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Shall I get the Discover Platinum

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Anonymous
Not applicable

Shall I get the Discover Platinum

I got a pre-approval for a Discover Platinum. 0% for purchases till May of 09 and 3.99 on balance transfers till 2012. The Discover offers 5% on gas purchases, this could mean a savings of $120 a year of gas alone. I have two Master Cards, two Amex (one is a Delta Sky Miles which I pay $120 a year--yuck), and one Visa. I was thinking about closing the Delta SkyMiles which I had for 15 years and get the Discover. I was wondering, if I close the Delta Sky Miles, will my FICO get hit after the seven years it takes to drop off the credit report or when I close the account?

 

I would love to close my AMEX Delta Sky Miles but I've been reluctant because I'm afraid of the credit hit. Also, I would like to tranfer the $1,000 balance on Delta Sky Miles to the Discover, will that impact my credit score? I have a 2k balance on my Visa and 1k balance on one of my MasterCards, will my score get hit if I transfer all my balances to the Discover?

 

usaims

Message 1 of 10
9 REPLIES 9
Creditaddict
Legendary Contributor

Re: Shall I get the Discover Platinum

if you transferred all the balances to 1 card, your score would go up! (I would bet)

if you don't like delta because of AF, product change it to blue or something and keep it for age and util.

sounds like discover card would be great option for you and get 1 payment for all your debt

Message 2 of 10
Anonymous
Not applicable

Re: Shall I get the Discover Platinum

I tried to trade my Delta Sky Miles for a Blue Card with AMEX years ago, they wouldn't go for it, I would have to apply for the Blue and then close the Sky Miles card. So I'm basically paying $120 a year for a card I don't use because it's one of the oldest accounts I  have in my credit profile.

 

 

Message 3 of 10
Anonymous
Not applicable

Re: Shall I get the Discover Platinum


usaims wrote:

I got a pre-approval for a Discover Platinum. 0% for purchases till May of 09 and 3.99 on balance transfers till 2012. The Discover offers 5% on gas purchases, this could mean a savings of $120 a year of gas alone. I have two Master Cards, two Amex (one is a Delta Sky Miles which I pay $120 a year--yuck), and one Visa. I was thinking about closing the Delta SkyMiles which I had for 15 years and get the Discover. I was wondering, if I close the Delta Sky Miles, will my FICO get hit after the seven years it takes to drop off the credit report or when I close the account?

 

I would love to close my AMEX Delta Sky Miles but I've been reluctant because I'm afraid of the credit hit. Also, I would like to tranfer the $1,000 balance on Delta Sky Miles to the Discover, will that impact my credit score? I have a 2k balance on my Visa and 1k balance on one of my MasterCards, will my score get hit if I transfer all my balances to the Discover?

 

usaims


I don't see a "Discover Platinum" card on Discover's website - what are the terms of its cash back?

 

The Discover Open Road card has 5% cash back on gas, but limited to $100 gas purchases a month ($5/month or $60/year) and then 0.25%-1% cash back on everything else.

 

The Discover More card (which is "platinum" colored) has 5% on various categories, but the specific categories vary every few months (and some sort of cap is involved), so you wouldn't get 5% cash back on gas through the whole year.

 

You may want to look carefully at the cash back program to determine how well it will fit your needs.

Message 4 of 10
Creditaddict
Legendary Contributor

Re: Shall I get the Discover Platinum

for the longest time everyone was getting in the door with amex by getting the delta card and then converting to blue. I would call again, the only card you can't product change to is the costco card.
Message 5 of 10
Anonymous
Not applicable

Re: Shall I get the Discover Platinum

Sorry, it's not a Platinum. Its a Discover More Card.
Message 6 of 10
FretlessMayhem
Senior Contributor

Re: Shall I get the Discover Platinum


@Creditaddict wrote:
for the longest time everyone was getting in the door with amex by getting the delta card and then converting to blue. I would call again, the only card you can't product change to is the costco card.

You can PC to the Costco card. I made the phone call, and they were in the process of doing the conversion request. Then they asked me for my Costco member number. I am not a member of Costco, so I canceled.

 

That card has good cash back at non-Costco places, so I thought it would be good. But, you have to be a member unfortunately. 

Here we go again...
Message 7 of 10
Creditaddict
Legendary Contributor

Re: Shall I get the Discover Platinum

grrrr. I dislike it when the reps don't even know there own company they work for. I was told flat no for costco card without applying, maybe I will try again although now I have the commercial costco card.
Message 8 of 10
elsijfdl
Contributor

Re: Shall I get the Discover Platinum

There is a $400 cap on the 5% categories (ie $20 cash back) and the categories rotate every three months.
Message 9 of 10
jmbfl
Valued Contributor

Re: Shall I get the Discover Platinum

Discover Card Rewards:

 

Open Road = 5% on auto related charges, capped at $100/month

 

More = 5% on charges within the category of the quarter, capped at $400/quarter, first quarter of the year may be a higher.

 

Both = .25% on the first $1500 of "other" purchases annually, .50% on the next $1500 and 1% on all the "other" charges over $3000. There are also excellent benefits available for online shopping, which is actually the best part of all. You can get 10% to 20% cash back on purchases from a wide variety of merchants and all you have to do is link to their site from the discover.com web site and pay with your discover card.

 

Message Edited by jmbfl on 10-28-2008 03:23 PM
Message 10 of 10
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