Is Discover entering the sub-prime world?

[Anonymous]

I took the bait even though I figured I would be offered an HSBC.  And of course I was ... A Direct Rewards with only a 300.00 and an annual fee of $59.00.  Now as an aside, I do in fact have 3 HSBC cards including one MC, one Disc Network and one Orchard!  I know this discussion comes up alot about how many HSBC cards you can have.

I will call HSBC tomorrow and ask them to add that 300.00 limit to my othe Disc Network.  They did it for me that last time I got that scrawny 300.00 limit.  I had to fight to get the 59.00 annual fee removed.  At this point, I will gladly take the additional credit line and just pay the 59.00 to avoid the headache I got the last time fighting with them.  If they combine the limits, it will make it all the more easier to ditch Orchard a month before their annual fee is due this summer.

Hell even though it is 11 here, I think I will just give them a call right now and get it over with.

Message Edited by RecoveringMyLife on 04-02-2008 08:03 PM

[Heavy-Handed]

Appd for Discover More after receiving an invite via mail - declined but approved for HSBC's Direct Rewards Plat Discover - CL $2,500 with 16.99% APR and no annual fee

[Anonymous]

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Heavy-Handed wrote:

Appd for Discover More after receiving an invite via mail - declined but approved for HSBC's Direct Rewards Plat Discover - CL $2,500 with 16.99% APR and no annual fee

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Holy cow that's a high CL for that card!!  Congrats!!!

[Anonymous]

That's what I thought too Peas when I read that.

Congrats H.H. !

[jackg]

Heavy-handed,

I too rcvd. in the mail an invite for the More card, I applied on line and was told that I qualified for the Direct Rewards, did I want it? I said OK.

About a week later I rcvd the card with a $5,000 CL and it's being reported to the CRA's by "Direct Merchants Bank", can anyone explain that?

[Anonymous]

Maybe HSBC and D.M.B. is paying Discover to forward apps to them that don't meet Discover's criteria? Just a theory

[ficonovice]

Discover like most cards offers just about something for everyone (one way or the other). I've always been amused that Discover is considered very prime here. I know it wasn't always considered a good card and in my mind it's still on the fringes of prime. Nowhere near Chase, Citi or BOA....but I know many of you here will respectfully disagree..

Regarding Direct Merchants Bank, I got the card when my scores were low and the card was (and still is) reasonable. Several CLI's and no problems at all with them. Mine now has a cl of $5,500 (started with $500). I have a 0 balance and don't use it anymore, but it's a good card that will grow with you...

[NICKI183]

I too have the Discover Direct Rewards card w/a $300 CL.  I felt a little jittery and applied again at the Discover website and got.  ' Your approved for a Discover Direct Rewards Card"  It stated that it was a limited offer and there would be no more credit checks and the only thing I had to do with selectYES at the bottom.  It also said the card would come next week.  Odd.

Now I am going to have two Direct Rewards Cards.  I will wait and try at the end of this year to see if Discover likes me yet!  LOL

[haulingthescoreup]

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@jackg wrote:

Heavy-handed,

I too rcvd. in the mail an invite for the More card, I applied on line and was told that I qualified for the Direct Rewards, did I want it? I said OK.

About a week later I rcvd the card with a $5,000 CL and it's being reported to the CRA's by "Direct Merchants Bank", can anyone explain that?

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jackg, if you got that good of a CL on the HSBC Discover, I'm surprised that you didn't get the real thing!

But my understanding is that the HSBC Discover reports as Direct Merchants Bank. Can you tell on the fine print of your T&C who the issuing bank really is? (My guess is that it's HSBC.)

[Heavy-Handed]

Nice CL there JackG.  I'm happy with my $2,500 CL with 0% BT for 10 months and a 16.99% APR.  I know there are many out there with a genuine Discover product with under $2.5k CL and marginal BT rates.

HSBC appears to have different tier levels for this product.  I've read some folks get approved with a $59 AF no BT offers and higher APR's.