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Super Contributor
concorduser
Posts: 6,025
Registered: ‎09-18-2007

Discover Debit Card for Teens

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008

Re: Discover Debit Card for Teens

Yep, CCC's LOVE to hold your money for you and then get to charge the merchant a fee when you spend it :smileyhappy:

 

Concord, was this an FYI, endorsement or what is your opinion on the product?  Do you use it?

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Frequent Contributor
hobojon
Posts: 261
Registered: ‎01-20-2009

Re: Discover Debit Card for Teens

This has been a popular product for arbitrage for a while now. You can fund the card with a credit card and it posts as a purchase rather than a cash advance. You can then withdraw the money at an ATM. If you use a card with a promo 0% for purchases and a good reward program you can make some decent money.
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008

Re: Discover Debit Card for Teens

Nice info! Thanks.

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Senior Contributor
FretlessMayhem
Posts: 3,279
Registered: ‎08-03-2007

Re: Discover Debit Card for Teens

Does it have Cashback Bonus?
Here we go again...
Regular Contributor
Justn
Posts: 200
Registered: ‎06-19-2008

Re: Discover Debit Card for Teens


FretlessMayhem wrote:
Does it have Cashback Bonus?

No, but it has a low monthly fee of $5.


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Current Score: 728
Goal Score: 760


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Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008

Re: Discover Debit Card for Teens

Ouch!  $60 AF for a debit card.

 

 

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Discover Debit Card for Teens


txjohn wrote:

Ouch!  $60 AF for a debit card.


Just remember you can make it back through arbitrage!

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008

Re: Discover Debit Card for Teens

A free AU card would provide better returns :smileyhappy:

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Established Contributor
pattycake
Posts: 760
Registered: ‎04-30-2007

Re: Discover Debit Card for Teens


txjohn wrote:

A free AU card would provide better returns :smileyhappy:

 

 


 

 

Especially one with rewards!

pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749

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