Capital one 360 checking debit network.

[TrapLine]

@AndrewF 

You pretty well hit it for Discover Financial. They have been stale in their card offerings and did not take up innovation in products. Essentially a 1:1 rewards ratio. Did have some good balance transfers but, I would doubt that would make them a living. You mentioned home loans and student loans as markets that are not roaring today and it sure looks dim for near future and for a product of Discover Financial.

Another factor was Discover Financial had the Diners Club/Discover Network and that appeared to offer a potential opportunity but the various owners never seemed interested in capitalizing on the network concept. Best I say, Discover has had opportunities and with several owners few seemed to have the appetite to really get out and stretch in the name of Discover Financial. Maybe they did not recognize, appreciate or care to seek a real market for Discover products (there last significant CEO was terminated in August 2023). Really is a shame.

Likely, as you mentioned the Discover products certainly are good for new to credit and rebuilders but where does it go from there? Once our credit profiles mature, we seek other cards that may better fit our spending patterns and Discover products fall by the wayside. Did take advantage of their Checking, Savings and Investments for a time but, found they were slow in moving money around (too many days to effect a transfer of funds) so I sought out other financials that embraced the FastFed programs and left Discover.

So far I have held on to the Discover product but, unless Capital One does something significant, it will be closed. Do not need it anymore.

There are a few old timers around that remember the high points of the Diners Club and it robust elite offerings (charge card) for the times (along with the network that was pretty much world-wide). There was also a separate product of Carte Blanche Card that competed with Diners Club and American Express. Managed to use all three products for many years as charge cards.

[Realist]

I haven't received this memo yet, but I'm good with whatever they need to do.  

We not too long ago acquired the bank bonuses for Capital One, so the accounts are still lingering as open.  No fees.  They were on the list to close out anyways, for future reconsideration.

Interesting.

[Zoostation1]

I don't have C1 for checking so the move to Discover won't affect me, but definitely was expected.  I thought it would take a little longer or maybe start with new accounts first though.  I definitely see Platinum and secured cards going to the Discover network as very likely.  I'm less confident but still think it's likely all QS variants go to Discover as well.  I could possibly see Savor going and maybe Venture One as well, but also see a possibility of the "for good credit" no sub versions going while the standard with sub versions stay on MC.   I don't really see the personal VX leaving Visa yet (even with MC launching World Legend) given that it wasn't long ago that the business VX moved from MC to Visa (it was interesting at the time cause regular Venture went from Visa to MC but business VX went from MC to Visa simultaneously).

@TrapLine  Regarding credit profiles maturing and moving on, I think they were relying on people keeping Discover in their regular usage and weren't getting enough of those.  My Dad is about the only one I know with a long and strong, thick profile history that uses Discover regularly.  He's had his for 32yrs and already had a solid history when he started with them, but that's not the norm.  One of the main reasons he's kept it though is the domestic customer service (we'll see how long that lasts).  I do also find it interesting that his card was never formally converted from Discover More to Discover It Cashback.  It's got the same rotating categories but statements still have the old name.  Now if only they would allow PCs again so I could get out of this crap It Chrome card and make it useful.  I know a few people were able to recently, but no luck thus far.  I may end up closing it at some point if they don't.

[Pppoolboy]

Easy to move the debit cards over because they're used by about two dozen people.  I've had C1 checking and savings accounts for years but have never once used the debit card for anything.  They can work out the bugs before moving millions of people on the credit cards.  Agreed that I hope Savor does NOT move to Discover.

As for Diner's Club, that was OG Awesome and I'd love to see it come back.  BMO absolutely trashed the brand and bungled everything about it.  I'd definitely get one if it looked like 

[Varsity_Lu]

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@Pppoolboy wrote:

Easy to move the debit cards over because they're used by about two dozen people.  I've had C1 checking and savings accounts for years but have never once used the debit card for anything.  

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You must not travel overseas much. Most travelers use Schwab or Cap One 360 debit cards for cash in Europe. Well, Fidelity now recently that they reimburse fees. That's one of the main selling points for Cap One 360 and why guys like Rick Steves recommend it for travel. Lots of people use their debit cards 

[crystal626]

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@Pppoolboy wrote:

Easy to move the debit cards over because they're used by about two dozen people.  I've had C1 checking and savings accounts for years but have never once used the debit card for anything.  They can work out the bugs before moving millions of people on the credit cards.  Agreed that I hope Savor does NOT move to Discover.

As for Diner's Club, that was OG Awesome and I'd love to see it come back.  BMO absolutely trashed the brand and bungled everything about it.  I'd definitely get one if it looked like 

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I think you seriously underestimate how many people use debit cards. Every time someone puts a poll on the creditcards subreddit about what cards people are seeing in their businesses, debit cards are never far behind credit cards. A lot of people who have rewards cards are starting to use debit cards again thanks to businesses charging fees to take credit cards too.

[FicoMike0]

I recently had the fee for credit card issue come up. First time I ever used my navy debit card. I thawed it and it worked fine.

[crystal626]

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@FicoMike0 wrote:

I recently had the fee for credit card issue come up. First time I ever used my navy debit card. I thawed it and it worked fine.

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I'm going to resist going back to debit cards as long as I can but places around me are starting to charge fees too.

[TrapLine]

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@crystal626 wrote:

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@FicoMike0 wrote:

I recently had the fee for credit card issue come up. First time I ever used my navy debit card. I thawed it and it worked fine.

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I'm going to resist going back to debit cards as long as I can but places around me are starting to charge fees too.

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Affirm your findings that different businesses are adding 3.99% to the transaction (my geo area they have gotten together throught the Chambers of Commerce). Ford Dealers in my area added it. A meat shop added, gas stations and so on, and the rewards cards are not always fitting the usage pattern leaving me at a loss on the transaction. Our governmental units have all added a transaction fee where they use the actual transaction fee so it was lower than the general market. My insurances are adding a flat $2.00 or $4.00 a month for Debit or Credit. The one thing that does not get mentioned is the use of Debit Cards has big risks to one's personal banking funds. Talk with people around me that all have been hacked (includes me). So we may want to consider vendor and site (online ever dangerous). 

[crystal626]

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@TrapLine wrote:

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@crystal626 wrote:

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@FicoMike0 wrote:

I recently had the fee for credit card issue come up. First time I ever used my navy debit card. I thawed it and it worked fine.

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I'm going to resist going back to debit cards as long as I can but places around me are starting to charge fees too.

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Affirm your findings that different businesses are adding 3.99% to the transaction (my geo area they have gotten together throught the Chambers of Commerce). Ford Dealers in my area added it. A meat shop added, gas stations and so on, and the rewards cards are not always fitting the usage pattern leaving me at a loss on the transaction. Our governmental units have all added a transaction fee where they use the actual transaction fee so it was lower than the general market. My insurances are adding a flat $2.00 or $4.00 a month for Debit or Credit. The one thing that does not get mentioned is the use of Debit Cards has big risks to one's personal banking funds. Talk with people around me that all have been hacked (includes me). So we may want to consider vendor and site (online ever dangerous). 

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Yeah if I go back to using debit cards I'll probably use Privacy.com with my Navy Federal debit card online and use my DCU card for in person purchases. DCU has a card control app that allows you to specify what kinds of transactions you want to allow so I would block everything except in person. Neither of these are my primary accounts so I would just transfer a small amount for those purchases. 

There would be one silver lining I guess... I would spend less money. Credit cards let me make impulse buys that I don't have to pay back until the following month. Those impulse buys would just go away rather than me changing my budget to saving less each month.