topic Re: Should I do it: Discover IT in Credit Cards

Should I do it: Discover IT

Anonymous — Tue, 04 Jul 2017 09:32:59 GMT

I know im probably beating a dead horse here as I made a similar post about this not too long ago. Well...IM THIS CLOSE to finally pulling the trigger and applying for the Discover It card possibly today. Having said that, I wanted to run this by all of you guys again since you guys always give good advice.

I already have the Freedom card which works similar to the discover and sometimes overlap (for example this quarter restaurant) do you think its still worth gettin the Discover IT? Not to mention I already have the amex bce and boa cash rewards 321. Am I just overloading myself with too many cashback cards with similar categories? I'm a little hesitant on adding new cards I wanted to garden and work with less cards, but this may be my final card in a long while. Do you think it's worth getting to add to my line up?

Few other reasons thats making me apply for it is that a discover adds a new diverse card to my porfoilo and it also gives me another No foregin transaction fee card which is a plus.

The citi double cash was a good runner up, but the FTF kind of threw me off and I already have a retail card thats banked by citi already.

I have one travel card with an AF in my wallet and my only one. I think im done with annual fee cards, so this last slot for a good long time......may go to a discover.

Thoughts?

Re: Should I do it: Discover IT

Anonymous — Tue, 04 Jul 2017 10:24:57 GMT

There is a good amount category overlap between the CF and the Disco. I don't know what other cards you have right now, but do you have anything other than a 1% for non-category spend? If not, then go for the DC. If yes, Disco will treat you well if you treat them well. I'd be more concerned about your profile though as they are inquiry and utilization sensitive.

Re: Should I do it: Discover IT

kdm31091 — Tue, 04 Jul 2017 11:46:48 GMT

Discover has IMO great customer service, is generally flexible with APR reductions, and usually not horrible about getting CLIs over time (though some people have more trouble than others).

I don't think the card's reward program is really worth rushing out to apply for, though, when you have a Freedom. The categories tend to be similar, albeit not always at the same quarter. You are also then spreading out your rewards on more cards. I have the Discover and can tell you it has really only seen heavy usage from me during the restaurant and online shopping quarters although YMMV of course.

For the first year after signing up, though, a Discover is at least as good as a Double Cash since they will match all of your cash back -- meaning the base 1% becomes 2% and the categories are 10%. So instead of wasting a pull on a Double Cash, it theoretically makes more sense to go for Discover, at least for the first year.

Having said that, I don't know if it's worth rushing to apply when you already have a Freedom card, and a few other cash back cards. Don't spread too thin chasing tiny returns. You only spend so much per month; diving it among more cards isn't always beneficial.

Re: Should I do it: Discover IT

trant3 — Tue, 04 Jul 2017 13:50:36 GMT

Have a beer or two (or glasses of wine) then pull the trigger

Re: Should I do it: Discover IT

AverageJoesCredit — Tue, 04 Jul 2017 13:56:55 GMT

Discover is a great card to have but i really like Kdm's last statement, "You only spend so much per month; diving it among more cards isn't always beneficial.

With a boat load of cash back cards already arr you willing to put all your spend on Disco that first year to maximize the double cash back?

Lol, i have minimal spend due to income testrictions and especially when you have alot of cards or new cards, its hard to give spend to them all. Just think about what you're likely to buy the next year and how youd like to buy them with and that might help your decision

Re: Should I do it: Discover IT

Anonymous — Tue, 04 Jul 2017 14:05:04 GMT

I agree with kdm31091. I have the Discover It and my husband has the Freedom and we have a significant amount of overlap between the cards. However, the cash back match for the first year was worth it for us, and I like that Discover's points transfer to Amazon at full value instead of 80 cents with UR. What I ended up doing was getting the Discover first and using it for pretty much everything for the first year for the cash back match, and then getting the Citi DC for non-category spend and keeping the Discover for categories.

Re: Should I do it: Discover IT

NRB525 — Tue, 04 Jul 2017 14:20:00 GMT

Don't do it.

If you have that many other cashback cards, you don't need a Discover right now. Sure, no FTF, but you didn't say you actually travel overseas at all. Use the AF Travel Card with no FTF if you should actually travel. If that one is not accepted, then get out the Freedom card or the BofA and don't worry about the FTF on one transaction.

Re: Should I do it: Discover IT

Anonymous — Tue, 04 Jul 2017 14:33:11 GMT

First of all, if you do decide to app for this card, don't do it today. It's July 4th. Applying on national holidays I would say isn't a smart move, as it could hold up your app or in the event that you need a recon or other issue it may be more difficult to obtain.

The Discover is a great card the first year because of the cash back match, which is essentially their version of the sign on bonus. Even if the categories with the Freedom do overlap at times, the first year you are getting 2X on the Discover card that you would on the Freedom for that category. The first year on Discover just about makes it a 2% general spend card as well, so it can really be your go-to daily driver card for the first year. My first year with Discover, my card saw $2000-$3500 spends quite a few months, with the average probably being around $1500/mo over the course of that year. Just before the first year ended I applied for the Citi DC card, which now gets the bulk of my daily (non-category) spend since my Discover no longer is in the promo period. My Discover card now sees only category spend, so there are months that I spend less than $100 on it.

