Discover Platinum now a tiered cash back card
Written: Mar 17 '07 (Updated Mar 18 '07)
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Pros: 5% cash back bonuses
Cons: Tiered and not accepted everywhere.
The Bottom Line: Look at other reward cards for everyday usage. Keep this for the 5% bonuses.
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| jswede4722's Full Review: Discover Card |
I've had the Discover platinum card for about 2 years. I first received it when I needed a 0% balance transfer rate. For some unspecific reason, I've kept the card open.
I was sent a new card about 6 months that replaced the Platinum card. It is their new cash back card. It is 5% on gas and tiered to 1%. This is my second Discover card. My first was issued 11 years ago. They always had a decent rebate card.
They have now decided to tier their rebate cards as:
up to $1,000 spending .25% back
up to $2,000 spending .50% back
up to $3,000 spending 1% back
Yes, I have to spend $3k to get 1% back.
If you purchase a lot of gas, this card is great if you can tolerate the tiered level of rebate. There are other cards like the Chase Freedom where you get 1:3 but it includes groceries and fast food. The rest of your purchases are 1:1.
This card, much like the Citibank rewards card, has been severely downgraded. They used to offer 5%, 3% and a flat 1%. This tiered level is a blow to those who rely heavily on their cash rebate cards.
What does make this new card stand out is their 6x a year changing category 5% back to $200 per category special. From January 1st - March 31st, all travel expenses are 5% back. Since we are staying at hotels this and next two weekends, we are going to benefit largely from the 5%.
I recommend keeping this card to benefit from their 5%, no fees. Keep it locked up otherwise and carry other cards.
Discovers website is very easy to use although it is limited. There are many things that one can do on other websites that can not be done on their website (such as an address update). This is very frustrating.
Paying this credit card is pretty easy. Payments are accepted on the website or in person at any Sears store.
The cash back adds up every statement period. One has to cash out at a $20 minimum. You can get a check mailed to you, sent to your bank account you pay with online or get the money plus a % bonus for using your cash back for a gift card. Hopefully, like some websites, Discover will eventually use Pay Pal to pay these bonuses out. The average check request takes about 3 weeks to fulfill (i.e. check in my hand) or 2-3 days in account. I have never used the cash back for a gift certificate so I can not comment.
Recommended:
Yes
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Epinions.com ID:
jswede4722
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Location: Boston, MA
Reviews written: 147
Trusted by: 3 members
About Me:
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