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Question about Discover pre approved and recommended

Super Contributor

Re: Question about Discover pre approved and recommended

I dont think that is how it works. It gives you a cash back bonus of 5% of what you pay. It doesn't knock 5% off your apr. So say you carry a balance of 100, with an apr of 19.99% you would be paying (by my bad mathematics ) something like $1.66 in interest that month. Then, foe the motiva bonus, you would get 5% of that $1.66 back or, less than a penny.

At least that is how I think it works.

I would rather earn the CB on the more/it tbh. XD
Message 21 of 34
Senior Contributor

Re: Question about Discover pre approved and recommended

Lol is that not the same thing, just said in a diff way? Loloolllllolillllllololllll

What Im thinking is.. say you pay $20 in interest a year on a constant $100 bal.. Well ...
Wait
Dang, you'd get 5% or $1 back of interest paid...

Idk.. Not gonna pay interest anyway, and Im proud to have a Discover! Don't get me too confused with the math... I can't remem my time value of money equations lol Dang you!!!!! Lol
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 22 of 34
Super Contributor

Re: Question about Discover pre approved and recommended


youngandcreditwrthy wrote:
Lol is that not the same thing, just said in a diff way? Loloolllllolillllllololllll

What Im thinking is.. say you pay $20 in interest a year on a constant $100 bal.. Well ...
Wait
Dang, you'd get 5% or $1 back of interest paid...

Idk.. Not gonna pay interest anyway, and Im proud to have a Discover! Don't get me too confused with the math... I can't remem my time value of money equations lol Dang you!!!!! Lol

Yeah, you get 5% back on the interest CHARGED, not 5% off your APR...so it is a rip off Smiley Tongue 

 

Plus you only earn the .25% until you hit $3000, then 1% after. That is what I hate about discover. My cap1 earns more than that. my PayPal Smart Connect earns more than that Smiley Tongue 

Message 23 of 34
Senior Contributor

Re: Question about Discover pre approved and recommended

5% of 1.66 is more like...8cents btw which is a 5% discount on interest. !! Not a penny :-P
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 24 of 34
Senior Contributor

Re: Question about Discover pre approved and recommended

This is why I got the Motiva and not the more! Chase (and now bce) will be my money makers lol my paypal plat mc gets more than that too!!! Like 2-3% if you play it right! Hahaha
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 25 of 34
Super Contributor

Re: Question about Discover pre approved and recommended


youngandcreditwrthy wrote:
5% of 1.66 is more like...8cents btw which is a 5% discount on interest. !! Not a penny :-P

My bad, I skipped a decimal place Smiley Tongue It's still...not a whole lot Smiley Tongue Since you only earn that 5% when you pay interest. so when you consider the fact you just spent $1.66 to earn 8 cents and have nothing to show for it Smiley Tongue It is great if you're a balance carrier Smiley Tongue Otherwise not so much. 

Message 26 of 34
Established Contributor

Re: Question about Discover pre approved and recommended


jsucool76 wrote:

youngandcreditwrthy wrote:
Hahahaha how many times can we say it?!

I say... App for motiva, best offer with 15 mos of 0% on bts and prchses. Plus 5% of interest credited back for pay on time, which reduces whatever your after promo rate is by 5%. hope that makes sense!

The motiva seems like a terrible card imho...It is great if you plan on carrying a balance, but all it is trying to do is entice people to carry balances to get 5% of the interest they are paying back..when you could just be not paying interest. 

 

At least that is how I think it works. It seems that unless you carry a balance you get no rewards...lol


I agree with JSU, the Motiva is really only gonna benefit someone who constantly carries a balance, which is not a good idea anyway. Other than that, the Motiva seems worthless IMO.



Starting Score: EQ 609, EX 633(Fako), TU 700
Current Score: EQ 699, EX 758, TU 733
Goal Score: 720 across the board
Garden Club Member-GC Challenge: App free since 10/31/12 Smiley Wink
Message 27 of 34
Senior Contributor

Re: Question about Discover pre approved and recommended

Except the 15 mos no interest on bts /prchs. I don't mind racking up a little balance to establish history with Discover!! You guys need to perk up?! How does a bottle sound on my 0% for 15 mos Discvr sound?!? Lolololol
Jk! Hahaha!!
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 28 of 34
Super Contributor

Re: Question about Discover pre approved and recommended


youngandcreditwrthy wrote:
Except the 15 mos no interest on bts /prchs. I don't mind racking up a little balance to establish history with Discover!! You guys need to perk up?! How does a bottle sound on my 0% for 15 mos Discvr sound?!? Lolololol
Jk! Hahaha!!

Beefeater or Captain please Smiley Very Happy

 

My cap1 got 12 mos. 0% Smiley Very Happy and I earn 1% (Technically 1.5%) on everything Smiley Very Happy 

Message 29 of 34
Valued Contributor

Re: Question about Discover pre approved and recommended

I just did the preapproval offers on the Discover site...terrible options! The search showed me a discover more card at 6 month 0%APR and then 12.99% standard and they only showed two cards...LOL. More and Open Road...smh.

 

I already have the card but I just wanted to see what kind of offers it would show me. I have 15 month 0% APR and then 18.99% standard APR.

As of 2017, rebuilding...
Message 30 of 34