Discover Platinum
Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 1749
Location: Illinois
Posted: Sun Nov 16, 2003 6:14 pm
Ok, here is the first of what I have dug up, I know I did not copy every thing over like individual state rules and arbitration rules. Just was looking at the main concern first then if interested can discuss the other areas with these creditors. Want one thread per creditor - and any other cards to pull out if I did not grab the best of the crop to go over please.
Discover Platinum / Discover Classic
Annual Percentage Rate (APR) for Purchases The standard APR, 13.99% for Discover Platinum; 15.99% for Discover Classic
Other APRs
Balance Transfers: 0% until the last day of the billing period ending during December 2004;* thereafter the standard APR for purchases
Default Rate: 19.99% or 24.99%*
Cash Advances:
Discover Platinum Card: 20.99%; Discover Classic Card: 22.99%
Variable Rate Information
Your standard APR for purchases may vary and is determined monthly for Discover Platinum by adding 9.99% to the Prime Rate,† and for Discover Classic by adding 11.99% to the Prime Rate.†
Grace Period for Repayment of the Balance of Purchases At least 25 days when you pay your balance in full each month
Method of Computing the Balance for Purchases Two-cycle Average Daily Balance (including new purchases)
Annual Fee: NONE
Minimum Finance Charge: $.50
CASH ADVANCE TRANSACTION FEE: 3% for each cash advance, with a minimum of $5 and no maximum.
LATE FEES: $15 on balances up to $100; $25 on balances of $100 up to $1,000; $35 on balances of $1,000 and greater.
OVERLIMIT FEE: $15 on balances $1,000 or less; $35 on balances greater than $1,000.
*DEFAULT RATE: If you are late making a payment, any introductory/special rates terminate and the standard purchase APR will apply to purchases and balance transfers. If you fail twice to make a required payment or if you exceed your account credit limit twice, your purchase APR will be 19.99%. If you fail 3 times to make a required payment or if you exceed your account credit limit 3 times, your purchase APR and cash advance APR will be 24.99%. See Cardmember Agreement for details. †
The Prime Rate used is the highest prime rate listed in The Wall Street Journal on the last business day of the month. Actual amount added will be based on our evaluation of your credit and will be disclosed with your Card.
PAYMENT ALLOCATION: We apply payments to balances with low introductory/special APRs (such as special balance transfer and purchase APRs) prior to balances with standard APRs. Therefore, your savings will be reduced by making additional transactions or having balances that are subject to standard APRs.
You agree that if your application for the Discover Platinum Card, with a minimum credit limit of $5,000, is not approved, your application will also constitute your request for a Discover Classic Card with higher APRs, a lower credit limit and different features and benefits.
ARBITRATION: Need to check site for further information on Arbitration.
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Forum Moderator
Joined: 07 Nov 2003
Posts: 1749
Location: Illinois
Posted: Sun Nov 16, 2003 6:14 pm
Ok, here is the first of what I have dug up, I know I did not copy every thing over like individual state rules and arbitration rules. Just was looking at the main concern first then if interested can discuss the other areas with these creditors. Want one thread per creditor - and any other cards to pull out if I did not grab the best of the crop to go over please.
Discover Platinum / Discover Classic
Annual Percentage Rate (APR) for Purchases The standard APR, 13.99% for Discover Platinum; 15.99% for Discover Classic
Other APRs
Balance Transfers: 0% until the last day of the billing period ending during December 2004;* thereafter the standard APR for purchases
Default Rate: 19.99% or 24.99%*
Cash Advances:
Discover Platinum Card: 20.99%; Discover Classic Card: 22.99%
Variable Rate Information
Your standard APR for purchases may vary and is determined monthly for Discover Platinum by adding 9.99% to the Prime Rate,† and for Discover Classic by adding 11.99% to the Prime Rate.†
Grace Period for Repayment of the Balance of Purchases At least 25 days when you pay your balance in full each month
Method of Computing the Balance for Purchases Two-cycle Average Daily Balance (including new purchases)
Annual Fee: NONE
Minimum Finance Charge: $.50
CASH ADVANCE TRANSACTION FEE: 3% for each cash advance, with a minimum of $5 and no maximum.
LATE FEES: $15 on balances up to $100; $25 on balances of $100 up to $1,000; $35 on balances of $1,000 and greater.
OVERLIMIT FEE: $15 on balances $1,000 or less; $35 on balances greater than $1,000.
*DEFAULT RATE: If you are late making a payment, any introductory/special rates terminate and the standard purchase APR will apply to purchases and balance transfers. If you fail twice to make a required payment or if you exceed your account credit limit twice, your purchase APR will be 19.99%. If you fail 3 times to make a required payment or if you exceed your account credit limit 3 times, your purchase APR and cash advance APR will be 24.99%. See Cardmember Agreement for details. †
The Prime Rate used is the highest prime rate listed in The Wall Street Journal on the last business day of the month. Actual amount added will be based on our evaluation of your credit and will be disclosed with your Card.
PAYMENT ALLOCATION: We apply payments to balances with low introductory/special APRs (such as special balance transfer and purchase APRs) prior to balances with standard APRs. Therefore, your savings will be reduced by making additional transactions or having balances that are subject to standard APRs.
You agree that if your application for the Discover Platinum Card, with a minimum credit limit of $5,000, is not approved, your application will also constitute your request for a Discover Classic Card with higher APRs, a lower credit limit and different features and benefits.
ARBITRATION: Need to check site for further information on Arbitration.
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posted by CardRatings.com at 9:47 AM
1 Comments:
Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 1749
Location: Illinois
Posted: Sun Nov 16, 2003 10:49 pm
I always thought that Discover was a higher up company - it is hard to bite for that 0% balance transfer for 12 months when you have the high interest after wards to look forward to.
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