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jmila1901
Posts: 9
Registered: ‎06-18-2012
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Difference Between Discover More & Discover IT

Saw the large thread about it here so I decided to call them about doing a PC. Asked the girl what the differences were but she didnt really know since it was new so she read off a script for me.

 

Apprently it was supposed to be a CC to suit the need of the average american card holder. All american phone support (Already Have), make your mayments as late as midnight vs 5pm or something, No yearly fee (didnt know they had one), one free get out of late payment fee wayver with no APR bump, help managing payments in the event of lost job, and revolving offers (Already Have)....  

 

From a perks standpoint, it doesnt serve me much good. But for someone thats applying for a new Discover, it may be worth applying for this card. Seems like they are trying to target a different audience. Ive heard allot of people saying Discover is a strange company when it comes to issuing cards (Like Amex). Maybe this card has less stringent requirements? 

Frequent Contributor
Scuba
Posts: 455
Registered: ‎06-08-2008
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Re: Difference Between Discover More & Discover IT

I have not heard yet what is special abouth this card to create another new one.
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Carbon44
Posts: 80
Registered: ‎02-15-2012
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Re: Difference Between Discover More & Discover IT

The IT is pointless. They didn't differentiate enough between the More and IT
Chase Sapphire Preferred (Visa Signature), Citi Dividend World Elite, Discover IT, American Express Blue Cash Everyday, American Express Zync
Established Contributor
gettnthere
Posts: 912
Registered: ‎06-14-2012
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Re: Difference Between Discover More & Discover IT


Carbon44 wrote:
The IT is pointless. They didn't differentiate enough between the More and IT

+1



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trumpet-205
Posts: 2,505
Registered: ‎11-11-2010
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Re: Difference Between Discover More & Discover IT


jmila1901 wrote:
Maybe this card has less stringent requirements? 


WRONG.

 

Discover it is going to be more difficult to get than Discover More. It is a no fee version of Discover More, which means it targets those with excellent credit. Why would lender issue a no fee card to risky borrower? Of course not.

 

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
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Revelate
Posts: 9,731
Registered: ‎12-30-2011
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Re: Difference Between Discover More & Discover IT


trumpet-205 wrote:

jmila1901 wrote:
Maybe this card has less stringent requirements? 


WRONG.

 

Discover it is going to be more difficult to get than Discover More. It is a no fee version of Discover More, which means it targets those with excellent credit. Why would lender issue a no fee card to risky borrower? Of course not.

 



I have a $0 AF secured card from a CU /shrug.  It's not like it's unheard of as a result for risky borrowers; however, I agree with you in that I suspect that there will be different underwriting criteria; Discover More is more sub-prime (by the usual definition of sub-680 approvals) for at least the last six months or so, probably more; not sure how the IT card is going to fall in the strata until people begin applying for it and getting denied.

 

We might be able to pull some information out of the Discover pre-approval offers.  Theoretically if I get a pre-approval at some point for one rather than the other it's a pretty good bet which one is the easier to obtain.

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LS2982
Posts: 15,436
Registered: ‎04-09-2011
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Re: Difference Between Discover More & Discover IT

The difference between the 2 cards does not look like it warrants a whole new 2nd card. Why not just modify the More to all of those specs?



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Revelate
Posts: 9,731
Registered: ‎12-30-2011
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Re: Difference Between Discover More & Discover IT


LS2982 wrote:
The difference between the 2 cards does not look like it warrants a whole new 2nd card. Why not just modify the More to all of those specs?

Could have different features that they don't advertise, different limits in addition to different underwriting criteria, or who knows what else.

 

Could be a marketing gimmick too for that matter.  Anyway there's reasons that I can't pretend to understand why a lender would do this, and I've worked for some in the past too.  Certainly if you were looking at divesting yourself of some of your customers in the future, it makes some sense to diversify your portfolio of credit offerings.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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LS2982
Posts: 15,436
Registered: ‎04-09-2011
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Re: Difference Between Discover More & Discover IT

Yea they do have a low amount of choices, so more options for consumers is better!



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
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Valued Contributor
trumpet-205
Posts: 2,505
Registered: ‎11-11-2010
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Re: Difference Between Discover More & Discover IT

[ Edited ]

Revelate wrote:

I have a $0 AF secured card from a CU /shrug.  It's not like it's unheard of as a result for risky borrowers; however, I agree with you in that I suspect that there will be different underwriting criteria; Discover More is more sub-prime (by the usual definition of sub-680 approvals) for at least the last six months or so, probably more; not sure how the IT card is going to fall in the strata until people begin applying for it and getting denied.

 

We might be able to pull some information out of the Discover pre-approval offers.  Theoretically if I get a pre-approval at some point for one rather than the other it's a pretty good bet which one is the easier to obtain.


When I mean no fee, I mean no late fee, over-limit fee, etc. That kind of stuff. Not AF.

 

Example, take AMEX Blue and AMEX Clear in comparison. Both have no AF and both earn rewards. But AMEX Clear has no cash advance fee, no BT fee, no late fee whereas AMEX Blue charges these fees. AMEX Clear obviously has higher criteria for approval than AMEX Blue.

 

Discover it does not has late fee and overlimit fee, does not jack up your APR, and has human answering your call instead of machine. All of which Discover More lacks, which will raise approval criteria.

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)

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