topic Re: About to pull the trigger...but... in Credit Card Applications

About to pull the trigger...but...

dsotm76 — Wed, 27 Dec 2017 16:57:23 GMT

Hi everyone!

So, after doing the CCT review of all three scores, I'm about ready to pull the trigger. I've narrowed it down to the BCE card by AMEX and the Discover IT card. Both are pre-quals, so I'm hoping that means there shouldn't be an issue. I've also gotten my utilization down to under 30% reporting at the moment.

My question is this, I keep doing the Discover prequal and it's coming back with an APR of 21.99%. Is this the general range for them? While I don't intend to carry over a balance, this still seems a bit high to me considering my three scores are over 735 and the fact that AMEX is giving me 17.99% APR on my prequal.

Before I pull the trigger, I want to make sure I make the best possible choice. I goofed with my secured card two years ago with a C1 that is stuck in secured land without getting put into the promised land. I don't want to make that same mistake again.

Thanks in advance for the information!

Re: About to pull the trigger...but...

Anonymous — Wed, 27 Dec 2017 17:28:53 GMT

Seem like good choices if they fit your lifestyle. DiscoverIT with the cashback match for first year is really enticing...

If you eat out or go to the bars often, Uber Visa is 4% back.

Re: About to pull the trigger...but...

Anonymous — Wed, 27 Dec 2017 20:15:41 GMT

@dsotm76 wrote:
Hi everyone!

So, after doing the CCT review of all three scores, I'm about ready to pull the trigger. I've narrowed it down to the BCE card by AMEX and the Discover IT card. Both are pre-quals, so I'm hoping that means there shouldn't be an issue. I've also gotten my utilization down to under 30% reporting at the moment.

My question is this, I keep doing the Discover prequal and it's coming back with an APR of 21.99%. Is this the general range for them? While I don't intend to carry over a balance, this still seems a bit high to me considering my three scores are over 735 and the fact that AMEX is giving me 17.99% APR on my prequal.

Before I pull the trigger, I want to make sure I make the best possible choice. I goofed with my secured card two years ago with a C1 that is stuck in secured land without getting put into the promised land. I don't want to make that same mistake again.

Thanks in advance for the information!

If Discover is giving you a fix APR, then the prequal is sound. Seems like they would give you a better APR with your score. If both fits your needs, then pull the trigger on them; otherwise, I would scout around and see if you could get a lower APR on other possible cards that meets your objecdtives.

Re: About to pull the trigger...but...

Anonymous — Wed, 27 Dec 2017 20:30:27 GMT

@dsotm76 wrote:
Hi everyone!

So, after doing the CCT review of all three scores, I'm about ready to pull the trigger. I've narrowed it down to the BCE card by AMEX and the Discover IT card. Both are pre-quals, so I'm hoping that means there shouldn't be an issue. I've also gotten my utilization down to under 30% reporting at the moment.

My question is this, I keep doing the Discover prequal and it's coming back with an APR of 21.99%. Is this the general range for them? While I don't intend to carry over a balance, this still seems a bit high to me considering my three scores are over 735 and the fact that AMEX is giving me 17.99% APR on my prequal.

Before I pull the trigger, I want to make sure I make the best possible choice. I goofed with my secured card two years ago with a C1 that is stuck in secured land without getting put into the promised land. I don't want to make that same mistake again.

Thanks in advance for the information!

Given those two, I would go for the BCE.

Of course, I don't know anything about your spending habits or if you have any rewards cards in your wallet already, so it's up to you whether Amex's 3-2-1 is better than Disco's rotating categories. If you spend a lot on groceries, it's the best out there.

Amex and Disco should both grow quickly with SP's.

The reason I wouldn't app with Disco right now is because, to quote my last statement, "Effective February 28, 2018, we will discontinue Extended Product Warranty, Return Guarantee, Purchase Protection, Auto Rental Insurance and Flight Accident Insurance due to low usage among cardmembers." Amex is known to have a good extended warranty, which is among the top 3 reasons I use credit cards (Cash back, better security thanks to abstraction, and extended warranty).

On a side note, if the Cap1 secured is the only other card in your wallet, you may prefer to get a card on the V/MC networks rather than Disco or Amex. I've only been to a few places which declined my Disco, which also generally do not accept Amex (Though one place was V/MC/Amex and another was V/MC/Disco only, so it's not a hard rule). If you're looking at the long term and don't mind taking some HP's for CLI's, the BofA 3-2-1 card (3.3-2.2-1.1 if you maintain a savings or checking account) might be a good option.

Edit: I just checked my Amex prequals and I have BCE, ED, and PRG. The revolvers are both 18.24% solid with 0%/15 months and $150/$1000 SUB. Do you have intro APR and SUB on your prequals?

Re: About to pull the trigger...but...

Anonymous — Wed, 27 Dec 2017 21:28:20 GMT

Can't lose with either card. But if the interest rate on the discover is making you take a double take. Remember that Discover is known to reduce rates over time. Just have to call in and ask. Even if they won't do a permanent reduction, they will often do a temporary 0% promo or reduced rate promo period.

