Is there a reason to get Discover or AMEX if you have decent Visa & MC?

[Anonymous]

So... my quest to sort out my cards continues... this isn't an immediate need question, more of a long term plan to look out for

I recently started sorting my credit cards so last week I got a Capital One QS 10k and Citi DC $3k cards... I also have an alumni BoA Cash Back card with $5k limit and old Chase Slate from college days where I'm only listed as an AU...

I like cash back cards, I'm pretty content with what I have now as I think these are decent cards for me. I never carry a balance and use my cards as a cash back generating machines rather than sources of credit.

So the question is... if I have a decent Visa and MasterCard is there even a point of owning an AMEX or Discover? Do they provide any benefit that Visa/MC don't? Both QS and DC seem to have better rewards personally than what I'm seeing right now from AMEX & Discover... but let's say long term, do they provide anything special that the two main ones don't? Any reason why I'd want them besides a better reward scheme if one comes along?

Thanks!

[lord_kinbote]

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@Anonymous wrote:

So... my quest to sort out my cards continues... this isn't an immediate need question, more of a long term plan to look out for

I recently started sorting my credit cards so last week I got a Capital One QS 10k and Citi DC $3k cards... I also have an alumni BoA Cash Back card with $5k limit and old Chase Slate from college days where I'm only listed as an AU...

I like cash back cards, I'm pretty content with what I have now as I think these are decent cards for me. I never carry a balance and use my cards as a cash back generating machines rather than sources of credit.

So the question is... if I have a decent Visa and MasterCard is there even a point of owning an AMEX or Discover? Do they provide any benefit that Visa/MC don't? Both QS and DC seem to have better rewards personally than what I'm seeing right now from AMEX & Discover... but let's say long term, do they provide anything special that the two main ones don't? Any reason why I'd want them besides a better reward scheme if one comes along?

Thanks!

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In my opinion, a big yes.  You like cash back, so Amex BCP is 6% back at grocery stores and provides primary insurance on car rentals.  Discover has 5% cash back categories each quarter. so both have specific advantages.  

[Pway]

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@babson wrote:

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@Anonymous wrote:

So... my quest to sort out my cards continues... this isn't an immediate need question, more of a long term plan to look out for

I recently started sorting my credit cards so last week I got a Capital One QS 10k and Citi DC $3k cards... I also have an alumni BoA Cash Back card with $5k limit and old Chase Slate from college days where I'm only listed as an AU...

I like cash back cards, I'm pretty content with what I have now as I think these are decent cards for me. I never carry a balance and use my cards as a cash back generating machines rather than sources of credit.

So the question is... if I have a decent Visa and MasterCard is there even a point of owning an AMEX or Discover? Do they provide any benefit that Visa/MC don't? Both QS and DC seem to have better rewards personally than what I'm seeing right now from AMEX & Discover... but let's say long term, do they provide anything special that the two main ones don't? Any reason why I'd want them besides a better reward scheme if one comes along?

Thanks!

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In my opinion, a big yes.  You like cash back, so Amex BCP is 6% back at grocery stores and provides primary insurance on car rentals.  Discover has 5% cash back categories each quarter. so both have specific advantages.  

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I believe it all depends on the person and what they want in their profile.  Amex does not intice me as much as others.  Discover, I would love to have but it's not a big issue for me.  However, both my Visa and MC serves as primary insurance when I rent vehicles.  It think you have it, the rewards structure on those cards.  It used to be when everyone wanted an Amex, but it sems as though that has died down some.  

[Anonymous]

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@babson wrote:

In my opinion, a big yes.  You like cash back, so Amex BCP is 6% back at grocery stores and provides primary insurance on car rentals.  Discover has 5% cash back categories each quarter. so both have specific advantages.  

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I agree. I will also add that besides just Discover's 5% rotating categories, they also have Discover Deals which can earn you even more cashback. I love my Discover IT. 

[Anonymous]

I don't think you specifically "need" a Discover or Amex.  Issuer diversity is important, network diversity less so, and V and MC alone is enough for most purposes.

Instead focus on a whether a specific card makes sense.   Discover IT Miles for example can be very good for the 1st year, but if you want a card to keep, maybe not so compelling.   A lot of the Amex cards focus on MR, which can be really good for travel, their cashback offerings are less compelling for some, but as mentioned, the BCP can be good for grocery spend up to $6K a year, or the OBC for higher grocery/gas/drugstore spend.

[Anonymous]

thanks for everyone's help! So the issue for me is I'm not incredibly invested in using 4-5 credit cards at the same time to really super maximize rewards (at least at this point in time). I just want to build my credit history and have a pain-free rewards scheme where I don't have to keep track of 5 categories for 7 different cards. I looked at Discover It and AMEX BCP but ultimately went for QS and DC because rewards seemed more straight forward.

So that is why I was asking about the benefits of Discover/AMEX rather than individual cards... reward structures aside, is there any particular reason why I would want to be a part of Discover/AMEX networks? Will they provide me with any different benefits that V/MC won't?

[Officer737]

For the first year Discover also had their double cash back offer as well, I just found this out the other day on my card. I have Visa, MC, MC WMC and now Discover. Not particular reason as any of them I am sure would more than do the job. I do know that some purchase locations gives me more of a discount depending on which I use in addition to what rewards the card itself offers. Like the Fuel Rewards account with Shell. I use any of my Mastercards and link it to my Fuel Rewards offer and I get 25 cents off my first fill up using that card plus whatever rewards my card gives and after that I think they gove 5 cents off if you continue to use that card. 

[SunriseEarth]

At one point, I think it was important to get into AMEX so you could establish your MSD and use that to help boost AAoA down the road.   But that won't help anymore.

IMHO, Discover It is a great card to maximize cash back and it makes a good gen spend card for the first year.   However, since you already have Citi DC, you don't really need the gen spend aspect of Discover.   As for AMEX, i mainly use mine for Amex Offers these days.   I also have a low APR (8.75%), which could come in handy in a pinch.  Other than that, I don't have a burning need for it.  

[Anonymous]

If you're content with the cards you have, there's no need to. It's personal preference. I like diversity in my cards and I also like the peace of mind that Amex is good with disputes etc. So when I purchase something with Amex I feel confident that if anything goes wrong they'll handle it for me and side with their members if needed. Its not to say other cards don't do that because they do but I believe Amex has a great reputation in that department. It's just an extra protection and security I like when I purchase online or a big ticket item.

[Closingracer99]

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@babson wrote:

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@Anonymous wrote:

So... my quest to sort out my cards continues... this isn't an immediate need question, more of a long term plan to look out for

I recently started sorting my credit cards so last week I got a Capital One QS 10k and Citi DC $3k cards... I also have an alumni BoA Cash Back card with $5k limit and old Chase Slate from college days where I'm only listed as an AU...

I like cash back cards, I'm pretty content with what I have now as I think these are decent cards for me. I never carry a balance and use my cards as a cash back generating machines rather than sources of credit.

So the question is... if I have a decent Visa and MasterCard is there even a point of owning an AMEX or Discover? Do they provide any benefit that Visa/MC don't? Both QS and DC seem to have better rewards personally than what I'm seeing right now from AMEX & Discover... but let's say long term, do they provide anything special that the two main ones don't? Any reason why I'd want them besides a better reward scheme if one comes along?

Thanks!

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In my opinion, a big yes.  You like cash back, so Amex BCP is 6% back at grocery stores and provides primary insurance on car rentals.  Discover has 5% cash back categories each quarter. so both have specific advantages.  

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Isn't the BCP secondary insurance for rental cars?