Now that the Discover it card has been out for a few months and the application is now available, is it time to make the switch? Let’s take a look at the pros and cons of switching to Discover it in 2013.
First, let’s look at the differences between the two cards. The new Discover IT card offers some new benefits, including the ability to pay your bill by midnight of the due date.
The few differences include the ability to pay your bill on your due date by midnight, not 5:00 PM, no penalty APR and your first late payment fee is waived. The IT card cannot be customized like the More card, so you’re stuck with the exclusive design.
- Pay your bill by midnight. With the Discover IT card, you’ll now have the ability to pay your bills on your due date by midnight, not 5:00 PM.
- Get an introductory APR. Many people report converting their More card to the IT card and receiving 12 months 0% APR — upon request.
- No penalty APR. There is no penalty APR with the IT card if you miss a payment.
- First late payment fee waived. Your first late payment fee will be waived once you convert to the IT card.
- No change to rewards. Your rewards program will not change at all and you will keep your cash back earned.
- No APR increase. Your APR will not change will the conversion and, as mentioned above, you might be able to get an introductory 0% APR.
Warning: The IT card will eventually replace the Discover More card. Once your card is changed, you will never be able to change back to the Discover More card. You will, however, be able to change the IT card to another Discover card in the future if you wish.
Converting from the More to the IT card is very simple. You can either call customer service or complete the process completely through their online chat support. While you wait for your new card, you can continue to use your Discover More and keep earning rewards. Your account must be in good standing to convert but your cash back will transfer to your new card.
Consider the IT card an upgrade to the Discover More. While the changes made aren’t that substantial, it’s still worth the conversion because the IT card means no penalty APR — ever.
You’ll enjoy all of the same benefits and rewards of the More, with a few added perks, like the ability to pay your bill by midnight. It’s a bit of a disappointment that this new card doesn’t make any major changes but it’s really intended to replace the More card eventually, so you’ve got nothing to lose by converting your More card.
- Credit RequiredExcellent Credit
- Rewards Program5% cash back on up to $1,500 in purchases for Online Shopping through December 2013 with free and easy sign-up. 1% cash back on all other purchases.*
- Signup Bonus0% Intro APR on purchases and balance transfers for 14 Months*Then the variable purchase APR applies, currently 10.99% - 22.99%. A fee of 3% applies for each balance transferred.