The Discover Platinum American Flag Card, issued by Morgan Stanley, is designed for those with very good credit who are looking for a cash reward credit card.
Through the reward program, cardholders earn a full 5% in cash rebates for purchases made at select merchants, up to 1% for general purchases, and .25% for purchases made at select warehouse clubs and discount stores. 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.
It is important to note that like many cash reward cards, the highest rebate offered will not apply to all purchases made with the credit card. In this case, 1% will only be applied to those purchases made after the cardholder spends over $3,000 in one year; so the overall cash rebate earned will be less than 1%, depending on the amount spent. For instance, if the cardholder were to spend $4,000, only $1,000 of this amount would be applied towards the 1% rebate. However, this does not take into account any promotional offers or the 2% Cashback Bonus award.
As an added bonus, cardholders can earn up to a double Cashback Bonus for redeeming their rebates for gift certificates from participating Discover Card Partners. There is no yearly limit on the amount of rebates that can be earned, and rebates do not expire as long as the account is active within a 36 month period.
Aside from the reward program, the card also provides several platinum benefits including up to $500,000 in travel accident insurance, auto rental insurance, and various fraud and security protection services.
The card has no annual fee and an attractive 0% introductory rate on purchases and balance transfers for twelve months. The APR for this card is very low, although it is important to note that only higher qualifying applicants will receive the lowest rate available.
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.
Therefore, those who plan to spend at least $3,000 a year (to earn the 1% cash rebate), plan to use their Cashback Bonus award 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) will benefit most from what the Discover® Platinum American Flag Card has to offer.
Most Attractive Feature(s):
Double cash rebates at participating retailers and merchants (through the Cashback Bonus award program); no annual fee; 0% introductory rate.
Least Attractive Feature(s):
Uses "Two Cycles Average Daily Balance" method when determining finance charges.
Additional Perks
Various Internet account related services.
Up to $500,000 in travel accident insurance.
Auto rental insurance.
No liability for unauthorized transactions.
Fraud and security protection services.
Discounts on products and services at participating merchants and retailers.
See website for additional benefits.
Important Notations
The APR for purchases varies according to the applicant's credit history and may range from 3.24% to 10.24% + Prime Rate.
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