Strongly considering closing out my Discover

[joltdude]

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@SunriseEarth wrote:

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@redpat wrote:

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@Anonymous wrote:

Is it only the Discover IT that does the cash with purchase? My daughter has the student version and needs little bits of cash every once in a while.

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Then transfer money into her bank account.  IMO, don't make it easy for her.

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I always prefer using CCs to debit cards for safety reasons.   If someone compromises my Discover card, I'll be mildly inconvenienced while they issue me a new card and temporarily hold some of my available credit.   If someone compromises my debit card, then my actual money is frozen up until the issue is resolved.   Some banks will work quickly, but it can still be a mess to resolve.  Granted, in-store purchases aren't as susceptible to things like skimming, but we've certainly heard of stores being hacked.

As far as spending responsibilty, that comes from good payment habits.   PIF for a purchase with cash-over is just as responsible as PIF for a purchase only.  

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Cashover can be an extremely useful/handy feature that seems to be unique to Discover.... (and some co-branded/previously co-branded cards)

Can save trips to the bank, ergo gas/milage/transportation costs.

Can put a small amount of cash in your wallet for places that dont accept CC

Had a situation i needed cash in hand and it bailed me out.. Dont like carrying cash because I tend to lose it and even today, not everyone will accept cards. 

Local DMV for instance... 

Cashovers are usually in smaller amounts and have smaller limits than CA's... but its treated as a normal CC transaction... No obnoxious CA rate....

A discover with cashover can be very useful

-J

[Anonymous]

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@SunriseEarth wrote:

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@redpat wrote:

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@Anonymous wrote:

Is it only the Discover IT that does the cash with purchase? My daughter has the student version and needs little bits of cash every once in a while.

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Then transfer money into her bank account.  IMO, don't make it easy for her.

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I always prefer using CCs to debit cards for safety reasons.   If someone compromises my Discover card, I'll be mildly inconvenienced while they issue me a new card and temporarily hold some of my available credit.   If someone compromises my debit card, then my actual money is frozen up until the issue is resolved.   Some banks will work quickly, but it can still be a mess to resolve.  Granted, in-store purchases aren't as susceptible to things like skimming, but we've certainly heard of stores being hacked.

As far as spending responsibilty, that comes from good payment habits.   PIF for a purchase with cash-over is just as responsible as PIF for a purchase only.  

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Exactly, SunriseEarth.  My daughter has too much scholarship money in her bank account to be carrying her debit card around.

[joltdude]

Id consider having the bank reduce the maximum daily withdrawal limit on the debit card.... Yes its a tad inconvienent but it would make it harder for someone to dry up the well fraudulently.. 

They might be able to just reduce the cash/atm limit not the purchase limit... 

[Anonymous]

I will never close my DC. I use it for the 5% cashback categories. It is my 2nd highest reward earning card in my portfolio. 

[AverageJoesCredit]

Hey OP, if you want you dont have to close your Discover, just give it to me JK, but seriously put in a word for me if you close it so they can fill that space at same time, status quo, the balance of the universe remains intact

[takeshi74]

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@Anonymous wrote:

Wanted to ask around, do any other points/miles enthusiasts keep their discover? If so, what do you use it for? If not, what helped you cut the cord? 

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You don't need to poll.  If you have no use for it and want to close it then close it.  Consider the info in the Closing Credit Cards thread linked in the Helpful Threads sticky along with your considerations in order to make your decision.

[Anonymous]

The only issue I have with my Discover it is the really low limit $3000 compared to my other cards which are $5000 to $10000. I've only had it for two months but if I could get my Discover CL upped to $5000, I would be very happy. Oh well, maybe I'll have to use it more often. Other than that when I do use it, I'm impressed.

[Anonymous]

I like my Discover card.  Had it since the early 90's.  !!  It was my go to card when 1% (even though tiered to 1%) was it.  Since then, the card has seen less action.

I get most out of it with their mall, Discover Deals or whatever it is called now.  They can probably negotiate lower feeds with Internet sites than MC/Visa, and pass part of those back with some of the deals.  Win win.  Maybe $100-200 cash back/year.  They do have discounts on gift cards, which increases the savings significantly.

They've also been really good with security and fraud detection.

I have no reason to get rid of mine, even with occasional spending.

If I ever went with online savings banks for cash, they'd be at the top of the list for consideration.

[JSS3]

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@Bone35 wrote:

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@Anonymous wrote:

Hey, everyone, just wanted to maybe bounce an idea I've been considering. My scores have risen considerably since I started my journey almost two years ago. In that time, I've realized points/miles and benefits/perks are meaning more to me than cashback. As such, my discover gets virtually no more spend. 

Wanted to ask around, do any other points/miles enthusiasts keep their discover? If so, what do you use it for? If not, what helped you cut the cord? 

Thanks 

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I personally believe you should keep it

I know that the standard 1% cash back is nothing to write home about....BUT they offer so many other perks/benefits  that justify keeping it.

1. No annual fee

2. 5% Categories

3. Discover deals ( extra cash back when shopping through their link) average 5-15% more cash back

4. Welcomes Balance transfers with offers almost always available with option to deposit directly to checking account.

5. Soft pull CLi's every 91 Days (or sooner) 

6. APR reductions every 6 months if you qualify

6. Very easy to work with price protection

Cant say that for many other lenders...DW and I have both had our Disco cards for about 2 years and couldnt be happier with them!

Hope this helps!

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8. Cashover. 

9. They don't spook easily. 

[RaiseMyScoreASAP]

Discover has the best customer service. I have been on hold with Bank of America for over and hour. A real person answers the phone at Discover.