im looking into a new cc, more specifically a discover more rewards card... anyways, i've tried google and i can't find an answer to my question...

one line has me worried in the terms and conditions

"Grace Period for Repayment of the Balance of Purchases - At least 25 days when you pay your balance in full each month"

call me a mut, but what the eff does that mean?

one last stupid question... for most reward/cash back cards, to obtain your rewards (say, like discover 1% back on purchases) does this mean i have to pay the balance off in FULL every month to obtain that 1%, or can i just make minimum payments?


sorry to put this on y'all, but i could use the help of ot.

danke

I believe you get the 1% cashback whenever you make the purchase, not when you pay off the balance.

But, think of it this way, you get the 1% cashback once (when you purchase) but if you don't pay it off right away, you are most likely getting charged over 1% per month on finance charges (of course, after the introductory fee). So, regardless, you should be trying to pay off your credit card every month.

No, you don't get the rewards until the balance is paid. For instance, if you buy say, an APS 3.5 inch exhaust, you won't get the $1300 worth of points until that balance is paid in full. I have a rewards type card and I get the rewards once the balance is paid. I used to use a debit card for everything but now I just use the rewards card then pay the balance in full each month. It makes for a clean bank statement as I just pay it one time a month and that covers all my day to day expenses.

Lastly, look for a bank/lender that you'll be comfortable working with for years to come. Think home loan, car loan and potentially student loans maybe for your kids, etc....Secondly, utilize your credit wisely. A large portion of your credit score is how you utilize the credit you currently have. If you have a $1000 limit and fill it up every month your using 100% of that available credit. You'd be better of with a $5000 limit filling it up 20% and paying it immediately. If you continually use between 25%-50% of your available credit and always make your payment this will look great to creditors and build good rapport to help you down the road.

Hope this helps and I didn't get too carried away.

if you get the discover card, remember to sign up for the 5% cashback bonus every time it changes. from now to sept you get 5% back on all gas, lodging, and amusement park/museum admission purchases. the gas part will help.

also, with discover, you won't earn that 1% back until you purchase $3,000 within a year. you earn 0.25% for the first 1500, 0.5% for $1500-$3000, and 1% once you purchase $3000. then start over at 0.25% after a year.

as far as the grace period, that just means that if you pay your balance in full, they won't charge you interest until the due date. But, if you keep a running balance, they'll charge you interest for your full balance (even if you paid off some or most of it) from the statement close date to the due date. just pay your balance in full every month! :)

all kick butt information, thanks guys!

as far as the grace period goes, during the intro offer of 0% interest, that essentially means i will not pay interest (until after the 0% interest period) right?

stupid question, i'm sure, but i just want to make sure

all kick butt information, thanks guys!

as far as the grace period goes, during the intro offer of 0% interest, that essentially means i will not pay interest (until after the 0% interest period) right?

stupid question, i'm sure, but i just want to make sure

as long as you keep the account in good standing (ie - pay the minimum payment every month), yes.

Yeah, if you are late or miss even one payment, your introductory offer is pulled immediately. The rate instantly goes up to x% + the late and/or non-payment penalties

DON'T GET DISCOVER

DON'T GET DISCOVER
that doesnt help you have to say why

i have discover and it has been one of the best CC companies i've ever used...why the bad experience?

i like my discover card. the only drawback i've had is not every store accepts them. they have over 150 card designs to choose from! :)

i like my discover card. the only drawback i've had is not every store accepts them. they have over 150 card designs to choose from! :)

Why not the Chase Subaru Mastercard, and get Subybucks??

:rofl:

Why not the Chase Subaru Mastercard, and get Subybucks??

:rofl:

i have that too, but i maxed out the rewards for this year so i'm using the discover for now. :p

I got a FICO score of aroudn 750, sometimes over, sometimes under. I don't have a discover card... however i have everything else ><.

Wamucard ftw, has FICO tracker updated I think once ever 2 months or one ever month, forgot. But that FICO tracker pwnz =D.

Oh and I forgot to add that I only sign up for cards... nowadays with 0 apr 'til a year from when I sign up usually. So even if I had to pay a bill or something, and I didn't have enough (which never happens) then I'd just pay like 200 bux minimum. Helps build credit.
-Always pay more than minimum.
-Above stated to pay balances in full, and that usually works.
-For big purchases. I just pay like 200-500 off each month 'til its gone. But that's from 0 apr... I wouldn't ever let a credit card company make any money off of me with interest =). Never had them make money off me yet.
So in a sense they don't like me cause they haven't made a buck off me yet. =P
-Don't spend more than what you have in the bank account =).