topic Re: Going for Discover in Credit Cards

Going for Discover

Rudy1 — Fri, 24 Jan 2020 00:23:19 GMT

I just checked my pre-approval for Discover and I am getting the Chrome,Cash Back and Miles card which one should I go for? My current credit card situation is
Capital One QS - $750
Capital One QS1 - $750
Capital one Walmart MC - $3000
Credit One - $650
Lowes -$690
PC Richard (old use it once in a blue moon) - $1,500
Bloomingdales - $1000
ExxonMobil- $500
These Credit limit are not that high aside from 3 of them CAP1 Bloomingdales and PC Richard I am rebuilding my question is should I go for Discover what do you think?

Re: Going for Discover

5KRunner — Fri, 24 Jan 2020 00:33:06 GMT

That all depends on your spending patterns. The Chrome card offers 2% back on gas stations and restaurants, but there are cards that offer 2% on everything (and the most well-known in that category is Citi Double Cash).

The Miles card offers 1.5 miles (or 1.5% cash back) on every purchase. Similar cards include the Capital One Quicksilver (which you already have), AmEx Cash Magnet and Wells Fargo Cash Wise VISA.

The Discover It Cash Back offers 5% on quarterly categories on up to $1500 each quarter. Currently it’s groceries, and last quarter was Amazon.com, Walmart.com and Target. This is the one I have.

Keep in mind that they don’t offer any signup bonuses. Instead, they match all the cash back you’ve earned at the end of your first year of membership. If you max out each quarterly category on the Cash Back card, that would add up to $300 plus another $300 at the end of the year, which isn’t bad at all.

Which one do you think would work out best for your spending patterns?

Re: Going for Discover

5KRunner — Fri, 24 Jan 2020 00:59:58 GMT

I should also note that the Chrome card offers 2% cash back on gas and restaurants, but that’s limited to $1000 per quarter. After that, it drops back to 1%.

And the Cash Back card offers 1% cash back after $1500 spend in quarterly categories, and on all non-category spend as well.

Re: Going for Discover

AverageJoesCredit — Fri, 24 Jan 2020 01:04:48 GMT

Yeah but dont forget that 2% basically becomes 4% with cashback. Im currently using my Chrome and though ill never max a quarter or limit, im happy. I have a feeling Op will get a very nice limit due to low limits elswhere. Miss Disco likes to be center of attention

Re: Going for Discover

5KRunner — Fri, 24 Jan 2020 01:06:40 GMT

Good points, AJC, as always!

Re: Going for Discover

AverageJoesCredit — Fri, 24 Jan 2020 01:10:56 GMT

Lol, i agree though , just pick which card you think you'll spend most on , ie the categories. Cant go wrong with any of them

Re: Going for Discover

5KRunner — Fri, 24 Jan 2020 01:15:17 GMT

I have to remind myself that not everyone has 4 kids and a grocery budget of $400/week!

My wife and I each have Discover it Cash Back, plus I have an AmEx BCP. That’s $3000 at 5% on Discover (during Q1 anyways) and $1500/quarter at 6%, and that still leaves $700/quarter to spend on non-category cards (until my NFCU More Rewards arrives, which offers 3% unlimited on groceries all year).

Re: Going for Discover

AverageJoesCredit — Fri, 24 Jan 2020 01:25:32 GMT

Wow, yeah big families need big food. Im not sure if i should mess around trying to get a 3rd Disco card, assuming combination is possible. I dont know if its worth risking 4506 from them .

Re: Going for Discover

Rudy1 — Fri, 24 Jan 2020 02:34:05 GMT

I applied and was denied they pulled Experian which my old mortgage company put about 20 hard inquiries on for flexible this is why synchrony denied me in the past does disco have recon

Re: Going for Discover

Citylights18 — Fri, 24 Jan 2020 03:21:59 GMT

My discover experience is different than most people.

I have 10 credit cards and Discover has a 10,000 limit which for me ranks as 8th out of 10 cards in limit.

It does seem to be set up however to support cash advance up to the very limit of the card. If I could potentially grow this card from 10k to say 25k thereby raising its ranking to 3rd out of 10 in my portfolio I think it would be a great BT card at that point.

Re: Going for Discover

AverageJoesCredit — Fri, 24 Jan 2020 11:59:13 GMT

@Rudy1 sorry for denial. To my lnowledge, Disco does not do recons. You'll have to give it a couple months and maybe retry. This just shows that prequsls are never 100% gaurenteed.

Re: Going for Discover

Rudy1 — Fri, 24 Jan 2020 12:43:18 GMT

@AverageJoesCredit I do thank you for your help and will wait a while before applying again.

Re: Going for Discover

Anonymous — Fri, 24 Jan 2020 15:07:49 GMT

oh man..that blows.

i just got the discover it cash back a few weeks ago and they only pulled from my equifax when i applied.

good luck in the near future.

@Rudy1 wrote:
I applied and was denied they pulled Experian which my old mortgage company put about 20 hard inquiries on for flexible this is why synchrony denied me in the past does disco have recon