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Discover question. Is this a bad thing?

Super Contributor

Re: Discover question. Is this a bad thing?


enharu wrote:
Haha yea I don't want them to close my account lol. I'm wishing for an auto CLI or sp CLI so I guess I will avoid messing with this

Yes, potential gains are far too small, the math for the TYP is very different....

Message 11 of 21
Regular Contributor

Re: Discover question. Is this a bad thing?

OP: I strongly suggest you NOT do this.

You only gain $120/year, but you may end up losing more since it's going to your girl friend. It is hard to get the $$$ back, right?

 

Just my 2 cent.

FICO Scores 8: EX 731, EQ 731, TU 725

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Message 12 of 21
Super Contributor

Re: Discover question. Is this a bad thing?


pt2005 wrote:

OP: I strongly suggest you NOT do this.

You only gain $120/year, but you may end up losing more since it's going to your girl friend. It is hard to get the $$$ back, right?

 

Just my 2 cent.


Haha she'll be paying me back as cash or something. 

 

Thanks a lot for the advice though. I decided not to do this.

Just had my Discover statement for the 1st time after getting approved 2 months ago. 

$249 worth of cashback Smiley Very Happy They need to do some adjustments to fix my cashback rate (first 3k was calculated at 0.25%), so I should be getting $22.50 extra in the next statement.

Most of it thanks to ShopDiscover! A lot of the cashback rates are much better than fatwallet and I'd use shopdiscover whenever the rates are much higher than Chase UR as well.

 

Now I wish they gave me a higher CL so I can use it more haha.

 

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 13 of 21
Valued Contributor

Re: Discover question. Is this a bad thing?

I don't think they would close an account over something so small. There are people who do this and there have been no reports of account closures. They didn't come up with it for people not to use it.

Message 14 of 21
Established Contributor

Re: Discover question. Is this a bad thing?

It would seem this would be a legitimate way to pay rent IF rent was < $1,000. I thought the cap was $500 though? hmmmm ~kn

EQ: 700 (FICO ScoreWatch) 11/26/14
EX: ??? (No Current)
TU: 681 (Discover FICO) 11/12/14

Last App 9/22/14... In Garden 'till Summer '15
Message 15 of 21
Regular Contributor

Re: Discover question. Is this a bad thing?

I don't understand the comments that this will raise flags.  Why would they put something with a cap and then penalize you from using that service ?

Message 16 of 21
Senior Contributor

Re: Discover question. Is this a bad thing?

My cap is $500 too. I had seen this too, and the apr will be 0% if you're still in the promo period :-D
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 17 of 21
Super Contributor

Re: Discover question. Is this a bad thing?

I'm using the iphone app and here's what it says:

 

"You can send up to $400 a day, and up to $1000 per month."

 

I'm debating whether to do it lol. Sounds like I can actually use this to pay for part of my rent.

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 18 of 21
Super Contributor

Re: Discover question. Is this a bad thing?


enharu wrote:

I'm using the iphone app and here's what it says:

 

"You can send up to $400 a day, and up to $1000 per month."

 

I'm debating whether to do it lol. Sounds like I can actually use this to pay for part of my rent.


Only if you use it to *really* pay your rent and not use the tactic described in your first post!  

Message 19 of 21
Super Contributor

Re: Discover question. Is this a bad thing?

haha yea i know.

my rent payment is now more than $1000 (just moved), but I am thinking maybe I can do $800 a month since that's what I wrote on my app when I was staying elsewhere.

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 20 of 21