THIS IS SAD (NEW AND IMPROVED)??? $500 MORE FOR .25% AND $ 500 MORE FOR .50% THEY ARE DUMPING THE .75% LEVEL...AND PUTTING WAL*MART IN THE .25% LEVEL... Cashback Bonus Award Program for Discover® Platinum and Classic Cards Except as provided below, your annual Cashback Bonus award is calculated by multiplying each purchase by: � .25% (.0025), if the purchase is part of the first $1,000 in purchases during the anniversary year � .50% (.0050), if the purchase is part of the second $1,000 in purchases during the anniversary year � .75% (.0075), if the purchase is part of the third $1,000 in purchases during the anniversary year � 1.0% (.01), if the purchase is part of the purchases in excess of $3,000 during the anniversary year *Effective for billing periods beginning after March 1, 2002, the Award percentage that will be applied to calculate the Cashback Bonus award on the total qualified purchases at the end of each billing period will be as follows: � 25% (.0025), if the purchases are part of the first $1,500 in purchases during the anniversary year � 50% (.0050), if the purchases are part of the second $1,500 in purchases during the anniversary year, and 1.0% (.01), if the purchases are part of the purchases in excess of $3,000 during the anniversary year All purchases made at BJ's Wholesale Club and Sam's Club (including Samsclub.com) and, as of March 1, 2002, Wal-Mart (including Walmart.com) will accrue a fixed rate of .25% (.0025). However, purchases made at these warehouse club and discount store gas stations will not be subject to this fixed rate and will continue to accrue a Cashback Bonus award of up to 1% based on your annual level and type of purchases. See your Cashback Bonus Terms and Conditions for additional information. 75% OF MY DISCOVERCARD PURCHASES WERE AT WAL*MART!!!
Yes George, I read that yesterday, and again today, and still don't see where this benefits me (as if it's supposed to). My cashback May 2001 was $53.40, May 2002 will only be $6.34. Can't even do anything until $20.00 accumulates. Oh well, planned to close it in June anyway.
I DID THE MATH...every customer who spends $3,000 or more will LOSE $3.75!!! DOESN'T SOUND LIKE A LOT...BUT TIMES HOW MANY MILLIONS OF CUSTOMERS??? And you will NOT get over .25% at WAL*MART...(as I said before...ABOUT 75% of what I bought was at WAL*MART)...SO I WOULD REALLY LOSE "BIG TIME"... CAN I OPT OUT???
Discover used to have one of the best rewards/cash back programs available; however over the years many others have begun offering rewards/cashback programs. Rather than expand or improve the program Discover makes it worse. At one time, I was charging $5K per month to my card to get the cashback, but lately I'm using my AMEX Blue exclusively because the rewards program is much. Just one man's take, JP
But the kick in the pants is that their interest rate is high (13.99%) compared to other "rewards" types of cards. You're better off using a Chase/Shell card and getting 1% back (5% on Shell gas). Just using it for groceries and gas (a few retail purchases too) we've earned $147 in Shell gas in the past year. Now add to that some good 1.9 and 3.9 offers along the way ... AND the fact that they exclude gas purchases from ever losing their grace period (NICE job, Chase!!), I'm really lovin' this card. -mj
George, I would rather used my ExxonMobil MasterCard that gives me FULL 1% cash back on any purchases anywhere and 3% cash back on ExxonMobil gas station. The main thing I don't need to wait for check for a year and I got credit on my next billing statement. Ron.
It's a good thing I applied for the Discover Gold card yesterday. It gives you a full 1% cashback for purchases between $2,000 and $6,000 per year. I plan to keep this card and cancel my Discover Platinum card. On the topic of cash back cards, I think the Chase iCard is a good card because it gives you a full 1% cash back on all purchases (no minimums required) and once you hit $10 in rewards, you get a gift certificate (similar to the Citi Dividend card, but quicker in getting rewards).
