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Discover® More Card - Sealife Collection

• 5% Cashback Bonus® in categories like travel, 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
• Unlimited cash rewards
• Increase, even double, your rewards when you redeem for gift cards from our 100 Cashback Bonus Partners

Issuer :  Morgan Stanley

Introductory APR : 0% . Balance transfers are 0% for 12 months

Introductory Period :  6 months

APR After Introductory Period:  You will be charged between 10.99% and 17.99%.  Not everyone is guaranteed the introductory APR when they apply and you could end up paying a default rate as high as 28.99% depending on your payment history and credit rating

Cash Advance Rate : 20.99% variable rate

Annual Fee :  No annual fee

Credit Line Possible :  The credit line possible is $5,000 minimum and $50,000 maximum.

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

Financing Configuration – 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

Grace Period – You have twenty-five days after making a purchase with your Platinum Card Sea Life Collection Card  during which you are not required to pay interest.

The Best Thing About It – It has both a cash rebate and a rewards program.

The Worst Thing About It – The method of calculating interest is very expensive and it has a picture of a seal, whale or dolphin on it that implies that the card benefits wildlife but it doesn’t!

Credit Rating Needed For Acceptance : Good Credit.

Who Is It For?

The Platinum Card Sea Life Collection Card best suits those who plan to spend at least $3,000 a year (to earn the 1% cash rebate), plan to use their Cashback Bonus reward 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). Be advised that this card does not benefit seals, dolphins or whales in any way but merely has a picture of this type of sea life on it.

The Benefits

 

There is a profitable rewards program. Through the reward program, cardholders earn a 5% rebate for purchases made in popular categories that change four times a year like gas stations, restaurants, clothing stores, travel, and more. Cardholders also earn up to 1% for general purchases and .25% for purchases made at select warehouse clubs and discount stores.

There is a cash rebate program. 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.

You can double your rewards. With certain brand name partners the points you earn are doubled.

You get business checks. Furthermore these checks offer a cash rebate every time you use them.

Duplicate cards are free.  There is no fee for issuing duplicate Platinum Card Sea Life Collection Card s and you can customize employee limits.

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 that is compatible with QuickBooks.

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

 

The rebate has a cap that reduces it’s return percentage. There is a limit of $2000 applied to office supply purchases and gasoline purchases after which you only earn 1%. Rewards are redeemed in twenty-five days.

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 Platinum Card Sea Life Collection 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 some hidden fees.  See the Fees to Watch Out For section below. 

Fees To Watch Out For

 

Late payment fee : None on balances up to $100; $39 on balances of $100 and greater.

Over The Limit fee : None on balances $1,000 or less; $39 on balances greater than $1,000.

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

Minimum Finance Charge :  Fifty cents. ( You can not buy items under the price of 50 cents)

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

To Summarize –

The Platinum Card Sea Life Collection Card has a tiered cash back program that is attractive as well as no annual fee and a year without interest (if you qualify for it.)  The APR is exceedingly high so you better plan on being able to pay off the balance after the 6-month introductory period is over. It is also important to note that not all purchases may qualify for the highest rebate (5%) possible.

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