topic Re: Disappointed with Discover in Credit Cards

Disappointed with Discover

Anonymous — Sat, 01 Oct 2016 16:28:37 GMT

I've had the Discover It card for a couple months and with some use I really don't understand all the "hype" around it. I think it's totally average, and there are a few features that I find totally unacceptable. The cashback system is average (I find CapOne's to be superior), the categories are average (5% at six flags? puh-leaze) My biggest problem with it is the payment policy. I've run a few thousand dollars through the card and have made several smaller(<$1,000) payments without issue. But i used it for a large purchase and subsequently made a $1,600 payment over a week ago and it STILL has not updated my available credit. My limit is $2k and i wanted to use the card for more purchases on amazon to get 5% cash back but i was unable to because i did not have enough available credit. Absolutely none of my other cards tie up my available credit for over a week! My Citi double cash updates my balance immediately and all other cards do the next business day. I think it's so ridiculous, it makes this card useless for me for half the month. I don't think I will ever use my Discover card for a large purchase again, really disappointed. I have 6 different cards and there's no reason for me to use my Discover over the rest of them.

Re: Disappointed with Discover

pipeguy — Sun, 02 Oct 2016 07:43:23 GMT

Discover offers large credit limits, regular 0% 12 month balance transfers (3% fee, which is typical) OR 18 month 4.99% balance transfers with no up front fee, free TU FICO monthly scores (as do many other cards today), regular credit limit increases, and very good to excellent customer service (I'm sure there are exceptions).

No this is not a commercial for Discover, I have 20+ bank cards and $270k in avalable unused revolving credit Fico scores of 774 - 800 - 747, and I find Discover a very good card and company to do business with - I do NOT use it as my everyday spending card, usually because I've got a bonus spending offer going or a 0% APR promo and I don't really care for pre-assigned "bonus" catagory spending (same reason I switched my Chase Freedom to the Unlimited version.

BTW I suspect the longer payment hold is due to being a new card that gets basically maxed out, give it some time as Discover gets to know you (and you them). My Discover limit is $19,500 after 2.5 years with them (started at $10k) and they post payments and subsequent available credit to my account is 1-2 days, maybe 3 over a weekend.

After experiencing Discover for all of a couple of months, if you don't find it worthwhile sock draw it, your choice your call on any card. Personally I have no use for AmEx, Comenity or CitiBank branded cards (not a big fan of BoA either, but I'm giving them another chance to change my mind), but that's just me. Lots of lenders out there, use the ones that you find valuable and don't worry about those you don't.

Re: Disappointed with Discover

Anonymous — Sat, 01 Oct 2016 17:23:20 GMT

@Anonymous wrote:
I've had the Discover It card for a couple months and with some use I really don't understand all the "hype" around it. I think it's totally average, and there are a few features that I find totally unacceptable. The cashback system is average (I find CapOne's to be superior), the categories are average (5% at six flags? puh-leaze) My biggest problem with it is the payment policy. I've run a few thousand dollars through the card and have made several smaller(<$1,000) payments without issue. But i used it for a large purchase and subsequently made a $1,600 payment over a week ago and it STILL has not updated my available credit. My limit is $2k and i wanted to use the card for more purchases on amazon to get 5% cash back but i was unable to because i did not have enough available credit. Absolutely none of my other cards tie up my available credit for over a week! My Citi double cash updates my balance immediately and all other cards do the next business day. I think it's so ridiculous, it makes this card useless for me for half the month. I don't think I will ever use my Discover card for a large purchase again, really disappointed. I have 6 different cards and there's no reason for me to use my Discover over the rest of them.

Have you made several payments during the billing cycle? If you are doing it from the website you will get a warning that this may cause a hold on updating available credit.

I understand that this can be annoying, especially if a low CL almost requires several payments a month.

Re: Disappointed with Discover

Anonymous — Sat, 01 Oct 2016 17:25:00 GMT

Just call them and they will verify over the phone.

Re: Disappointed with Discover

Anonymous — Sat, 01 Oct 2016 18:23:54 GMT

DIscover is fairly easy to talk to. Just call them up and tell them your concerns. Be prepared to hear that since your account is newer and you are making multiple large payments, that there is a reason for the hold. One full week does seem a bit excessive, however.

