What (if anything)'s in YOUR wallet?
Posted on 02/20/2024 5:59:27 AM PST by Red Badger
But its twice as much!
Yes, I had several department store-branded cards at the time, only usable in the specific stores, so getting a Discover Card was pretty big. Of course, it wasn’t widely accepted for a few years as a major-brand credit card, but that soon changed.
“When I ran my own business, they charged the highest fees and their clients tended to be the most “difficult.””
American Express charges the highest merchant fees.
This deal should be a good thing for consumers. By buying Discover and building out its own network Capital One will be a real competitor to Visa/MasterCard and will drive prices down.
Right now Capital One issues a lot of credit cards, but it uses the MasterCard network for them. It is generating billions of dollars in profits for MasterCard each year that it would like to keep for itself.
It means Discover is no longer independent. One less point of competition.
It would strengthen Discover against the duopoly of Visa and Mastercard. (AmEx being a minor niche player).
Fewer than you might think. Many of them have branded cards that are actually issued by a larger institution. That's why if you phone the call center you may hear "Card Services" instead of "Small Town Bank". Although with modern technology, the computer can ask for your card number and then flag the call for a more personal greeting.
I’ve noticed a lot of signs lately at cash registers:
WE NO LONGER ACCEPT AMERICAN EXPRESS, SORRY FOR THE INCONVENIENCE...................
“It means Discover is no longer independent. One less point of competition.”
Incorrect. Discover doesn’t compete with Capital One. They are in different businesses. One is a bank, the other is a credit card.
Discover competes with Visa and Mastercard, but it is too small to be a real rival to those two. Pairing with Capital One could lead to a third major consumer credit card company.
Americans are addicted to debt just like their govt.
I’ve used Discover for decades. Very good service, decent benefits without having to jump through hoops, good security.
Anyone paying interest on credits card debt is a lunatic. I didn’t do it when I was destitute and didn’t qualify for a card, which means there was never a reason to do it.
“More wealth consolidation to the elite wealthy.”
You are quoting every Democrat’s excuse to raise taxes and kill the economy.
“Anyone paying interest on credits card debt is a lunatic.”
Yes, leftists believe that people are poor because of bad luck.
The reality is most people are poor because they are not very bright. Anyone who thinks it is a good idea to carry credit car debt month over month falls in that category.
They will wahh-wahh about 7% mortgage rates (with a tax write-off) yet pay 26% interest on things they can’t afford in the place! The math is so simple a cave man could do it.
The other problem with AMEX is that they have been stripping away benefits over the years for all but the highest one or two annual fee tiers. They used to be far better for international travel as well. Now MasterCard and Visa are widely accepted overseas, and if you argue enough, you can sometimes use Discover (point out the tiny Diner’s Club logo on the back of the card).
I use Discover a lot.
Been thinking of putting some cash into Discover Savings account, they pay 4.3% no idea how the merger will effect the bank account.
https://www.discover.com/online-banking/
Wrong. Discover does operate an online Federal Saving Bank https://www.discover.com/online-banking/ but doesn't compete in Brick and Mortar. And I don't watch much commercial TV, but even I've heard CapOne's "Whats in your wallet" ads for their credit cards. (You can get Mastercard, Visa OR Discover branded cards through CapOne.
That is why Sears boards and management kept looking for a way out through closing under performing stores and selling off attractive bits to raise capital. Over the years, I saw local Sears stores try to innovate by refreshing their product lineup several times, but they never gained any momentum.
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