not approval for Discover More.... but offer Discover It with higher rate (APR) and change term

[Tommy5746]

IT is to Discover as Zync is to Amex...

You are going to see a lot more approvals for Discover IT than you would normally see because they want to get the card out there in peoples hands... And im sure the credit requirements are going to be a bit more lose than usual because its a lower tier card... Still prime but the lowest tier prime discover offers

[vngouiowa]

One quick question :

 They did mention with no incentive with my  Discover it card that they offered for me ? I don't know what really incentive is ? Who knows about it  yet ?

  @Tommy5746

I am kind of new member so can you tell me what is a prime card ? Is it chase freedom, citi dividend, discover more or anything else ? I know that Chase freedom is hard to get is that the same requirement with Citi divendend ?

Are they lower tier card because they are not kind of visa sigg/ or World master card right ?

Thanks,

[Tommy5746]

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@vngouiowa wrote:

One quick question :

 They did mention with no incentive with my  Discover it card that they offered for me ? I don't know what really incentive is ? Who knows about it  yet ?

  @@Tommy5746

I am kind of new member so can you tell me what is a prime card ? Is it chase freedom, citi dividend, discover more or anything else ? I know that Chase freedom is hard to get is that the same requirement with Citi divendend ?

Are they lower tier card because they are not kind of visa sigg/ or World master card right ?

Thanks,

---

Surely.. A prime card is a credit card issued by a prime lender.. A prime lender is a company who lends conservatively.. Meaning they have strict guidelines and you must meet there criteria before they will lend to you.

Example: Orchard bank is SUB-Prime.. They give credit to those who have tarnished credit records or less than perfect credit.. Generally people who apply for an Orchard bank card have credit scores in the very low 600's or even lower. The standards shared by Orchard bank are much more "loose" than the standards shared by Discover or Citi.. Somebody who has credit scores in the very low 600's or even 500's would very rarely, if ever approved for a Citi or Discover card... AND if they did get approved the credit line they would be given would be miniscule and the Interest rate would be at its highest tier.

Chase, Citi, Discover and Amex are all PRIME lenders...

So, basically... Think of Orchard bank as a Ford Fiesta... and an Amex as a Lamborghini Gallardo

Also, Just because a card has a MasterCard or visa logo on it does NOT mean that it is a prime card... With that said.. The Majority of Visa cards are prime.. But I wouldn’t say ALL cards that house a visa logo are prime..

[vngouiowa]

thanks Tommy5746

What is a criterials to categorize lower tier card and others ?  Is that Visa sigg/WMC is higher level compare with lower tier card such as platium card ... ?

[OptimasPrime]

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@Tommy5746 wrote:

IT is to Discover as Zync is to Amex...

You are going to see a lot more approvals for Discover IT than you would normally see because they want to get the card out there in peoples hands... And im sure the credit requirements are going to be a bit more lose than usual because its a lower tier card... Still prime but the lowest tier prime discover offers

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In what way is the it inferior/lower tier than the more? If anything it offers some stepped up benefits (waive first late payment fee, no penalty apr, speak with a real person right away when you call in) while maintaining the same rewards structure as discover more. 

Whether or not you would ever have cause to use the late payment feature is debateable, but the fact that this is a feature that the it has and the more lacks is not.

In the interest of full disosure, I pc'ed from the more to the it about a month ago. I did not see any real disadvantage to doing so, and liked the look of the it card.

[Tommy5746]

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@vngouiowa wrote:

thanks @Tommy5746

What is a criterials to categorize lower tier card and others ?  Is that Visa sigg/WMC is higher level compare with lower tier card such as platium card ... ?

---

Every credit card company has their own criteria... The biggest thing that separates lower tier cards from higher tier cards though is your credit score... For example: The credit score needed to achieve an American Express Zync card is lower than it is to achieve an American Express Revolver credit card. This is because the Zync card is one of Amex's lower tier cards. Still very prime, but the lowest of Amex's cards..

With Citi bank, I would say the Dividend card is one of Citi's top tier cards... So the WMC is one of their top tiered cards

[vngouiowa]

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@Tommy5746 wrote:

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@vngouiowa wrote:

thanks @Tommy5746

What is a criterials to categorize lower tier card and others ?  Is that Visa sigg/WMC is higher level compare with lower tier card such as platium card ... ?

---

Every credit card company has their own criteria... The biggest thing that separates lower tier cards from higher tier cards though is your credit score... For example: The credit score needed to achieve an American Express Zync card is lower than it is to achieve an American Express Revolver credit card. This is because the Zync card is one of Amex's lower tier cards. Still very prime, but the lowest of Amex's cards..

With Citi bank, I would say the Dividend card is one of Citi's top tier cards... So the WMC is one of their top tiered cards

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Thanks for your information.

Actually I just got citi Dividend with just limit CL 1K ... with 200$ cash back after 3 months spending 500$.