How much are Discover miles worth?

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Ratfacedudeguy
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How much are Discover miles worth?

Postby Ratfacedudeguy » Sun Jun 03, 2012 8:06 pm

I'm on the fence right now whether to keep my Discover card on the More cash back program or to switch it over to one of the programs that earns Miles, either the Miles card or the Escape.

My question is does anyone here have any experience with the miles programs, and would it be worthwhile to make the switch?

I've got my Discover card tied up for the next year paying down a balance transfer, so I've got plenty of time to decide. I don't typically travel very much, but it'd be nice to earn a free trip sometime. The only thing that I see right now that I don't like its that the miles are only redeemable in increments of 10,000 or $100 for travel credits, but if there is some hidden perk that I'm not aware of, I'm all ears.

Also, it seems that they do allow you to redeem for gift cards and statement credits just like the cashback counterparts, so are the miles programs just another cashback program in disguise? And do the miles have the same 1:100 cash value that other rewards points do?

Thanks in advance for any insight
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
Chase Freedom Visa - $2000 - 07/12
Citi Thank You Visa - $1000 - 06/12
Amex Blue Cash Everyday - $1000 - 01/13


Money card
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Postby Money card » Sun Jun 03, 2012 9:36 pm

First of all, are you aware that the Escape card has an annual fee? $ 60.00 last I heard but then again the corporate Exxon Mobil card has a $39.00 annual fee and you can only use that card at gas stations.

The 1 thing you know about the Discover card is that it isn't as widely accepted as a Visa or Mastercard. Personally I don't travel on business and only take 1 travel vacation a year.

So it seems to me that you don't like your Discover More card or do you feel like you have to many cash back credit cards? Would you be interested in knowing about a travel card from another bank or are you 100% sure you want a Discover travel card?

If you use your Discover More for the 5% rotating category and you signed up for say restaurants and gas, you should be doing well. This is cash back or you can redeem it for gift cards. But if you use different cards for restaurants or a gas specific card, yeh you might want to think about changing to a travel card.

With airline miles for cards like the Escape, Miles Chase Sapphire, Citibank thank you, Capital1 Venture, American Express green and all the way up, you can redeem miles, you can get gift card whatever you want.

Ratfacedudeguy
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Location: Baltimore

Postby Ratfacedudeguy » Sun Jun 03, 2012 11:22 pm

Yeah I'm aware of the annual fee on the Escape. Thanks for all the info. I think my uncertainties may have just resulted from the guy not explaining the program in absolute detail. I'm perfectly happy with my More card, and it's accepted pretty much everywhere I've ever needed it to be. I'm just in the process of trying to set myself up to maximize my rewards across the board, so I'm really not dead set on having my Discover as a travel card. All else fails, I'm perfectly happy getting double travel points with my amex green. The cool thing about the Discover rewards programs is they let you easily switch programs online and it takes effect on the next statement cycle upon approval, so I guess I could switch over for a few months, check it out, add the Miles card to my souvenir wallet and switch back to the More if the Miles just doesn't work for me. Oh, and I was assured that my accrued cashback balance would be converted to miles and vice versa when making the switch, which is something that a lot of companies won't allow.
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
Chase Freedom Visa - $2000 - 07/12
Citi Thank You Visa - $1000 - 06/12
Amex Blue Cash Everyday - $1000 - 01/13

FutureBillionaire
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Location: Down South

Postby FutureBillionaire » Tue Jun 05, 2012 5:11 pm

I haven't done the calculations, but I can say that the best value with the Miles or Escape is to save your miles for the 100 dollar travel credit that you earn after earning 10k miles. It is very easy to redeem. I'm going to save up all my miles to help pay for my honeymoon, when the time comes.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

Ratfacedudeguy
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Posts: 362
Joined: Wed May 30, 2012 8:10 pm
Location: Baltimore

Postby Ratfacedudeguy » Wed Jun 06, 2012 5:23 pm

My question is though since miles have a 1 cent cash value, how is this any different from saving $100 in cash back and redeeming as a statement credit?
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
Chase Freedom Visa - $2000 - 07/12
Citi Thank You Visa - $1000 - 06/12
Amex Blue Cash Everyday - $1000 - 01/13

FutureBillionaire
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Posts: 1589
Joined: Sun Jun 19, 2011 2:37 pm
Location: Down South

Postby FutureBillionaire » Wed Jun 06, 2012 6:28 pm

Well, 4,000 miles normally yield you a $25 gift card and 7,000 yield you a $50 gift card. 10k get you a 100 statement credit. That is the most bang for your buck.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape



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