Discover's next move?

[UpperNwGuy]

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@Anonymous wrote:

 Not really sure what you mean. I've never had a problem swiping a metal card. Even then, swiping shouldn't be common anymore anyways. 

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Consider yourself lucky.  I've had two metal cards (Chase United Club and Chase Sapphire Reserve), and they've both had problems in certain models of swipe machines because of the thickness of the card.  By the way, swipe machines are still alive and well, 2+ years after the conversion deadline, especially in smaller businesses (and taxis) that don't want to pay for the software upgrades.

[Anonymous]

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@Dalmus wrote:
Capital One actually had a pretty decent card with the Savor. It's targeted specifically for foodies whether you eat out or cook in.

Maybe they could add another 3-2-1 card for do it yourselfers... The Cap 1 DIY card.. categories include lumber yards, hardware stores (thinking Home Depot, Menard's, Ace, Tru Value type places) and auto parts purchases. Maybe add an annual fee and an annual medical services credit.

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To me, the Uber card is all around better (4% eating out) if you pair it with a BCE (3% groceries) or BofA CR (2.2% groceries).

The medical services credit is perfect. Maybe they'll co-brand it with Tool Time! 

[Anonymous]

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@Anonymous wrote:

Discover should offer 3% in one spending category consistently, perhaps discount stores like Target, Walmart. They also could offer a 10% cash back bonus annualy for users who transfer their cashback to a Discover savings account and keep it there for a year. Additionally, they could enhance the functionality of their Spending Analyzer, allowing users to create spending categories, move charges across categories and import spending data from other accounts, etc. These changes would be in line with their brand identity, which to me is one that emphasizes thrift and savings. Discover: the spending wisely and saving card.

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+1 for the customer bonus. BofA doing this on their 3-2-1 is what made me a deposit customer and it's nice to get the extra, even if it's only a few bucks here and there. Disco does have the *up to* 20% off on gift cards though, which makes cashback a good value among no-AF cards.

[Anonymous]

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@Anonymous wrote:

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@UpperNwGuy wrote:

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@Anonymous wrote:

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@MrDisco99 wrote:

Can we not talk about "metal" cards as if that is some sort of premium feature?  What actual rewards/credit attributes makes this mythical product special and worth pursuing?

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I prefer metal cards over plastic. They are more durable and I like he heaviness feeling, plus they seem even better now that issuers are giving out flimsier plastic cards than they used to with unembossed numbers. 

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I hate metal cards, and I wish my Chase Sapphire Reserve were plastic instead of metal.  The metal cards often don't work in magnetic strip swipe machines such as those in the DC taxi cabs.  By the way, I also hate swipe machines.

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Not really sure what you mean. I've never had a problem swiping a metal card. Even then, swiping shouldn't be common anymore anyways. 

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I'm pretty sure I remember seeing somebody get their CSR in plastic... You could probably call and ask.

[Anonymous]

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@Anonymous wrote:

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@Dalmus wrote:
Capital One actually had a pretty decent card with the Savor. It's targeted specifically for foodies whether you eat out or cook in.

Maybe they could add another 3-2-1 card for do it yourselfers... The Cap 1 DIY card.. categories include lumber yards, hardware stores (thinking Home Depot, Menard's, Ace, Tru Value type places) and auto parts purchases. Maybe add an annual fee and an annual medical services credit.

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To me, the Uber card is all around better (4% eating out) if you pair it with a BCE (3% groceries) or BofA CR (2.2% groceries).

The medical services credit is perfect. Maybe they'll co-brand it with Tool Time! 

NICE real nice!

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[longtimelurker]

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@SkyCommander wrote:

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@Anonymous wrote:

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@SkyCommander wrote:

Based on the removal of CC benefits I did question how this could maybe revamp existing cards with a better rewards structure. I used the Miles card for the first year getting 3x cash back but since the first year is long gone I keep it SD. I keep the card because it has no AF and a $30 wifi credit. Should the wifi credit disappear I would get rid of it. Interestingly after getting the card I later discovered they actually offered banking products. By getting the card it brought me into their banking world which has rewarded me more than their CC.

