Discover It Dilemma

[Anonymous]

I'm only planning to get this card if I will have to make a big purchase (and its revolving 5% cashback).  Only thing is the Discover It Student has $20 credit every year for good grades and 6 months 0% interest on purchases.  However on regular Discover It has no student credit but 14 months 0% interest on purchases.  Looking forward for that 14 months but also wanting that statement credit.  Might be stupid question but has anyone combined these two?

I am a student and also working part time (reserves and civilian).

PS: I may have posted it on wrong section, how do I move this topic?

[Anonymous]

@Anonymous

Regarding your your question about how to move your post.  You can’t so you need to ask a Moderator to do it for you.  The easiest way to do so is to use the ‘Report Inappropriate Content’ link from the drop down menu inside your post.  This function is used for many things and is the easiest way to notify a Moderator for moving a thread or alerting us to actual ‘Inappropriate content’.

In this case I moved your post to the credit card forum and I’m sure someone will be able to answer your question.

[K-in-Boston]

How much do you plan to spend on the card?  While it doesn't always apply, the student versions often come with smaller credit lines than the regular cards.  If you're looking to carry a balance on the card for longer than the 6 months offered, you may find that you'd quickly surpass the $20 statement credit in interest paid.  Let's say you're carrying a $2000 balance at month 7and qualified for the lowest 14.49% APR - you'd pay $24.15 in interest that first month after the 6 month promo ends.  Discover is good about continually offering balance transfer offers and when asking them to lower your APR, they sometimes will offer an additional 0% promo period, but that would be on new purchases only and wouldn't apply to any existing balances.  I'd do the math first if you're planning to carry a balance, as the savings on a longer 0% intro APR could easily surpass every $20 credit you get in your entire academic career.  Thank you for your service, by the way!

[Anonymous]

I believe I read that discover only lets you have one card with them if you're a student. So you might not be able to get both. I'd get the student card since the $100 is probably worth more than the 14 months of 0%. Also don't let anyone tell you the student card can't get a high limit. My card is a student and I got it up to 8800 in around 6 or 7 months. Haven't asked for an increase in the last 4 or 5 months either.

[Anonymous]

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@Anonymous wrote:

@Anonymous

Regarding your your question about how to move your post.  You can’t so you need to ask a Moderator to do it for you.  The easiest way to do so is to use the ‘Report Inappropriate Content’ link from the drop down menu inside your post.  This function is used for many things and is the easiest way to notify a Moderator for moving a thread or alerting us to actual ‘Inappropriate content’.

In this case I moved your post to the credit card forum and I’m sure someone will be able to answer your question.

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Thanks a lot!

[Anonymous]

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@K-in-Boston wrote:

How much do you plan to spend on the card?  While it doesn't always apply, the student versions often come with smaller credit lines than the regular cards.  If you're looking to carry a balance on the card for longer than the 6 months offered, you may find that you'd quickly surpass the $20 statement credit in interest paid.  Let's say you're carrying a $2000 balance at month 7and qualified for the lowest 14.49% APR - you'd pay $24.15 in interest that first month after the 6 month promo ends.  Discover is good about continually offering balance transfer offers and when asking them to lower your APR, they sometimes will offer an additional 0% promo period, but that would be on new purchases only and wouldn't apply to any existing balances.  I'd do the math first if you're planning to carry a balance, as the savings on a longer 0% intro APR could easily surpass every $20 credit you get in your entire academic career.  Thank you for your service, by the way!

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I got your point.  I plan to spend between $750-$2500.  Just wondering, how much is the minimum payment for Discover?  And thanks!

[Anonymous]

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@Anonymous wrote:

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@K-in-Boston wrote:

How much do you plan to spend on the card?  While it doesn't always apply, the student versions often come with smaller credit lines than the regular cards.  If you're looking to carry a balance on the card for longer than the 6 months offered, you may find that you'd quickly surpass the $20 statement credit in interest paid.  Let's say you're carrying a $2000 balance at month 7and qualified for the lowest 14.49% APR - you'd pay $24.15 in interest that first month after the 6 month promo ends.  Discover is good about continually offering balance transfer offers and when asking them to lower your APR, they sometimes will offer an additional 0% promo period, but that would be on new purchases only and wouldn't apply to any existing balances.  I'd do the math first if you're planning to carry a balance, as the savings on a longer 0% intro APR could easily surpass every $20 credit you get in your entire academic career.  Thank you for your service, by the way!

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I got your point.  I plan to spend between $750-$2500.  Just wondering, how much is the minimum payment for Discover?  And thanks!

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For the Discover card is "The minimum payment due will be the greater of $35 or 2% of the new balance shown on your billing statement, or any interest charges and late fee shown on your billing statement plus $20."

[AverageJoesCredit]

With what you are planning to spend I'd just go for the Discover It and double cash back offer. Yes, some have had success getting higher cl on the student card, but that's more hit and miss for most. Good luck with your decision and thanks for serving🙂