Keep in mind that payments made on most any card on a Friday, for example, may not post until Tuesday and that helps put things in perspective. Citi credits the payment instantly and I appreciate that feature as well, but most lenders do not credit payments as quickly.

Re: Disappointed with Discover

Themanwhocan — Sat, 01 Oct 2016 21:33:30 GMT

@Anonymous wrote:
I've had the Discover It card for a couple months and with some use I really don't understand all the "hype" around it. I think it's totally average, and there are a few features that I find totally unacceptable. The cashback system is average (I find CapOne's to be superior), the categories are average (5% at six flags? puh-leaze) My biggest problem with it is the payment policy. I've run a few thousand dollars through the card and have made several smaller(<$1,000) payments without issue. But i used it for a large purchase and subsequently made a $1,600 payment over a week ago and it STILL has not updated my available credit. My limit is $2k and i wanted to use the card for more purchases on amazon to get 5% cash back but i was unable to because i did not have enough available credit. Absolutely none of my other cards tie up my available credit for over a week! My Citi double cash updates my balance immediately and all other cards do the next business day. I think it's so ridiculous, it makes this card useless for me for half the month. I don't think I will ever use my Discover card for a large purchase again, really disappointed. I have 6 different cards and there's no reason for me to use my Discover over the rest of them.

Credit holds like that are typical for any creditor until they have experience with you.

Discover only gave me a $2,000 limit too. And US Bank gave me a $8,500 limit the same week. Of course, after 3 1/2 years my Discover limit hit $42,500 and now I don't worry about how long it takes a $1,600 payment to clear anymore.

I like the 5% cash back (10% the first year), I like using my cash back points to buy gift cards, as that gives at additional 11% or 25% increase in points value. They reduce APR every 6 months if you ask.

I would suggest focusing on what the credit cards you have will end up becoming, rather than worrying about minor growing pains during the first few months. And if the limit is too restrictive, call and see if they can increase the limit. It will probably require a HP since your account is so new, but it can be worth it. I took 2 HP's my first year to get my limit increases, its not the end of the world. Though waiting until the card is 6 months old will probably increase the chance of an increase.

Re: Disappointed with Discover

Themanwhocan — Sat, 01 Oct 2016 21:53:44 GMT

@Themanwhocan wrote:
@Anonymous wrote:
I've had the Discover It card for a couple months and with some use I really don't understand all the "hype" around it. I think it's totally average, and there are a few features that I find totally unacceptable. The cashback system is average (I find CapOne's to be superior), the categories are average (5% at six flags? puh-leaze) My biggest problem with it is the payment policy. I've run a few thousand dollars through the card and have made several smaller(<$1,000) payments without issue. But i used it for a large purchase and subsequently made a $1,600 payment over a week ago and it STILL has not updated my available credit. My limit is $2k and i wanted to use the card for more purchases on amazon to get 5% cash back but i was unable to because i did not have enough available credit. Absolutely none of my other cards tie up my available credit for over a week! My Citi double cash updates my balance immediately and all other cards do the next business day. I think it's so ridiculous, it makes this card useless for me for half the month. I don't think I will ever use my Discover card for a large purchase again, really disappointed. I have 6 different cards and there's no reason for me to use my Discover over the rest of them.
Credit holds like that are typical for any creditor until they have experience with you.

Discover only gave me a $2,000 limit too. And US Bank gave me a $8,500 limit the same week. Of course, after 3 1/2 years my Discover limit hit $42,500 and now I don't worry about how long it takes a $1,600 payment to clear anymore.

I like the 5% cash back (10% the first year), I like using my cash back points to buy gift cards, as that gives at additional 11% or 25% increase in points value. They reduce APR every 6 months if you ask.

I would suggest focusing on what the credit cards you have will end up becoming, rather than worrying about minor growing pains during the first few months. And if the limit is too restrictive, call and see if they can increase the limit. It will probably require a HP since your account is so new, but it can be worth it. I took 2 HP's my first year to get my limit increases, its not the end of the world. Though waiting until the card is 6 months old will probably increase the chance of an increase.

And I just did an online chat with Discover, they reduced my APR another 1/4% down to 12.24%

I don't need it, but... the squeeky wheel gets the grease, etc.

