Thanks for posting this. Discover's website does a poor job of explaining that the It card is something different from the traditional Discover card (and, from what I can tell, it appears that the It card has replaced the traditional card as the only option available to new applicants).
From your post, it sounded like, by applying for a new It card while keeping your current card outstanding, you will be eligible for the $150 bonus. Is that correct? I am also a long-time holder of the traditional Discover card. After reading your post, I applied for the It card, but it's unclear to me based on the terms and conditions whether the $150 promotion is available to any new It card applicant or whether all current Discover cardholders are excluded.