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While I have considered reducing the number of credit cards (currently 7), I have debated which cards to let go. Discover is the last card I got in June 2015. I was unhappy with the terms (23% and 1K line) but have grown rather fond of the purple card. I have received 4 credit line increases (limit now $4100) and use the card daily to take advantage of the double cash back due in June. I had 0% interest for 6 months but now it is 23.25%. I asked for an interest rate reduction but was politely told the account wasn't eligible until it is a year old. I make several payments per month and PIF. My wallet usually has CSP, AMEX everday and Discover. I thought I made a mistake applying for Discover (my 4th card in 6 months-yes, I have a problem and opted out and eliminated future apps after getting it) but now it seems pretty useful. I also like getting my FICO score that has risen almost 40 points since getting the card (now at 717 TU). So I'll keep it, at least until June when the double cash hits. Maybe they'll reduce my interest rate but it's really irrelevant since I don't want more debt. The everyday still has 0% interest until August. So that's my discover story. A keeper?
Discover lowered my APR from 18.99% to something like 17.24% or some weird number around 17% Wasnt much but whatever. I had the card for like 2 and a half years at the point i called?
Personally Discover is my favorite card. I think it could continue to grow quite well for you with CLIs and eventual APR reductions. I love the rewards and it has outstanding customer service. I'm obviously biased but I think it's definitely a keeper.
Will it be a card for you once all the promotions end? What else do you have that could be cancelled?
It is my favorite card also. It has grown from $3k to $10k in 7 months.
It should be a keeper. Usually people only have one Discover card, there's no fee, and you do see the rotating 5% categories, right?
You may have gotten past your initial 0% offer, but check on line under Account --> Credit Options --> Balance Transfer, and you may see something like this. Note the "expiration date" is 4 days out, but these offers just sit there, have been there for months "expires today or in a few days". I used to get these in paper mail. No longer, which is fine with me, as long as the same offer is here, online.
Discover is the kind of bank where they respond well to you taking advantage of BT offers, spend bonus offers, and other promotions. Use the promotions. You'll get even more promotions to choose from (and I ALWAYS use at least a little of each promotion, never say "no"). Right now I'm paying down a 0% APR BT, which had a 3% fee, and I have a 12-month 0% APR on purchases, which is a very nice pair of offers.
@Anonymous wrote:
Thanks for the great post. I had no idea there was a "0% APR/4.99% no fee" balance transfer section and I think there might be quite a few others who read your post who don't know about it either. It looks like it could be quite useful.
Citi, Chase and Discover have been offering me BT 0% APR for a while now. I currently have like 4 different offers on my Simplicity card, 3 on my thank you preferred, 4 total between my various chase cards and one from Discover.
@Anonymous wrote:...I have received 4 credit line increases (limit now $4100) ... A keeper?
Keeper.