.
Cardholders have the opportunity to earn extensive rewards through the Discover Card’s rewards program. A 5% rebate is offered to cardholders who make purchases in popular categories. These categories include gas, restaurants, travel, and clothing stores and change four times a year. Cardholders also receive 5% cash back rewards when they shop with Discover’s online retailers.
Cash back rewards apply to other purchases as well. A full 1% is earned on purchases after the total amount of annual purchases exceeds $3,000. Purchases in the first $1,500 earn .25%, while purchases in the second $1,500 earn .50%. You can earn .25% on purchases made at certain warehouse clubs and discount stores. Additional rewards are given each time cardholders use their rebates to purchase gift certificates from certain Discover Card partners.
Rewards can be redeemed in increments of $20. Cardholders can accumulate an unlimited number of rewards that never expire. However, all or some of your rewards can be forfeited if you close your account or your account is inactive for more than 36 months.
The card has no annual fee and a 0% introductory rate making it competitive with most major issuers. Some restrictions apply to balance transfers. They cannot be used to pay other Discover accounts. Furthermore, balance transfer amounts do not quality for cash back rewards. Default interest rates will apply if balance transfers cause you to exceed your credit limit or if you make a late payment on your account. Qualifying applicants will receive a lower APR.
If you wish to apply now they have better balance transfer offers for a limited time. Discover Balance Transfer Offers that are running the first part of 2012, include no fees and for 24 months.
The 5% Cashback bonus for 2012 starts out in January to March where you get 5% Cashback Bonus on up to $1,500 in purchases at Gas Stations, Museums, and Movies. April to June the bonus is at Restaurants and Movies. July to September 5% can be earned on gas, movies, and theme parks. October through December at department Stores, on electronics, toys, and movies.
Editor's Note: Formerly mentioned in the review we have since taken out because of recent changes in terms and credit laws. The Two-Cycle Method of billing was banned by the CARD Act this year.
The Two-cycle Average Daily Balance method is used in applying finance charges for balances carried from one month to the next. Discover cardholders, on average, will pay higher finance charges on the same balance amount than those with cards that use the Average Daily Balance Method. This is because the Two-cycle Average Daily Balance method calculates the finance charge using the cardholder’s balance for the current month as well as the previous month, resulting in a higher balance to which the APR is applied. The minimum finance charge is 50 cents.
Example of previous bonuses-
You can Earn 2% Cashback Bonus on purchases made on Internet and department, clothing, shoe and jewelry store purchases from November 15, 2009 (or the date on which you sign up, whichever is later) through the end of 2009, subject to a cap of $1,000 in purchases. These purchases must post to your account by EOY on December 31st so get to shopping but do not spend over $1,000 or you only make your 1% or lower cash back on anything over.
An example of the savings you get with the Discover Card Promotions for Holiday Shopping 2010 from October to December they were offering cardmembers to sign up for a 5% Cashback Bonus at restaurants, department stores, and clothing stores. This could mean going to dine at Cheesecake Factory, buying a gift at American Girl, then walking over to Metropark and buying clothes and getting a big 5% back. Once you get a Discover Card you can sign up for this promotion then watch the dollars add up.
Discover is offering exclusive access to the biggest championship games including the Orange Bowl on January 1st. You can score premium tickets to the game, pass to the Tailgate party, Fan Zone, and more with packages the credit card issuer are offering.
Now Redeem Cash Back with Amazon.com
One of my favorite things about Discover's Cash back is that you no longer have to wait until you get to $50 in rewards to redeem. You can now use Amazon and shop using your cash you earned through using your Discover Card.
* See the online credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the Apply Here button, you can review the credit card terms and conditions on the issuers website.