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Yesterday I just got approved for a Capital One for Newcomers card, but I have some regret since it has an APR of 24.9% and I hear that Discover It is a good card and has a lower APR. I wanted a new card for diversity and I know Capital One is a great company, so I applied for that one since it fit the categories.
Should I cancel the Capital One card since I haven't used it nor received it in the mail yet? Should I just keep it and use it for a year then cancel it? Should I just keep it and manage it well with no balances on it?
Or should I apply for the Discover It card in addition?
I know the next best thing will come along in terms of low APR, but I heard Discover It offers higher Credit Limits so I feel like I should try and take advantage of that and build the history with them sooner rather than later.
I've read that it generally isn't advised to close a credit card even if I don't use it to keep its good history, but I haven't even used it yet. How does that factor in?
I only have one other BofA Visa that I've had for a couple years.
Thanks for the advice!
Cap One card that you got approved is a solid starter card and it has rewards and no annual fee, APR is high but you should NEVER pay interest - that does NOT build your credit, unless you have no other choice, so don't worry about it.
Just keep that card and apply for the other card you want....
You have already taken the inquiry hit. It will be on your report for two years and effecting your score for one year. Go ahead and use it.
As others have mentioned, you've already take the HP for the card, and its not a bad card. use it, take care of it. You didn't give us any indication of your scores or profile other than you have 1 older card? any baddies? If not, go to the discover website, and use their "pre approval" area. You may be good to go. That will give you a good indication of how possible getting a discover card is.
Applying for a Discover card will no guarantee a lower APR. In fact, my Discover has 1 of the highest APR out of all my cards at 19.99%, and I got it when my EQ FICO was 729, the highest it's ever been up to that point. On the other hand, my Cap1 has a 7.2% APR. I got the Cap1 when my FICO score was in the low to mid 600s.
@SwiftTone wrote:
Applying for a Discover card will no guarantee a lower APR. In fact, my Discover has 1 of the highest APR out of all my cards at 19.99%, and I got it when my EQ FICO was 729, the highest it's ever been up to that point. On the other hand, my Cap1 has a 7.2% APR. I got the Cap1 when my FICO score was in the low to mid 600s.
Call Discover and ask to lower your apr! I started at 19.99. I requested a lower apr 1 year after having the card and they gave my 14.99%. I recently checked my statement and they gave me an auto decrease to 11.99% I think.
if your looking for a rewards card with a low apr this really sounds like trouble imo.
Rewards cards have higher interest rates to offer better rewards, if you intend to carry a balance you should look for a low apr card with no rewards. The extra interest paid by carry a balance will more than kill most rewards obtained in a single month, definately not worth it. if you can not pay off your bill 100% each month and live within your means I definately do NOT recommend getting ANY type of reward cards.
Some that MIGHT be ok are cards like Chase Freedom or Citi Forward mainly because the rewards and 0% apr for a year on those cards, but still after a year it's still not a good idea to carry any balances period.
@flowfaster wrote:
@SwiftTone wrote:
Applying for a Discover card will no guarantee a lower APR. In fact, my Discover has 1 of the highest APR out of all my cards at 19.99%, and I got it when my EQ FICO was 729, the highest it's ever been up to that point. On the other hand, my Cap1 has a 7.2% APR. I got the Cap1 when my FICO score was in the low to mid 600s.Call Discover and ask to lower your apr! I started at 19.99. I requested a lower apr 1 year after having the card and they gave my 14.99%. I recently checked my statement and they gave me an auto decrease to 11.99% I think.
I got a 6 month temporary reduction on my APR down to 7.99%. I think it will last until April which is my 1 year anniversary for my Discover. I really never carry a balance at all, but I might just ask for a permanent APR reduction anyways. I ran $12k through that card last year and didn't pay a cent of interest! BOOYAAH!