When I apped for the Discover card, the only other CB card I had at the time was the 1.5% QS... so it made a lot of sense for me to score Discover. If I had a bunch of CB cards already, I'm not sure that Discover would have mattered as much to me at the time.

Re: Should I do it: Discover IT

Anonymous — Tue, 04 Jul 2017 14:42:02 GMT

Yes you should. I have many cards and it's the best card in my wallet and my daily driver. I don't think it matters that it's the 4th an auto approval is likely if your profile is alright.

Re: Should I do it: Discover IT

Anonymous — Tue, 04 Jul 2017 15:47:36 GMT

@Anonymous wrote:
Yes you should. I have many cards and it's the best card in my wallet and my daily driver. I don't think it matters that it's the 4th an auto approval is likely if your profile is alright.

IF it's an auto approval, that's correct. If not, it could delay things. I don't see why anyone really would want to apply for a card on a national holiday, even if it only meant a 1% greater chance of a headache for whatever reason. Wait 24 hours, no 1% chance of a headache. But, do as you wish.

Also, you say Discover is your daily driver. I'm assuming you are in your first year with Discover? If so, what do you plan to do once the promo period ends? If not, you're leaving CB on the table in only getting 1% back on non-category spends... which, you may be fine with.

Re: Should I do it: Discover IT

Anonymous — Tue, 04 Jul 2017 15:59:23 GMT

I think it depends on what you're looking for from the card. For me, the only Discover categories that matter overlap with the Chase Freedom card. But I live in an apartment, so when Discover gave 5% back for home improvement, that was worthless for me. A homeowner in the market for a new lawnmower would have found the Discover card worth it at that moment. Last year I maxed out the restaurant category on my Chase Freedom, but I did it at the end of the quarter, so Discover wouldn't have offered me anything extra. (Note that for me Chase Ultimate Rewards points are more valuable than cash back from Discover because I have the CSR, so I choose Chase over Discover for purchases when they overlap... without the CSR/CSP, Discover cash back is technically more valuable because you can usually buy gift cards at a discount).

Discover always has 0% 12-month balance transfer offers (and 4.99% 18-month offers), which is how I tend to take advantage of my Discover card. Balance transfers aren't for everyone or every purchase, but I find a way to make them work for me on certain large purchases (the key, in my mind, is to develop a payment plan and stick to it before using another one).

Discover tends to let the credit limits grow more frequently than Chase and without hard pulls. With Chase, as long as you're going to be getting a hard pull for a limit increase, you might as well sign up for a new card and get a signup bonus (unless you truly don't want/need a new one). Also, from what I understand, Chase is not at all likely to allow an APR reduction, but Discover will. On the flip side, depending on what places you go to, you may find it more difficult to use Discover. One of my favorite Vietnamese places nearby only takes MasterCard, VIsa, and Amex. Another one only takes MasterCard and Visa. But most major places will accept Discover.

At the end of the day, it probably doesn't hurt to give it a shot to apply. You know your credit profile best. If you believe you're in a good place to be approved, then it's an extra, no-fee credit card that can potentially add value in your life. But if you don't see a place for it in your life, then move on. It's a good card (particularly for the first year), but it's not the only good card out there.

Re: Should I do it: Discover IT

Anonymous — Tue, 04 Jul 2017 16:04:42 GMT

I think you want to apply just to apply. You have that sickness we all had or have. Especially when your bored. I had the same sickness and had to shut down a few.

Marvel, Discover, Barclays Ring, Barclays cashforward, Venture One, Citi Diamond, and thats just a few.

You have all you need right now to cover everything.

But, hey. If you want the thrill of being approved, but secretly hoping to be declined. Then go for it!

Re: Should I do it: Discover IT

Anonymous — Tue, 04 Jul 2017 16:06:28 GMT

Plus, why are you asking what everybody thinks? You know whats right for you. And you know whats wrong for you.

Stop putting off the inevitable and just get it over with...Pull the trigger,

Re: Should I do it: Discover IT

yfan — Tue, 04 Jul 2017 16:08:09 GMT

Whether you should apply or not is up to you, but I have had great experience with Discover. I like their categories (but I don't have the Freedom), I love their customer service, and I like the fact that if you buy gift cards instead of cashing out your rewards, you will get at least $5 extra for each card (like spend $20 in rewards to get a $25 gift card).

Re: Should I do it: Discover IT

joltdude — Tue, 04 Jul 2017 19:59:14 GMT

Discover is great for the first year, they entertain APR reductions (after the promo period, every 6 months).. But folks are also forgetting that the Disco can be a competitive BT card after your done with the first year spend... Find i like my Disco better than my Freedom... But of course YMMV...

-J