Re: About to pull the trigger...but...

dsotm76 — Thu, 28 Dec 2017 18:33:28 GMT

@Anonymous wrote:
@dsotm76 wrote:
Hi everyone!

So, after doing the CCT review of all three scores, I'm about ready to pull the trigger. I've narrowed it down to the BCE card by AMEX and the Discover IT card. Both are pre-quals, so I'm hoping that means there shouldn't be an issue. I've also gotten my utilization down to under 30% reporting at the moment.

My question is this, I keep doing the Discover prequal and it's coming back with an APR of 21.99%. Is this the general range for them? While I don't intend to carry over a balance, this still seems a bit high to me considering my three scores are over 735 and the fact that AMEX is giving me 17.99% APR on my prequal.

Before I pull the trigger, I want to make sure I make the best possible choice. I goofed with my secured card two years ago with a C1 that is stuck in secured land without getting put into the promised land. I don't want to make that same mistake again.

Thanks in advance for the information!
If Discover is giving you a fix APR, then the prequal is sound. Seems like they would give you a better APR with your score. If both fits your needs, then pull the trigger on them; otherwise, I would scout around and see if you could get a lower APR on other possible cards that meets your objecdtives.

Yeah, I would think that I could get a better prequal rate. That's what is holding me back from them at the moment. In my scouting, the AMEX is giving me the best rate at the 17.99%.

Re: About to pull the trigger...but...

dsotm76 — Thu, 28 Dec 2017 18:47:18 GMT

Given those two, I would go for the BCE.

Of course, I don't know anything about your spending habits or if you have any rewards cards in your wallet already, so it's up to you whether Amex's 3-2-1 is better than Disco's rotating categories. If you spend a lot on groceries, it's the best out there.

I don't use a CC a lot and don't spend more than I can pay off. However, part of that is because of the C1 being stuck with such a low limit. If I had a bit more flexibility, I could take what I'd spend and just tuck that aside to pay the card off. I don't do a lot of grocery shopping. Most of mine tends to be more restaurants and entertainment.

Amex and Disco should both grow quickly with SP's.

The reason I wouldn't app with Disco right now is because, to quote my last statement, "Effective February 28, 2018, we will discontinue Extended Product Warranty, Return Guarantee, Purchase Protection, Auto Rental Insurance and Flight Accident Insurance due to low usage among cardmembers." Amex is known to have a good extended warranty, which is among the top 3 reasons I use credit cards (Cash back, better security thanks to abstraction, and extended warranty).

I wasn't aware they are discontinuing this. I'm not sure how much of that I would use, but it's good to know.

On a side note, if the Cap1 secured is the only other card in your wallet, you may prefer to get a card on the V/MC networks rather than Disco or Amex. I've only been to a few places which declined my Disco, which also generally do not accept Amex (Though one place was V/MC/Amex and another was V/MC/Disco only, so it's not a hard rule). If you're looking at the long term and don't mind taking some HP's for CLI's, the BofA 3-2-1 card (3.3-2.2-1.1 if you maintain a savings or checking account) might be a good option.

Yes, the C1 is my only card right now, aside from my Sony Financial through Synchrony. That's one reason that I'm looking for another card and wanting to make sure I select the best option. The only prequal I get from V/MC is from Citi for their Double Cash reward card. Their APR is quoting me 19.74%

Edit: I just checked my Amex prequals and I have BCE, ED, and PRG. The revolvers are both 18.24% solid with 0%/15 months and $150/$1000 SUB. Do you have intro APR and SUB on your prequals?

Each of the prequals are offering around 14-18 months 0% APR intro. I just redid the AMEX and it's up to 18.24% right now and they give $200.00 if I spend $1000.00 in the first three months. So much to consider. I'd like to apply before the first of the year. Also gunshy as I don't want a HP and a decline.

Re: About to pull the trigger...but...

Anonymous — Thu, 28 Dec 2017 19:02:00 GMT

@Anonymous wrote:
Can't lose with either card. But if the interest rate on the discover is making you take a double take. Remember that Discover is known to reduce rates over time. Just have to call in and ask. Even if they won't do a permanent reduction, they will often do a temporary 0% promo or reduced rate promo period.

I got a permanent reduction a few months ago and now an offer came in for 12-months 0%. I'm waiting for more permanent reductions, but their offers are good if you always PIF.

Re: About to pull the trigger...but...

Anonymous — Thu, 28 Dec 2017 19:23:39 GMT

I’d get in with AMEX. Great company with set rules for CL growth. Treat them well and they’ll throw money at you...

Re: About to pull the trigger...but...

dsotm76 — Sat, 30 Dec 2017 19:12:23 GMT

I think I'm leaning the way of AMEX, even though my EX score is a bit lower than TU and EQ. It's 18 points lower at 744, which isn't a huge amount. I'd rather the hit come off either TU or EQ since they are at 762.

@Anonymous wrote:
I’d get in with AMEX. Great company with set rules for CL growth. Treat them well and they’ll throw money at you...

Re: About to pull the trigger...but...

expatCanuck — Sat, 30 Dec 2017 20:59:12 GMT

Offered solely as a data point - my (just acquired) Discover IT came with an 11.99 rate, with the first 15 months at 0.