Re: Disappointed with Discover

AverageJoesCredit — Sat, 01 Oct 2016 22:25:12 GMT

" would suggest focusing on what the credit cards you have will end up becoming, "

This statement may very well be my favorite that i have read here in my 6 months in FICO LAND. This is an awesome way to view your cards or one you may want to apply for because even if you start small, if you know it has potential you can feel much better about having said limit or go for it when you may feel you dont have a chance.

Re: Disappointed with Discover

ginger1477 — Sun, 02 Oct 2016 02:42:18 GMT

I have the discover too, but I had to get the secured and it's only 500. I'm kinda glad now to know that secured cards get treated the same as the normal ones do; I also used my card, paid it three times in the same cycle, and had the last (and largest) payment put on hold. Boy was I ticked off. I did what another user suggested to you, give them a call. They'll do a three way (umm, the socially acceptable kind of 3 way) with your bank. All your bank has to say is that there is enough money in your account, and your credit will be made available then and there. I asked if I should expect this every month and was told that it can happen at any time, but once a pattern is established it should happen less often. For every other creditor I've called for the same reason, and was told the exact same thing, I never did have another hold after the first.

Good luck and I hope one the growing pains are done you'll like discover as much as you thought you would.

Re: Disappointed with Discover

Anonymous — Sun, 02 Oct 2016 02:42:45 GMT

I appreciate the replies, and understand what everyone is saying. I realize I have a new account, but the money has been "officially" taken out of my bank account, it has posted to Discover, and that was now 10 days ago. Since it's the weekend I'm assuming it won't update for a few more days. That's a ridiculously long time! Just saying, Citi seems to have a pretty bad rep around here but i have charged a LOT on my DC card and it always immediately changes my available credit. Definitely improves my perception of Citi.

Re: Disappointed with Discover

gdale6 — Sun, 02 Oct 2016 02:49:16 GMT

Multiple posts have been removed from this thread for cause. Those of you who violated our TOS/FSR rules will be contacted privately. I want to remind everyone that on myFico we respect one another and all posts must be inline with our guidelines. I thank those of you who are doing so.

http://ficoforums.myfico.com/t5/Credit-Cards/Forum-Etiquette/td-p/2905196

Re: Disappointed with Discover

Themanwhocan — Sun, 02 Oct 2016 04:41:50 GMT

@Anonymous wrote:
I appreciate the replies, and understand what everyone is saying. I realize I have a new account, but the money has been "officially" taken out of my bank account, it has posted to Discover, and that was now 10 days ago. Since it's the weekend I'm assuming it won't update for a few more days. That's a ridiculously long time! Just saying, Citi seems to have a pretty bad rep around here but i have charged a LOT on my DC card and it always immediately changes my available credit. Definitely improves my perception of Citi.

Just because the money has been "officially" taken out of your bank account, doesn't mean that the money was actually there in the first place! How do they know that the funds weren't the result of a bad check, or that the money was transferred from a second or third bank where the funds turned out to be fraudulent? There are many scenarios that fraudsters use to defraud banks and bank customers. Heres some reading on that: https://www.thebalance.com/how-long-to-wait-after-depositing-a-check-315006

In other words, the transaction can be reversed at a later date if found to be fraudulent.

So when they give you a revolving credit limit, they expect you to live below that limit each month, assuming you pay in full each month. That is a safely mechanism for them, and when you spend near the limit and 'pay' it off only to spend up to the limit again and again in the same month, how do they know that you aren't pulling a scam, or that someone else isn't pulling a scam on you?

So Discover gave you a $2000 limit, and you should probably have stayed below $1000 or suffer the FICO penalties, etc. Instead you charged lets say $1600 3 times, and paid it off with what Discover hopes is real money. But Discover doesn't have any way to know that for certain, so they have in effect loaned you almost $5000 when their algorithms say you should be trusted with less than $2000. And you want even more this month. So try to look at it from Discover's risk management perspective.

With time, Discover will get to know your spending pattern, and will also trust you with a higher credit limit.

Re: Disappointed with Discover

Anonymous514 — Sun, 02 Oct 2016 06:12:50 GMT

Lol. Large Credit Lines. Bank that doesn't scare too easily. Free TU Fico. I have never in my two years had delays in payments, nor has my Grandma who has had the Discover Card since it first came out in the 1980s.