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I've been keeping data points on this cross marketing by Discover, but it does seems as people get to about a year with their first card, Discover bank starts marketing/promoting high yield savings and CDs and all that.  I like their online bank products and use them as a backup group.  I am going to test out their CD product this year as I build my CD Ladder just to compare interface with other banks. Their yield isn't top but it's in the top 10 I'd say.

As more Americans become savers (the number is growing), Chase is going to get pummeled and pulverized by their poor banking products.  I know 3 of my ex-customers (companies that transact hundreds of millions a year) that pulled out of Chase in the past 2 years and a lot of small businesses are also jumping ship, so Chase has to do something to staunch the bleeding.  Their focus on the "unbanked check cashers" for the past 3 years has probably increased number of accounts, but what good is it if those accounts don't have a significant balance for Chase to manipulate.

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I found the banking products on my own by browsing their site soon after setting up my CC acount. I think at the time the savings rate was around 1.10 or 1.15% so I opened an account, added 1k into it and waited to see the results. Liked what I saw compared to my Chase savings and flooded my new Discover account with thousands more and closed my Chase savings. I do reguarly get letters from Discover for CDs and student loans but I toss those.

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Yes, Discover if very competitive compared to the big banks, but once you get into internet savings, it's easy to compare.   Discover is 1.30 at present, Barclays just went up to 1.4, and the top currenly seems to be 1.7.    While 1.7 compared to 1.3 is not quite as significant as 1.3 compared to the big banks 0.05, it's still 30% more....

[Anonymous]

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@longtimelurker wrote:

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@SkyCommander wrote:

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@Anonymous wrote:

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@SkyCommander wrote:

Based on the removal of CC benefits I did question how this could maybe revamp existing cards with a better rewards structure. I used the Miles card for the first year getting 3x cash back but since the first year is long gone I keep it SD. I keep the card because it has no AF and a $30 wifi credit. Should the wifi credit disappear I would get rid of it. Interestingly after getting the card I later discovered they actually offered banking products. By getting the card it brought me into their banking world which has rewarded me more than their CC.

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I've been keeping data points on this cross marketing by Discover, but it does seems as people get to about a year with their first card, Discover bank starts marketing/promoting high yield savings and CDs and all that.  I like their online bank products and use them as a backup group.  I am going to test out their CD product this year as I build my CD Ladder just to compare interface with other banks. Their yield isn't top but it's in the top 10 I'd say.

As more Americans become savers (the number is growing), Chase is going to get pummeled and pulverized by their poor banking products.  I know 3 of my ex-customers (companies that transact hundreds of millions a year) that pulled out of Chase in the past 2 years and a lot of small businesses are also jumping ship, so Chase has to do something to staunch the bleeding.  Their focus on the "unbanked check cashers" for the past 3 years has probably increased number of accounts, but what good is it if those accounts don't have a significant balance for Chase to manipulate.

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I found the banking products on my own by browsing their site soon after setting up my CC acount. I think at the time the savings rate was around 1.10 or 1.15% so I opened an account, added 1k into it and waited to see the results. Liked what I saw compared to my Chase savings and flooded my new Discover account with thousands more and closed my Chase savings. I do reguarly get letters from Discover for CDs and student loans but I toss those.

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Yes, Discover if very competitive compared to the big banks, but once you get into internet savings, it's easy to compare.   Discover is 1.30 at present, Barclays just went up to 1.4, and the top currenly seems to be 1.7.    While 1.7 compared to 1.3 is not quite as significant as 1.3 compared to the big banks 0.05, it's still 30% more....

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They just pushed up their rates today http://ficoforums.myfico.com/t5/Personal-Finance/Discover-Rate-Increases/td-p/5140769