Cash Back Card information Blog

While this credit card may appear to be like any other student credit card, upon further inspection, you will realize that the Discover Student Clear Card comes in a variety of flashy and funky designs.

Apart from that, internet account related services are also tagged along with the Discover Student Credit Card, with additional benefits such as no annual fee and a 0% introductory APR for the first six months or until the end of the billing cycle in December, whichever comes first.

Additionally, the Discover Student Credit Card also offers double cash rebates at participating stores through the Cashback Bonus award program. Fantastic! Plus, a 5% full cash rebate at participating retailers. Marvelous.

But all that glitters is not gold, and all that shimmers will fade away. Once the intro period is up, the APR for this credit card is found to hover on the high side of exorbitant rates.

Couple that with the demonic method of calculating finance charges called the “Two Cycles Average Daily Balance”, this card will suck the lifeblood out of your fledgling student finances. You will probably be put you into economic servitude and shackles through debt servicing. The only way out is not to accrue any outstanding balances, paying them off before charges apply.

From that point of view, the rest of the reward program starts to lose its shine. With the exception of the promotional offers mentioned earlier, it seems unreasonable to spend $3000 or above just to earn 1% cash rebate. Unless you actually have that kind of money, this is just another gimmick. And if the fact that the 1% will only apply to the sum above the first $3000 doesn’t tell you that this is a gimmick, what will?

In a nutshell, the Discover Student Clear Card, as it is officially called, is ideal if you regularly spend above $3000 a month and pay off the outstanding balance each month, or if you plan to take advantage of the Cashback Bonus it offers. Otherwise this card will just take advantage of you.

While this credit card may appear to be like any other student credit card, upon further inspection, you will realize that the Discover Student Clear Card comes in a variety of flashy and funky designs.

Apart from that, internet account related services are also tagged along with the Discover Student Credit Card, with additional benefits such as no annual fee and a 0% introductory APR for the first six months or until the end of the billing cycle in December, whichever comes first.

Additionally, the Discover Student Credit Card also offers double cash rebates at participating stores through the Cashback Bonus award program. Fantastic! Plus, a 5% full cash rebate at participating retailers. Marvelous.

But all that glitters is not gold, and all that shimmers will fade away. Once the intro period is up, the APR for this credit card is found to hover on the high side of exorbitant rates.

Couple that with the demonic method of calculating finance charges called the “Two Cycles Average Daily Balance”, this card will suck the lifeblood out of your fledgling student finances. You will probably be put you into economic servitude and shackles through debt servicing. The only way out is not to accrue any outstanding balances, paying them off before charges apply.

From that point of view, the rest of the reward program starts to lose its shine. With the exception of the promotional offers mentioned earlier, it seems unreasonable to spend $3000 or above just to earn 1% cash rebate. Unless you actually have that kind of money, this is just another gimmick. And if the fact that the 1% will only apply to the sum above the first $3000 doesn’t tell you that this is a gimmick, what will?

In a nutshell, the Discover Student Clear Card, as it is officially called, is ideal if you regularly spend above $3000 a month and pay off the outstanding balance each month, or if you plan to take advantage of the Cashback Bonus it offers. Otherwise this card will just take advantage of you.

According to credit card reviews, Discover is the third of four largest credit card providers after MasterCard and Visa. This is as Discover is widely accepted in the United States although the same cannot be said internationally. Thus, the best reasons for owning a Discover Platinum Card would be because of the high credit limit and the cashback reward program. In addition to that, this no annual fees are also applicable for the Discover Platinum Card, another attraction to consumers.

Like most cards, the APR of the Discover Platinum Card for both balance transfers and purchases remain at 0% for a year after a successful application. After this period, rates will increase: balance transfers will rise to a rate of between 16% and 29% while the APR for purchases is around the range of 11% to 18%. Cash advances are charged with an APR of 20.99%. The switch to these higher APRs will be automated if users make a late payment, even it is just for a day.

As a reminder, balance transfers from the Discover Platinum Card to other types of Discover credit cards are not allowed. As for the Cashback rewards program, the percentage of cash back really depends on the amount you spend on purchases which are charged to your credit card.

$1500 entitles you to a 0.25% cash back rebate, whilst spending more than $3000 allows you to gain 1% of the purchase value in cash. The cash will be sent by check with the minimum amount being $20. Also, this card also allows customers to acquire redemption of gift certificates from their merchant partners at double the cash-back value.

However, most card users do not find the reward program a strong enough incentive to keep the card for long as there are many other cards in the market which offer better returns. Furthermore, this card works on a two-cycle average daily balance, an attribute which is unfavorable for card holders with unpaid outstanding balances each month.

The Discover Gold Card, issued by Morgan Stanley, is designed for those with a good credit history seeking for a reward program that offers cash back. In fact, Discover’s Cashback Bonus reward program is one of the top cash back reward programs in America.

Through the Cashback Bonus program, cardholders of the Discover Gold Card are able to earn a 0.25% rebate for general purchase of up to $1,500, a 0.5% rebate for purchases of between $1,501 and $3,000, while purchases of $3,001 and above are eligible for a 1% rebate. But as with a lot of cash back programs, the different rebates only apply to the amount above the divisions. For example, if $3,200 is spent, the 1% rebate will be applicable for the $200, while the $1,500 is eligible for a 0.5% rebate. The remaining $1,500 will earn a 0.25% rebate. Add that all together and the amount is significantly less than 1%.

However, Discover offers the Get More promotions throughout the year which allows cardholders a chance to earn a full 5% rebate at selected merchants or merchant categories. On top of that cardholders are able to take advantage of the double Cashback Bonus offers at participating Discover Card Partners.

Those who qualify for the Discover Gold Card are eligible for a reasonably low APR if they plan to carry a balance. With no annual fees and a 12-month long 0% introductory APR, this credit card certainly seems attractive.

That is, until we find out that the “Two Cycles Average Daily Balance” method is utilized to calculate finance charges. This method works out to higher finance charges if it includes new purchases. Nonetheless, the long introductory period should offset this, provided you pay off the balance before the new billing cycle after the intro period is over and not carry any balance over for the next few billing cycles (to lower the finance charges calculated with this method).

So if you are looking for a credit card with a pretty solid cash back reward program, this card is for you. Otherwise, it is best that you pay off your outstanding balances before your intro period is over, or suffer the consequences of high interests.