Re: Disappointed with Discover

Anonymous — Sun, 02 Oct 2016 06:28:01 GMT

I have had a secured card since April, and have never had this problem. I use the card a few times every month. That said, I have never gone over 30 percent of my total available credit. When I pay in full, the available credit instantly adjusts back to the full amount.

Re: Disappointed with Discover

Anonymous — Sun, 02 Oct 2016 07:04:47 GMT

@Anonymous wrote:
I've had the Discover It card for a couple months and with some use I really don't understand all the "hype" around it. I think it's totally average, and there are a few features that I find totally unacceptable. The cashback system is average (I find CapOne's to be superior), the categories are average (5% at six flags? puh-leaze) My biggest problem with it is the payment policy. I've run a few thousand dollars through the card and have made several smaller(<$1,000) payments without issue. But i used it for a large purchase and subsequently made a $1,600 payment over a week ago and it STILL has not updated my available credit. My limit is $2k and i wanted to use the card for more purchases on amazon to get 5% cash back but i was unable to because i did not have enough available credit. Absolutely none of my other cards tie up my available credit for over a week! My Citi double cash updates my balance immediately and all other cards do the next business day. I think it's so ridiculous, it makes this card useless for me for half the month. I don't think I will ever use my Discover card for a large purchase again, really disappointed. I have 6 different cards and there's no reason for me to use my Discover over the rest of them.

You can have your own opinion(s) and nobody should bash you for that.

I find Discover to be a great card for quite a few reasons.

First, the 1% or 5% back categories which are doubled at the end of the first year are nice. At the end of the year if I've recieved $300 in rewards, Discover will give me $300 more for doing nothing. This also applies to bonuses used in their internal portal.

Second, I like how I can choose between 40 something card designs. While I can't upload my own image, it's nice to be able to pick between a bunch of designs. Not only that, but the design you want can be on your door step the next day for free just by asking a customer service rep.

Third, customer service. 100% U.S based customer service is great. Discover is ranked #1 in customer service by J.D Power. I cannot stand talking to someone who speaks heavily accented English on the phone when resolving an issue. Chat is always avaliable onlnie too, whereas many other issuers I've dealt with frequently have their chat lines "unavaliable" because there are either not enough people, or because their chat hours are limited to typical business hours. Not to mention when I call in I don't have a long wait time... Most of the time I've had a representitive answer the phone within a matter of seconds.

Fourth, their app is pretty superior. I can pay my Discover bill with Siri. Can't do that with any other bank I've ever dealt with. It seems to be one of the top of the line apps out there.

I've personally never experienced the problems you do. When I pay the balance is updated the next day. Most cards also don't have a real time rewards program, or immediate credit like Citi does (although I admit I love that feature). Remember that your Citi Double Cash has a rewards redemption starting at $25 and nothing less, and Capital One is Capital One who only offers nothing more than average to weak products compared to other lenders, so they aren't great either.

Re: Disappointed with Discover

Anonymous — Sun, 02 Oct 2016 07:37:52 GMT

Give it time. Let them get to know you.

Re: Disappointed with Discover

Wolfeyy — Sun, 02 Oct 2016 08:05:14 GMT

You can always call and ask for a off-cycle update.

Re: Disappointed with Discover

Anonymous — Sun, 02 Oct 2016 19:02:37 GMT

@Wolfeyy wrote:
You can always call and ask for a off-cycle update.

Update of what? OP wants available credit limit restored

Re: Disappointed with Discover

Wolfeyy — Mon, 03 Oct 2016 00:00:57 GMT

@Anonymous wrote:
@Wolfeyy wrote:
You can always call and ask for a off-cycle update.
Update of what? OP wants available credit limit restored

Yeah, An update to his credit line. Have them manually check and update his information through a call so he can get his stuff cleared up faster. Its been more than long enough he should have been had his stuff restored by now. Maybe there is something wrong in the system that is still holding his credit hostage. The system is prolly just having a little hiccup.

Re: Disappointed with Discover

JustBPatient — Mon, 03 Oct 2016 15:37:37 GMT

I experienced a similar thing back when I was a new customer. Be patient, once they get to know you, you will be happy you stuck it out with them. Great to deal with IME.