[ In contrast, my 17-year-old (sock-drawer'd) BoA MC World Rewards offers a charming 25.99, on the heels of its just-closed BoA V sibling at 26.24. ]

Re: About to pull the trigger...but...

dsotm76 — Sat, 30 Dec 2017 23:04:52 GMT

@expatCanuck wrote:
Offered solely as a data point - my (just acquired) Discover IT came with an 11.99 rate, with the first 15 months at 0.

See, this is what has me leary of them. Their 21.99% rate on the pre-qual. I think I'm going to pull the trigger on the AMEX BCE and maybe look into a Discover around April and see if they come down any. I just checked my FICO 8 and the scores are 744, 762, and 762. I think the 21.99% is too high for that range, personally.

Re: About to pull the trigger...but...

expatCanuck — Sat, 30 Dec 2017 23:15:38 GMT

Certainly, 21.99 is not something to embrace if you anticipate carrying any balance.

Re: About to pull the trigger...but...

Anonymous — Sun, 31 Dec 2017 03:46:28 GMT

I have both the DiscoverIt and the BCE. They are both great cards. I am relatively new to credit (my oldest account is 1.5 years- DiscoverIT). I never carry a balance. My current scores are 770 TU/ 759 EX/ 750 EQ. From my experience, here are my 2 cents comparing the 2 cards. Both cards earned a rightful place in my wallet.

DiscoverIT- Great customer service, very clear intuitive website. The cashback match was really great for the first year. I think 2018 will have some useful catagories for 5 percent back like restaurants, grocery stores and Amazon during the holidays. They have Discover Deals too and you can redeem cash back for gift certificates, statement credits or literally cash back.

Discover was my first card so they pegged me in at a pretty low credit limit that hasn't grown enough. It is still only $2350 and they still have me at a crappy 23.99 percent APR. However, if you pay in full, it really doesn't matter as the benefits far outweigh the interest.

Amex BCE- Again, great customer service, very clear intuitive website. Amex is a well oiled machine. Outside of the grocery spending, the rewards structure is better for other cards. However, if you buy lots of groceries it is worth having in your portfolio. Amex Offers are like Discover Deals in a lot of ways. Amex does have industry leading fraud protection and member benefits though.

I am new to Amex, so Amex got me in when my Experian was 762 and they gave me a $17000 credit limit and a 17.99 percent APR. From what I see, Amex is more liberal with credit limits but they like people who pay off their statements. You will be more likely to get the credit limit you want with the Amex I'm guessing.

But given your habits, I would reccomend the Citi Costco Visa Signature card. I think you have the score to get in. The APR after the promotional 7 month period is at a solid 16 percent for everyone. Their rewards structure takes the Amex 3-2-1 to the the next level of 4-3-2-1 where 4 percent is gas, 3 percent is restaurants and travel, 2 percent is at Costco and 1 percent is everything else.

Re: About to pull the trigger...but...

dsotm76 — Sun, 31 Dec 2017 23:56:03 GMT

@Anonymous wrote:
But given your habits, I would reccomend the Citi Costco Visa Signature card. I think you have the score to get in. The APR after the promotional 7 month period is at a solid 16 percent for everyone. Their rewards structure takes the Amex 3-2-1 to the the next level of 4-3-2-1 where 4 percent is gas, 3 percent is restaurants and travel, 2 percent is at Costco and 1 percent is everything else.

Nice perks there with the card. Only thing is that we don't have a Costco anywhere nearby. However, Citi is on my radar. :-)

Re: About to pull the trigger...but...

Anonymous — Mon, 01 Jan 2018 01:59:11 GMT

You don't need to go to a Costco to get their card. You can get it directly from the Citi website. In fact, it was just as fast as getting my Amex. You do need to be a Costco member though. Even if you don't have a Costco store near you, Costco does have competitive prices online. For instance, I was able to get a Pro-Form treadmill for my house for $700 and free shipping. Costco offers competetive prices on electronics and household appliances with top notch shipping. At this point, I have paid for my Costco membership 4-5 times over with the cash back on the Costco card. And you have the convenience of having it through a reputable lender like Citi instead of some crap bank like Synchrony

Re: About to pull the trigger...but...

dsotm76 — Wed, 03 Jan 2018 19:34:45 GMT

@Anonymous wrote:
You don't need to go to a Costco to get their card. You can get it directly from the Citi website. In fact, it was just as fast as getting my Amex. You do need to be a Costco member though. Even if you don't have a Costco store near you, Costco does have competitive prices online. For instance, I was able to get a Pro-Form treadmill for my house for $700 and free shipping. Costco offers competetive prices on electronics and household appliances with top notch shipping. At this point, I have paid for my Costco membership 4-5 times over with the cash back on the Costco card. And you have the convenience of having it through a reputable lender like Citi instead of some crap bank like Synchrony

I only have the Synchrony card because of the dealings I have with a local business. It's worth it for that and they upped me VERY quickly. I definitely wouldn't search out for a Synchrony card. I actually went with the BCE for AMEX and got approved. I'll re-evaluate soon. Citi is high on my list to get, maybe their Double Cash card. :-)