Need tips on Discover cashback

[Jungook]

Alright so this might sound like an overcomplicated way of saving money and you may deem my purchase unnecessary but this is a purchase I plan to pursue.

Anyway, I wanted to buy an Xbox One which retails for $499.99 MSRP and $530.00 after sales tax. My Discover IT card only has a $500 limit so I cannot purchase the entire item in full online. However I have stumbled across the idea of using giftcards in order to put the entire order onto my Discover card.

The reason I want to run this large purchase (for me it's quite large ) through my Discover card is because currently Discover's rotating category for this quarter is online purchases. 5% off online purchases coupled with the ShopDiscover Best Buy portal will grant me a whopping 10% cashback. So you can see why I am eager to purchase it this way.

The only thing that I could think of that could possible not work is the fact that Discover does not consider online gift card purchases under their 5% online purchase/ShopDiscover.

Will I still get the 10% cash back by buying Best Buy giftcards online? Or do all items look the same to Discover?

Also will this work if I wanted to buy giftcards from the Home Depot?

Again, I know this sounds like a massive burden to go through for some discounts but I like to save money . 

Thanks for your help.

[Themanwhocan]

Its probably much better to just call Discover and explain that your current limit isn't enough to handle your expected purchases, and ask to have your limit increased.

How long have you had the card?

[Jungook]

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@Themanwhocan wrote:

Its probably much better to just call Discover and explain that your current limit isn't enough to handle your expected purchases, and ask to have your limit increased.

How long have you had the card?

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I've only had my card for about a month now. I also don't want to risk an inquiry/HP as I plan on applying for another card before the year's end.

[JasonKR]

nvm*

[Creditaddict]

Just make a payment to give yourself a credit balance and then make the purchase

[Changingmantra]

I think it is a great idea to get those advertised rewards - I also think - as has previously been suggested - that you should call Discover and let them know of your plans.  They might increase you CL - even if it is just temporary.  Keep in mind, that that 10% cashback amounts to just over $5.00 and in order to even benefit from it, you will need to PIF.

[maiden_girl]

Discover does allow you to go over the limit. Given they approve it.

[Jungook]

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@Creditaddict wrote:
Just make a payment to give yourself a credit balance and then make the purchase

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Discover does not allow me to exceed my balance. I currently have a $6.30 balance and I tried paying $500 but a message appears saying $6.30 is the max payment allowed.

[Jungook]

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@Changingmantra wrote:

I think it is a great idea to get those advertised rewards - I also think - as has previously been suggested - that you should call Discover and let them know of your plans.  They might increase you CL - even if it is just temporary.  Keep in mind, that that 10% cashback amounts to just over $5.00 and in order to even benefit from it, you will need to PIF.

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10% of $500.00 is $50. Unless I did my math incorrectly.

Will a temporary credit increase induce an inquiry?

[Changingmantra]

Nope - your math is absolutely correct.   I am the one with the funky math going on!  All the more reason to go for it.  I do the same thing you do -  And I think Discover is going to come out very well with this online-shopping 5% category.   I ordered some flowers  last week - and a portable HDD yesterday - and certainly  used the IT because of this promotion.  I am going to give them a call and try to convince them to up my limit so that I can put more purchases through the card.  Discover loves to hear this - If they say it will be a HP - I might forget it, though.  Go for it!