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Discover® More Card - Clear

• 5% Cashback Bonus® in categories that change four times a year like travel, apparel, home, gas, restaurants, movies and more
• 5% to 20% Cashback Bonus at top retailers through our exclusive online shopping site
• Up to 1% Cashback Bonus on all other purchases automatically
• Increase, even double, your rewards when you redeem for gift cards from our 80 Cashback Bonus Partners
• 0% Intro APR*

Issuer : Morgan Stanley

Introductory APR : 0%

Introductory Period :  6 months

APR After Introductory Period:  The rate is configured to a standard APR, an estimated rate between 10.99% and 17.99%.  For balance transfers it is between 15.99% and 28.99%, based on your payment history. Not everyone is guaranteed the introductory APR when they apply.

Cash Advance Rate : 20.99% or 22.99% variable rate on cash advances depending on your credit history.

Annual Fee :  No annual fee

Credit Line Possible :  The credit line possible is dependent on an evaluation of your credit rating and personal resources.

Insurance included :  The Discover Platinum Clear Card offers platinum type rewards that include auto rental insurance, up to $500,000 in travel accident insurance.

Financing Configuration – Interest is calculated according to a two cycle daily balance, which is more expensive to you than the average daily balance method used, by most credit card issuers.

Grace Period – You have twenty-five days after making a purchase with your Discover Platinum Clear Card during which you do not have to pay interest.

The Best Thing About It—Through the reward program, cardholders earn a 5% cash back bonus at bookstores, gas stations and restaurants as well as 1% on all other purchase.

The Worst Thing About It – Taking out cash advances with this card is xpensive because of the high APR and you may not qualify for the lowest rate of $10.99-%

Credit Rating Needed For Acceptance :  Excellent Credit.

Who Is It For?

The Discover Platinum Clear Card is distinguished from many others in appearance because it is made out of translucent plastic and you have your choice of several card designs. It is designed for shoppers with excellent credit who may also be looking for a card that offers a flexible and generous cash back rebate program that applies to gasoline, restaurants and general purchases.

The Benefits

There is a generous rebate program. You earn 5% back in popular categories such as gas stations, restaurants, clothing and travel that change four times a year and a 1% cash back on all other purchases.

Duplicate cards are free.  There is no fee for issuing duplicate cards and duplicate cards also earn points.

You can keep track of all of your business expenses in one place.  You are also able to monitor what goes on in your account with full access to an online account report.

No Fraud Liability.  If you claim someone has stolen your card then you do not have to be liable for the usual $50 that is typically deducted as fraud liability. Your are also protected by a Fraud Protection program.

The Drawbacks

 

Monthly payments are applied to purchases before cash advances. The amounts that you pay monthly are not applied to the highest interest activities such as taking out a cash advance. This can make it difficult not to accumulate a lot of debt. 

A short grace period. Many credit cards don’t begin to garner interest on purchases until thirty days after purchase. The Discover Platinum Clear Card only gives you twenty-five days. There is also no grace period on balance transfers.

The APR is not guaranteed. If you make a late payment on any bill, not just your credit card bill, your introductory 0% rate can be replaced with a costly variable default rate

There are lots of hidden fees.  See the Fees to Watch Out For section below.  The fees charged for your every little financial transaction can really add up and make it seem like you are paying an annual fee anyway.

Fees To Watch Out For

 

Late payment fee : $15 on balances up to $500, and $39 on balances over $500.

Over The Limit fee : $15 on balances up to $500, and $39 on balances over $500.

Cash advance Fee : 3% for each cash advance, with a minimum of $5 and no maximum.

Minimum Finance Charge :  Fifty cents.

Balance Transfers : 3%, $5 minimum, $50 maximum (does not apply to introductory offer)

To Summarize –

The Discover Platinum Clear Card has a high interest rate for cash advances but the generous 5% cash back program for purchases and the lack of annual fee make it worth it. The evaluation of what APR you will end up paying is also very dependent on your credit and the lowest rate of 10.99% is definitely not guaranteed if you apply for the card.

Intro APR	Intro APR Period	Regular APR	Annual Fee	Balance Transfers	Credit Needed
0%	6 Months	10.99%	None	Yes	Excellent Credit