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Discover .. We need to talk !

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patoot10
Frequent Contributor

Re: Discover .. We need to talk !

UpperNwGuy,

 

While everyone is nerfing their benefits Amex is stepping up their game and introducing newer products and benefits. They have a very versatile portfolio that ranges from legacy cards to strong partnerships with top of the industry hotels and airlines. They have a product for everyone ranging from a broke college student to rich people who go on vacations more than twice a year.




Message 31 of 42
patoot10
Frequent Contributor

Re: Discover .. We need to talk !

UpperNwGuy,

 

You can always compare any individual stock with the market to see how it performs, nothing is wrong with that and I won't get into an investing debate but my point is that Discover the company is not doing well and they are taking it on the customers by cutting benefits in order to increase their profits.




Message 32 of 42
UpperNwGuy
Valued Contributor

Re: Discover .. We need to talk !


@patoot10 wrote:

UpperNwGuy,

 

While everyone is nerfing their benefits Amex is stepping up their game and introducing newer products and benefits. They have a very versatile portfolio that ranges from legacy cards to strong partnerships with top of the industry hotels and airlines. They have a product for everyone ranging from a broke college student to rich people who go on vacations more than twice a year.


In other words, you have crowned Amex as king because you like their products.  If you look at more objective data, Chase has 93 million cardholders, while Amex has 58 million, and Discover has 57 million.  Citi, Capital One, Bank of America, Wells Fargo, and US Bank round out the top ten.

Daily Carry: PenFed Power Cash • NFCU Flagship • NFCU More Rewards • Chase Freedom
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Message 33 of 42
patoot10
Frequent Contributor

Re: Discover .. We need to talk !

^^

 

I didn't crown Amex because I like their products, their products are amazing but they are the best in my opinion because while everyone is nerfring their benefits and cards Amex is stepping up their game and introducing new products and benefits ....




Message 34 of 42
UpperNwGuy
Valued Contributor

Re: Discover .. We need to talk !


@patoot10 wrote:

UpperNwGuy,

 

You can always compare any individual stock with the market to see how it performs, nothing is wrong with that and I won't get into an investing debate but my point is that Discover the company is not doing well and they are taking it on the customers by cutting benefits in order to increase their profits.


Here's how Motley Fool assessed Discover's stock after the company released its fourth quarter 2018 results last month:

 

https://www.fool.com/investing/2019/02/10/the-most-important-number-from-discovers-4th-quart.aspx

 

Daily Carry: PenFed Power Cash • NFCU Flagship • NFCU More Rewards • Chase Freedom
Sock Drawer: PenFed Promise • NFCU cashRewards • Chase Sapphire Preferred • Chase Freedom Unlimited • United Explorer • UNFCU Azure
Message 35 of 42
iced
Valued Contributor

Re: Discover .. We need to talk !


@patoot10 wrote:

^^

 

I didn't crown Amex because I like their products, their products are amazing but they are the best in my opinion because while everyone is nerfring their benefits and cards Amex is stepping up their game and introducing new products and benefits ....


Is your disappointment that Discover isn't trying to be more like American Express? That would not end well for Discover, so they're being rather smart to stick to what they do well.

 

Believe me when I say Discover trying to go toe-to-toe with a Chase or American Express will get them laughed at and financially clobbered. They could introduce a new cashback product, but how would that be different than their existing one? Premium travel offerings? They need to fix acceptance overseas before even thinking about that, not to mention good luck to them wrestling the big hotel/airline transfer deals out from Chase or American Express. Both have large corporate card bases, vastly more market cap to work with, exclusive agreements with some benefit providers, and a number of other weapons that Discover just doesn't have.

 

Share some specifics - what would you have Discover do that will make them a stronger card and not a Amex/Chase Copycat Wannabe?

Message 36 of 42
patoot10
Frequent Contributor

Re: Discover .. We need to talk !

^^

 

My disappointment is not about Discover not doing their best to be like Amex, I never expected anything from Discover since they were doing great for a free card.

 

I did expect Discover to at least stay where they were and not nerf everything positive about their prodcuts by keeping their good customer service and things like discover deals or $30 on-board WiFi credit. At this rate of nerfing Discover next move could be capping the first year match at a certain limit or getting rid of the 0% APR for the first year since they are working hard to recover from their financial losses or something. 

 

I won't compare Discover with American Express since this topic is about Discover and the new direction they are taking but you can start another topic and I will share my opinion there.




Message 37 of 42
Anonymous
Not applicable

Re: Discover .. We need to talk !

Did you even click the link? I don’t invest and even I can tell that Discover is doing fine. 

Message 38 of 42
patoot10
Frequent Contributor

Re: Discover .. We need to talk !

I just saw the link of Motley Fool. It starts by saying that DFS has been suffering and concludes by saying that things are looking good moving foward. Of course they are looking good now that they are nerfing benefits and focusing on their increased customers balances by getting into student loans and developing their algorithms to capture low credit and interest-profitable customers, the average score of their customers is 730.

 

The article confirms Discover's new mission which is basically what my topic is about. Capital One is having a new competitor and it's not Credit One.




Message 39 of 42
Anonymous
Not applicable

Re: Discover .. We need to talk !

You do realize that Discover customers have higher scores than even Amex, right? 

 

You are very misguided in your ideas but I am not in the mood to argue right now. There is more information from that article that you’re clearly missing and I’m ducking out now. 

Message 40 of 42
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