Should I accept Discover More?

[Anonymous]

Hello,

I currently received a pre-approved offer from Discover to get the Discover More card and I now have Citi mtvu, Citi Dividend, AMEX accelerated rewards and Chase Freedom. The total credit limit I have on all cards is more the $20,000. Do you think I should accept the Discover card to make use of its cashback privileges? Is it worth it and how do you think I should or should not accept it and will it badly affect my credit history and/or score?

I do need your help.

[ngerasimatos]

If you dont have a ton on inqs currently, go for it. 

[Anonymous]

I do not have tons of inquiries as I have not applied for any card since a year. I am just afraid that this may be too many revolving accounts.

Thanks a lot for your reply.

[thrasher865]

That's a silly question.  Of COURSE you should accept Discover More!

Discover is my favorite CCC of them all.  And now that chase freedom nerfed their rewards, they are almost identical to Discover's rewards program, except i believe chase gives a flat 1% for non-bonus category purchases, where on discover you have to charge a few grand through the year before it's up to 1%. 

So I just use whichever card has a bonus category currently for whatever I'm purchasing, and anything not in a category goes on the Chase card.  They seem to be mirroring Discover's bonus categories initially, though.  Maybe they anticipated this behavior.  We shall see.

Anywho, Discover has the best customer service, IMO.  And they've been the best to me about random CLIs and such when BofA has given me CLDs.

[Anonymous]

Thanks for the information but do you think that adding one more card to my current portfolio is kind of crazy and can hurt my credit history a lot especially that I am not applying to get more money into my credit. I just like the privileges of it since my wife has it but she has a very small credit limit. Should I still accept the invitation? Will it add something unique to my credit card portfolio?

Thanks all for your help

[MarineVietVet]

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@Anonymous wrote:

Hello,

I currently received a pre-approved offer from Discover to get the Discover More card and I now have Citi mtvu, Citi Dividend, AMEX accelerated rewards and Chase Freedom. The total credit limit I have on all cards is more the $20,000. Do you think I should accept the Discover card to make use of its cashback privileges? Is it worth it and how do you think I should or should not accept it and will it badly affect my credit history and/or score?

I do need your help.

---

Remember that this offer is not a guarantee of acceptance. They will pull your credit which will result in a new inquiry and if you get the card that will mean a new credit entry in your file. Getting this card will lower your AAoA (Average Age of Accounts). You can do the math and see how much this might be.

Your score might drop a few points from all this but depending on what else in in your reports you should recover in 6-12 months (maybe sooner). There are so many variables involved and each person's situation is different.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

[Anonymous]

Thanks for your help. Actually, I was just to accept it now but I just discovered something by chatting with an agent that really prevented me from submitting my application. She told me that in order to get 1% cashback on everyday purchases (not in the special categories they do every now and then), I have to first spend $3,000 annually and get ONLY 0.25% cashback on them then earn the 1% on any amount I spend after that. That is really disappointing for me as I already earn 1% cashback on all my current cards if not more sometimes. I do not think it worth it to wait to spend $3,000 every year to get 1% cashback that  already get on all other accounts. What do you all think?

Thanks again

[MarineVietVet]

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@Anonymous wrote:

Thanks for your help. Actually, I was just to accept it now but I just discovered something by chatting with an agent that really prevented me from submitting my application. She told me that in order to get 1% cashback on everyday purchases (not in the special categories they do every now and then), I have to first spend $3,000 annually and get ONLY 0.25% cashback on them then earn the 1% on any amount I spend after that. That is really disappointing for me as I already earn 1% cashback on all my current cards if not more sometimes. I do not think it worth it to wait to spend $3,000 every year to get 1% cashback that  already get on all other accounts. What do you all think?

Thanks again

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I have a Discover card and all that is true. I believe if I already had a card that paid 1% I'd think long and hard about getting a Discover. Only you can make that decision.

One thing I do like about Discover is their "Shop Discover" program where you can get from 5% to 20% cash back if you purchase online from certain merchants. I've used that quite a bit.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

[Uborrow-Upay]

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@MarineVietVet wrote:

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@Anonymous wrote:

Thanks for your help. Actually, I was just to accept it now but I just discovered something by chatting with an agent that really prevented me from submitting my application. She told me that in order to get 1% cashback on everyday purchases (not in the special categories they do every now and then), I have to first spend $3,000 annually and get ONLY 0.25% cashback on them then earn the 1% on any amount I spend after that. That is really disappointing for me as I already earn 1% cashback on all my current cards if not more sometimes. I do not think it worth it to wait to spend $3,000 every year to get 1% cashback that  already get on all other accounts. What do you all think?

Thanks again

---

I have a Discover card and all that is true. I believe if I already had a card that paid 1% I'd think long and hard about getting a Discover. Only you can make that decision.

One thing I do like about Discover is their "Shop Discover" program where you can get from 5% to 20% cash back if you purchase online from certain merchants. I've used that quite a bit.

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+1

The 5% bonus cashback offers and the ShopDiscover program make this card very attractive.  If you plan your spending, you can work these to your advantage in a big way.

I got my Discover More on a pre-approved offer, too, and although that's not a guarantee of getting the card, I feel that their pre-apps are more likely to result in an approval than pre-apps from other issuers.   No proof, just a gut feeling.

With no inquiries, you should go for this card.  It will grow with you if you treat it right, although the initial credit limits are usually smaller when first issued than what other lenders would have started you with.

Hope this helps.

[thrasher865]

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@Anonymous wrote:

Thanks for your help. Actually, I was just to accept it now but I just discovered something by chatting with an agent that really prevented me from submitting my application. She told me that in order to get 1% cashback on everyday purchases (not in the special categories they do every now and then), I have to first spend $3,000 annually and get ONLY 0.25% cashback on them then earn the 1% on any amount I spend after that. That is really disappointing for me as I already earn 1% cashback on all my current cards if not more sometimes. I do not think it worth it to wait to spend $3,000 every year to get 1% cashback that  already get on all other accounts. What do you all think?

Thanks again

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Thats exactly what I mentioned in my post above.  Like I said, just use up the Discover bonus categories each month and put the rest of your spending through the Chase Freedom.  Basically you're just opening up the spending cap on Chase's bonus categories if they remain the same categories as Discover.