Anyone using Discover It?

[Marko34]

I've always tried to make all life payments/purchases using cash back cards. I had been using the Cap one platinum, getting 1.5% on everything.  I just upgraded to the Discover it, which is 1% everything, 2% gas and restaurants, but most importantly at the end of the first year, you will receive double the cash back you have earned all year.  So in theory that means for the first year you are getting 2% everything and 4% gas and restaurants.  It definitely sounds better than the 1.5% year round from capital one.  As my credit score increases I hope to keep finding better and better cash back deals.

Anyone else using Discover It?  Are you liking it?

Thanks

[johnny847]

That's not the discover it. That's the discover it chrome

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[Papa bear]

I like the discover it card, although from a strict cash back % I think you can do better.  However, I do like the rotating bonus times (especially home improvement) and then I use the cash back for gift cards (most valuable part of the card in my opinion). You can usually get 90% off on the gift cards, which I almost exclusively use for chipotle.

[TheThirstyStag]

You might want to consider adding Chase Freedom to the mix, so your rotating categories are more robust.

Also consider AMEX blue cash everyday or blue cash preferred.  Everyday has no fee and Preferred has an annual fee of $75, but preferred can pay for itself if you do all of your grocery shopping on it.  Everyday is 3% groceries, 2% gas, 1% everything else and preferred doubles these numbers. 

Something to consider. 

[JLee]

I have Discover IT - snagged a $100 Amazon gift card after $500 in purchases, and it has 5% off on Amazon this quarter. Convenient, since Chase Freedom picks up next quarter with 5%.

[catccc]

DH and I use 2 discover cards, the Discover It and The Discover It Chrome.  Chrome is for gas and restaurants, and the regular It card is for everything else.  I also have a Chase Freedom card, but for simplicity's sake, DH wants to stick to the 2 cards.  Depending on categories I will use the Chase Freedom Card occasionally.

The one thing I prefer about the Chase over the Discover It is that when you opt-in for that quarter's categories, it is retroactive to the start of the quarter.  For Discover, it is for the date you opt in and going forward.  So you have to remember to sign up at the start of the quarter.  (And since today is 7/1, I'll go do that now...)

[Tremeroy]

For Discover, it is for the date you opt in and going forward.  So you have to remember to sign up at the start of the quarter.  (And since today is 7/1, I'll go do that now...)

As an FYI, you can generally opt-in at least a few weeks before the next quarter begins. I also have my communication preferences set up so that I get an email as soon as I need to log-in & sign up.

[JLee]

For Discover, it is for the date you opt in and going forward.  So you have to remember to sign up at the start of the quarter.  (And since today is 7/1, I'll go do that now...)

As an FYI, you can generally opt-in at least a few weeks before the next quarter begins. I also have my communication preferences set up so that I get an email as soon as I need to log-in & sign up.

Yeah, I generally sign up well ahead of time.

[catccc]

For Discover, it is for the date you opt in and going forward.  So you have to remember to sign up at the start of the quarter.  (And since today is 7/1, I'll go do that now...)

As an FYI, you can generally opt-in at least a few weeks before the next quarter begins. I also have my communication preferences set up so that I get an email as soon as I need to log-in & sign up.

Thanks!  Come to think of it, I may already get those emails...  I have a tendency to ignore a bulk of my emails.

[Candace]

I have the Discover It Chrome. I had somehow gotten the impression that it gave 3% back at restaurants and gas stations. Now when I look at my rewards descriptions, it only says 2%. However, I just got approved for the Citi Double Cash card, which gives 2% on everything. So I don't see a need for the Discover It Chrome anymore, since it doesn't do anything the Citi Double Cash doesn't do unless I shop at specific department stores. I also have another Discover card that does the rotating categories for 5% cash back, and the Chase Freedom Visa that does the same thing for different categories.

I also have the AMEX Blue Preferred, so I get 6% back at supermarkets and 3% back at gas stations. I think I've got most or all of the best cash back cards that I can get. I had gotten a 1.5% Mastercard from USAA, but again, I don't see the need for it after I get my 2% Citi card. So I've got a couple of cards I need to cancel. I'm not applying for a loan anytime soon, so I don't see the harm in opening and closing accounts. Anyone know of a reason this might be a bad idea?

[johnny847]

I'm not applying for a loan anytime soon, so I don't see the harm in opening and closing accounts. Anyone know of a reason this might be a bad idea?

This is my attitude exactly. I have no need for my credit score other than to get more credit cards. Hence, I will keep getting new ones to cash in on rewards. I'll know if my credit score is hurting from my activities if I start getting denied for them.

[bludreamin]

If you're not worried about your credit score there's no reason to worry about opening or closing accounts - like johnny847 mentioned you'll know if you're hurting your score if you have trouble getting new cards.

Personally I haven't done any churning (going to start looking into it this weekend) but I'll plan on keeping my oldest card open (IIRC age of accounts is a factor of your score).  I recently upgraded my oldest card to a quicksilver (so 1.5% cash back) and will plan on using it for low cost routine costs (eg internet) so its always active

[chucklesmcgee]

Discover IT is fine to keep in the mix. Only problem is lack of universal acceptance.

Long term, I'd recommend the Citi Double Cash and the Sallie Mae Mastercard. 2% back on everything for the double cash. Sallie Mae gives 5% back on gas, groceries and bookstores (counting Amazon.com)- subject to a workable monthly cap. Both have no annual fee.

[bludreamin]

Thanks for the info! I'm looking at signing up for the Sallie Mae MasterCard - 5% on groceries and Amazon sound like a great deal!

[Marko34]

Thanks for all the insight guys.  I think ill stick with Discover It Chrome for a year, for the double cash back bonus, and then move on to a better card.  But 2% everything and 4% gas and restaurants effectively seems hard to beat at the moment. 

I have the AMEX Blue, and pretty sure I can upgrade to the Preferred, so I am leaning towards that once my year with Discover It Chrome is up.

[celticmyst08]

+1 to the SallieMae suggestion. There's a monthly $250 cap to the 5% back on groceries, $250 on gas, and $750 on bookstores (Amazon counts as a bookstore). We do most of our shopping -- groceries, household items, gardening, etc -- at Fred Meyer, which all counts as a grocery store, so we hit $250 pretty easily on one card. Which is why my husband and I both have a card, so when we hit the cap on one, we switch to the other.

We also have the Discover It, which I mainly signed up for because I was planning to buy a Macbook and the card gave 5% back at the Apple Store. lol.