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Message
Chase Slate vs Discover It
Posted on 9/17/15 at 8:35 am
Posted on 9/17/15 at 8:35 am
Morning TD Money Gods,
I'm looking to apply for my first CC so I can establish a credit history, other than financing my truck, which I just paid my first note on (a few days early, because I'm responsible like that
Backstory:
I have student loan debt, and I'm wanting to consolidate all of the accounts into one payment through a credit union. However, since I have no real credit history, I'm unable to get approval for that as of right now. My sister's boyfriend and a few coworkers use Discover It, and they say it is a great card for someone looking to establish credit (along with receiving some pretty sweet perks).
On the flip side, I do my banking with Chase in Houston, and the Chase Slate card is recommended for "those who want to eliminate their debt", which sounds pretty sweet to me, but I have a feeling it is an entirely different type of debt they're talking about.
The Numbers:
Discover It: $0 annual fee, 0% for 12 mo, then a variable APR of 10.99%-22.99% (depending on credit worthiness at the end of the 12 mo intro period). No late fees for first late payment, and no increase APR for late payments either. 5% cash back in categories that change each quarter with 1% on all other purchases entirely. Free monthly FICO score
Chase Slate: $0 annual fee, 0% Intro APR for 15 months on purchases and balance transfers, then a variable of 12.99%-22.99% after 15 mo, no penalty APR for late payments (but there are late fees), free monthly FICO score but ZERO cashback
The Uses:
My card usage will mostly be for things I would buy anyway (gas, groceries, etc.) but would also pay for online shopping, unscheduled repairs for anything (knock on wood), and would be paid off each month, so nothing too crazy.
Any of y'all have experience with either of these cards and could steer me towards the card I need to establish a solid credit history?
Tl;DR: Need a credit card. No credit history other than student loans and financing a truck. Going to use it for things I would buy anyway (gas, groceries) and online purchases. Chase Slate or Discover It.
Thanks in advance
I'm looking to apply for my first CC so I can establish a credit history, other than financing my truck, which I just paid my first note on (a few days early, because I'm responsible like that
Backstory:
I have student loan debt, and I'm wanting to consolidate all of the accounts into one payment through a credit union. However, since I have no real credit history, I'm unable to get approval for that as of right now. My sister's boyfriend and a few coworkers use Discover It, and they say it is a great card for someone looking to establish credit (along with receiving some pretty sweet perks).
On the flip side, I do my banking with Chase in Houston, and the Chase Slate card is recommended for "those who want to eliminate their debt", which sounds pretty sweet to me, but I have a feeling it is an entirely different type of debt they're talking about.
The Numbers:
Discover It: $0 annual fee, 0% for 12 mo, then a variable APR of 10.99%-22.99% (depending on credit worthiness at the end of the 12 mo intro period). No late fees for first late payment, and no increase APR for late payments either. 5% cash back in categories that change each quarter with 1% on all other purchases entirely. Free monthly FICO score
Chase Slate: $0 annual fee, 0% Intro APR for 15 months on purchases and balance transfers, then a variable of 12.99%-22.99% after 15 mo, no penalty APR for late payments (but there are late fees), free monthly FICO score but ZERO cashback
The Uses:
My card usage will mostly be for things I would buy anyway (gas, groceries, etc.) but would also pay for online shopping, unscheduled repairs for anything (knock on wood), and would be paid off each month, so nothing too crazy.
Any of y'all have experience with either of these cards and could steer me towards the card I need to establish a solid credit history?
Tl;DR: Need a credit card. No credit history other than student loans and financing a truck. Going to use it for things I would buy anyway (gas, groceries) and online purchases. Chase Slate or Discover It.
Thanks in advance
8
Posted on 9/17/15 at 8:52 am to TexasTiger90
Interest rate on cards should never be factored into which one you go with. Reason being is that you should never get a credit card if you don't plan to pay off the balance in full every month. The only time an interest rate can be factored is when you want to make a large purchase and you will be taking advantage of the 12-18 month introductory 0% rate. With that being said, a Fico score monthly is not worth it more than cash back. The Discover card seems like the obvious choice
This post was edited on 9/17/15 at 8:54 am
Posted on 9/17/15 at 9:06 am to TexasTiger90
Discover It hands down. If you look on their Discover deals you can look at stores online that you prefer (Under Armour, Banana Republic, etc) while most are the 5% cash back some are 10%-15% cash back with online purchases. Let your money work for you.
Posted on 9/17/15 at 9:39 am to TexasTiger90
I'm not sure what requirements are to get it, but I'd go for the citi double cash card if you are only getting one.
Posted on 9/17/15 at 10:31 am to TexasTiger90
I am very happy with the customer service and fraud protection I have with Discover.
Posted on 9/17/15 at 5:32 pm to TexasTiger90
Slate is shite, screw that
Get It
Actually you should get Chase Freedom if you want to play the rotating rewards game or Citi Double Cash if you only have one. Really you should get about 5 cards if you want to build credit fast
How did you come up with these two choices?
Get It
Actually you should get Chase Freedom if you want to play the rotating rewards game or Citi Double Cash if you only have one. Really you should get about 5 cards if you want to build credit fast
How did you come up with these two choices?
This post was edited on 9/17/15 at 5:36 pm
Posted on 9/18/15 at 9:43 am to TexasTiger90
Discover It is a very commonly recommended card to keep on churning message boards for whatever that is worth.
Posted on 9/19/15 at 7:08 pm to TexasTiger90
I'd look into consolidating your student loan with the federal government. They have good options such as income based repayment where your loan gets paid off in 20 years if you make all your payments + payments are based on your income. So you can end up saving a nice chunk of change.
LINK
LINK
Posted on 9/19/15 at 9:28 pm to TexasTiger90
quote:
financing my truck, which I just paid my first note on (a few days early, because I'm responsible like that
For your first payment that is a good idea in case there's some kind of mixup.
You don't have to pick one - get both. There is no penalty for doing so, plus you'll have a backup card. Of course, you can pay the minimum until the 0% APR period runs out but unless you already have substantial savings I don't recommend that since it could be a disaster if you lose your job and don't have enough to cover it when that rate expires. It is a nice perk though.
What I do with 0% cards is set up an automatic minimum payment each month through my checking account. That way I know I'm covered and I can pay extra (or not) as I see fit.
ETA: I mentioned having an extra card as a backup. I've run into three reasons when I was glad I had one: 1) The magnetic stripe on one started getting flaky, and 2) One time my issuer decided there had been "suspicious activity" on my card and cancelled it. Both times I had to wait about a week to get a replacement card. And #3 is that some vendors don't accept every one of the majors (VISA, M/C, Discover) and if they won't take yours having one from a different issuer can help.
This post was edited on 9/19/15 at 9:32 pm
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