topic Re: New discover for trifecta? in Credit Cards

New discover for trifecta?

Anonymous — Sun, 10 May 2020 20:37:13 GMT

I currently have a discover it (had it for six years) and a discover miles (four years or so) card. Additionally, we also have a Nusenda CU 5% cash rewards card (rotating 5% categories) and a Freedom card. Lastly, we have a BOA cash rewards card that has a 3% category we can pick every month. Between those cards we have most of our most frequent usage covered with either 5% or 3% cashback.

I am considering closing the It Miles card and applying for a second It card in the hopes of having the double cash back match for the the next year. I'm concerned that i may lose a 13k LOC with Discover and get denied for the second it card since banks are becoming less generous due to the economic conditions.

Thoughts advise?

Re: New discover for trifecta?

RobD3 — Sun, 10 May 2020 20:58:20 GMT

I think if it were me, I'd hold fast to the current setup until the dust settles and banks have clarity of their actual downside. Seems to me that there's no rush or need to hurry. A person is limited to a total of 2 Disco's, so have you asked Discover if a PC is possible from the Miles to the It? If they say no, then give it a bit and then make your move when banks are breathing a little easier as they'll want to keep and expand a loyal and reliable customer base. What's more, it'll give you some time to examine any new perks and changes to cards being offered and any changes that come along to your cards. Any small change(s) could affect your decision protocols and give you a different POV. IMHO, any new account with Mama Disco will not give you the SL you're looking for since ALL banks are looking to reduce exposure right now. Just my 2 cents...

Re: New discover for trifecta?

Anonymous — Sun, 10 May 2020 22:14:56 GMT

@RobD3 wrote:
I think if it were me, I'd hold fast to the current setup until the dust settles and banks have clarity of their actual downside. Seems to me that there's no rush or need to hurry. A person is limited to a total of 2 Disco's, so have you asked Discover if a PC is possible from the Miles to the It? If they say no, then give it a bit and then make your move when banks are breathing a little easier as they'll want to keep and expand a loyal and reliable customer base. What's more, it'll give you some time to examine any new perks and changes to cards being offered and any changes that come along to your cards. Any small change(s) could affect your decision protocols and give you a different POV. IMHO, any new account with Mama Disco will not give you the SL you're looking for since ALL banks are looking to reduce exposure right now. Just my 2 cents...

You certainly can PC the Miles to an IT, but it sounds like OP wants the first year double, which PCing won't get.

Re: New discover for trifecta?

Jnbmom — Sun, 10 May 2020 22:18:07 GMT

Personally I wouldn't do a thing right now. Disco is tightening things up . You could very well close this, apply for another and get a 1K limit.

This is not the time to make any moves .

Re: New discover for trifecta?

Anonymous — Sun, 10 May 2020 22:22:22 GMT

That's what I was thinking as well. That said, I have made quite a few moves in the past month - I refied my HELOC and my auto loan. But I agree, credit cards are a different animal and I would not want to lose 13k with Discover. I have tended to like them over the years and they are not brand new cards to me.

Re: New discover for trifecta?

recoveringfrombk7 — Sun, 10 May 2020 22:24:15 GMT

Agreed with everyone else, but also would like to add that new applications are sometimes triggering the IRS form request/resulting in account shut downs. I just would not poke the bear right now.

Re: New discover for trifecta?

M_Smart007 — Mon, 11 May 2020 15:20:30 GMT

I echo

Re: New discover for trifecta?

Anonymous — Mon, 11 May 2020 16:10:26 GMT

@Anonymous wrote:
... I'm concerned that i may lose a 13k ...

To retain the 13k CL you need to do it like this:

* 1st qualify for a CLI on card to remain open (do not accept it);

* then call in to CSR and tell them you wish to move the CL from the card to be closed to card to remain open, after you 1st take the available CLI;

* then apply for a new card.

Re: New discover for trifecta?

digitek — Mon, 11 May 2020 16:50:30 GMT

I'd look at the numbers for your spend and figure exactly how much the double rewards for a year will net you. I suspect it won't really be worth it to close a mature account and open a brand new account of the same card.

Sounds like you have a pretty good rewards system that works for you. If you are really feeling it you could try to identify a gap in your spending that isn't filled yet and apply for a card to fill it with a decent SUB that would match what you would've received from double IT rewards.