by : Beth Derkowitz

The Discover Platinum Clear Card is issued by Morgan Stanley and is intended for those who have very good credit who are looking for a cash reward credit card.

The rewards program on this card earns cardholders a 5% rebate on purchases made at participating merchants, up to 1% for general purchases, and .25% for purchases that are made at participating warehouse clubs and discount stores. The rebates for general purchases are based on the amount with those spending $1,500 receiving a .25% rebate, between $1,500 and $3,000 will receive a .5% rebate, and those who spend over $3,000 will receive a 1% rebate. In addition, cardholders can earn a double cash back bonus for redeeming their rebates for gift certificates from participating Discover Card partners. There is no limit on the amount of rebates that can be earned in a year, nor do they expire as long as the account is active within a three-year period.

The card has no annual fee and offers a 0% introductory rate for purchases and balance transfers for twelve months. Following the introductory period, purchases will be assessed finance charges of 10.99% variable based on Prime Rate, and cash advances will be 20.99% fixed rate. On the down side, finance charges are calculated on a two cycle average daily balance method instead of the customary single cycle average daily balance charged by most card issuers. A 3% cash advance fee is charged with a minimum of $5, and a 3% balance transfer fee is assessed with a minimum of $5 and a maximum of $50.

The cardholders who will gain the most benefit from the Discover Platinum Credit card are those who plan to spend at least $3,000 annually in order to earn the 1% rebate, use their Cashback Bonus award at participating stores in order to earn a double cashback bonus, and pay in full each month after the introductory period to avoid finance charges.

Some of the other benefits that the cardholder can receive from the use of this card include the following:

&bull Different card designs

&bull Online access to account information

&bull Emergency replacement of cards

&bull Protection against fraud

&bull Insurance for auto rental

&bull Travel accident insurance up to $500,000