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Discover- a keeper? CLI's keep coming

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Anonymous
Not applicable

Discover- a keeper? CLI's keep coming

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?

Message 1 of 17
16 REPLIES 16
Closingracer99
Valued Contributor

Re: Discover- a keeper? CLI's keep coming

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?


My Cards: Amex BCE: $9,000, Amex Hilton HHonors: $2,000, Amex ED: $12,000, Barclays NFL extra points: $3,000, Bank of America MLB cash rewards: $17,000, BBVA compass NBA Amex triple double rewards: $17,000, Chase Amazon: $1,000, Chase Freedom: $9,000, Chase Sapphire: $5,000, Chase Slate: $5,000, Chase Disney: $4,000, Citi Double Cash: $5,400, Citi AA plat: $5,500, Citi Simplicity: $3,000, Citi Thank you preferred: $8,800, Capital one GM: $2,000, Capital one PlayStation: $3,000, Gamestop: $1,150, Amazon Store: $5,000, Ebay MasterCard: $5,000, American Eagle Storecard: $750, Macy's: $500
EX: 744, TU:750, EQ: 740
Message 2 of 17
Kevin86475391
Frequent Contributor

Re: Discover- a keeper? CLI's keep coming

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.

Message 3 of 17
Anonymous
Not applicable

Re: Discover- a keeper? CLI's keep coming

Will it be a card for you once all the promotions end? What else do you have that could be cancelled?

Message 4 of 17
Anonymous
Not applicable

Re: Discover- a keeper? CLI's keep coming

It is my favorite card also. It has grown from $3k to $10k in 7 months.

Message 5 of 17
NRB525
Super Contributor

Re: Discover- a keeper? CLI's keep coming

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.

 

2016 Feb Discover BT Offer.JPG

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 6 of 17
Anonymous
Not applicable

Re: Discover- a keeper? CLI's keep coming

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.
Message 7 of 17
OmarGB9
Community Leader
Super Contributor

Re: Discover- a keeper? CLI's keep coming

Grats

Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 8 of 17
Closingracer99
Valued Contributor

Re: Discover- a keeper? CLI's keep coming


@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. 


My Cards: Amex BCE: $9,000, Amex Hilton HHonors: $2,000, Amex ED: $12,000, Barclays NFL extra points: $3,000, Bank of America MLB cash rewards: $17,000, BBVA compass NBA Amex triple double rewards: $17,000, Chase Amazon: $1,000, Chase Freedom: $9,000, Chase Sapphire: $5,000, Chase Slate: $5,000, Chase Disney: $4,000, Citi Double Cash: $5,400, Citi AA plat: $5,500, Citi Simplicity: $3,000, Citi Thank you preferred: $8,800, Capital one GM: $2,000, Capital one PlayStation: $3,000, Gamestop: $1,150, Amazon Store: $5,000, Ebay MasterCard: $5,000, American Eagle Storecard: $750, Macy's: $500
EX: 744, TU:750, EQ: 740
Message 9 of 17
manyquestions
Established Contributor

Re: Discover- a keeper? CLI's keep coming


@Anonymous wrote:

...I have received 4 credit line increases (limit now $4100) ... A keeper?


Keeper.

Message 10 of 17
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