Discover Card - Bad

[Flopsweat]

Discover card? I didn't know they were still a "thing." They never were as widely accepted as MC and Visa. Nor is American Express. I think because Discover and AE both charged merchants a slightly higher processing fee. Kind of a vicious cycle. Reduced merchant acceptance results in fewer people wanting to use the card. AE isn't exactly a credit card as most people know it, because they require full payment at the end of the month. Surely that restricts its popularity.

Aren't cash back gimmicks pretty common with CC now? Meaning, don't most offer some kind of rebate even if only one percent? Five percent at Discover is pretty generous.

I haven't carried a balance on a CC for thirty years or more. I use them strictly for convenience. For a few years, I was a fairly regular customer at Cabelas and got one of their CC's. Then the fishing gear people took over and Cabelas kind of went down the tubes so I quit going. Last year, they sent me a letter telling me they were going to close my account for lack of use. Next time I was up there, I bought six dollar's worth of goods and kept the account alive. You never know, I might want to use it again.

I use cash for certain kinds of purchases. Mostly private purchases. When I sell personal property face to face, it's always cash. There are fewer greater joys in life for me in old age than to peel off a Benjamin and give it to one of my grandchildren as a spontaneous gift. Children, I find, love cash.

Digital currency - like Bitcoin. Where is the advantage for honest people? We already have credit cards, those are digital currency. And the block chain deal, why do we need to know the history of a financial instrument? Only something seriously subject to fraud or manipulation would need those credentials. And, Bitcoin et al have fees that are charged for each transaction, it doesn't trade for free. As a unit of "money" digital currencies are hugely volatile. I see them primarily as speculative in nature. Somebody tell me I'm wrong about this.

The anonymity of cryptocurrencies doesn't just benefit shady people. Woke policies are creeping into the credit card companies and banks. Government agencies have been pressing financial institutions to turn over customer information without notifying the customer, and sometimes without proper warrants. As you may have noticed, gun owners are one of the groups often demonized by politicians and upper-level law enforcement. In Canada, the government recently froze the bank accounts of people who protested the lockdowns. If all of that doesn't make you a little leery, I probably don't need to go any further.

 

[ma96782]

For a few years, I was a fairly regular customer at Cabelas and got one of their CC's. Then the fishing gear people took over and Cabelas kind of went down the tubes so I quit going. Last year, they sent me a letter telling me they were going to close my account for lack of use. Next time I was up there, I bought six dollar's worth of goods and kept the account alive. You never know, I might want to use it again.

For years I didn't have a Cabela's CC. Then one day, I bought a handgun from them. They offered to reduce the price......IF I signed up for a NEW CC with them. Sure, I took advantage of the offer.

I probably only used the card once or twice since then. If they cancel me.....

"IT'S NO SKIN OFF MY BACK."

Because.....
IF I happen to buy another "big ticket" item from Cabela's (I got plenty of CCs). BUT, But, but.......maybe, they'll offer me another discount to sign up again? Oh well......we'll see.


Aloha, Mark

 

[Jcremer24]

Most Americans can't pay off their monthly balances these days. Plus most don't want to pay the annual membership fee.

There's a lot that CAN and simply just DONT too. Im amazed at the amount of people that choose to carry a balance on a high interest card- to each their own I guess

 

[Nosferatu]

Discover card? I didn't know they were still a "thing." They never were as widely accepted as MC and Visa. Nor is American Express.

That's a pretty common misconception. I have yet to come across anyone in the last 15 years that won't take my Discover card.

I use it for my monthly expenses and get that 1.5-5% cash back, which gets applied directly to the bill. Since it gets paid in full every billing cycle, they earn no interest off me.

I don't use it for buying guns, but have other accounts I can use for that anyway. I'll keep taking their free money.

 

[DirectDrive]

I have three, maybe I'm their only business

That being said, it's hard to beat the Citi Double Cash card for cash back if you're willing to deal with their horrid website and customer service.

That's the one I use and it's true, they buy me a new gun (easily) each year.
I think Wells Fargo Active Cash might be is a better card, though.
Both are 2% cards with NO CATEGORIES.

If I was really thrifty, I'd pair my 2% card with a 5-6% category card with categories that fit my purchasing habits.

 

[clanhanson]

That's the one I use and it's true, they buy me a new gun (easily) each year.
I think Wells Fargo Active Cash might be a better card, though.

I had one actually, and it's a good card. However, Wells Fargo is the actual satan and I can't stand their user interface on mobile.

 

[gmerkt]

The anonymity of cryptocurrencies doesn't just benefit shady people. Woke policies are creeping into the credit card companies and banks. Government agencies have been pressing financial institutions to turn over customer information without notifying the customer, and sometimes without proper warrants. As you may have noticed, gun owners are one of the groups often demonized by politicians and upper-level law enforcement. In Canada, the government recently froze the bank accounts of people who protested the lockdowns. If all of that doesn't make you a little leery, I probably don't need to go any further.

Duly noted. There is only so much you can prepare for. When the government of Cyprus ran out of money, they levied savings deposits to make up the difference. I suppose those people could've avoided that if they'd had their holdings in crypto.

I think Gunbroker has its own version of a crypto currency for payment now.

That's a pretty common misconception. I have yet to come across anyone in the last 15 years that won't take my Discover card.

You may be closer to right than I am. I just Googled this subject, Discover claims 99% of US merchants take it. Whether the 99% is true or marketing fluff, I have no way of knowing. To my personal knowledge, I've seen signs at cashier counters that have said, "No Discover, No American Express." Just tonight when I bought some take-out, they had a sign out, "No American Express." Costco doesn't take Discover; small businesses may be places where resistance is more common.

Im amazed at the amount of people that choose to carry a balance on a high interest card-

Yes, and the interest on those carry-overs is pretty sickening. The average lately is around 18-19%. Back when the Fed rate was nearly zero, the average CC interest rate was still around 12%. So always way ahead of reason.

 

[TTSX]

I have to wonder how many bonafide millionaires are on this site discussing how to game the system...

 

[ma96782]

I've tried to reduce the "stuff" in my wallet. So......no need to carry those extra CCs. Otherwise (maybe, you'll end up like George)......

Aloha, Mark

 

[Flopsweat]

There's a lot that CAN and simply just DONT too. Im amazed at the amount of people that choose to carry a balance on a high interest card- to each their own I guess

I'm constantly appalled by the amount of debt some of my coworkers carry, and how tight they are on their bills every month. Sure, my car is a couple of years older than yours, but my cards are at zero at the end of every month and my house is nearly paid off. When I run across something I've wanted for a long time, I can just buy it. I never worry about having enough to pay my bills. My only surprises are when I don't spend enough money in a month and have to transfer some into savings. That, my friends, is a big luxury to me.

 

[DirectDrive]

Yes, and the interest on those carry-overs is pretty sickening. The average lately is around 18-19%. Back when the Fed rate was nearly zero, the average CC interest rate was still around 12%. So always way ahead of reason.

If someone is carrying a balance on a credit card they are in a financial crisis whether they realize it or not.

 

[ma96782]

My only surprises are when I don't spend enough money in a month and have to transfer some into savings. That, my friends, is a big luxury to me.

I'll take the liberty and add some music here.

Aloha, Mark

 

[RobMa]

Discover has the best customer service in the business and their 5% back rewards system is a great money saver in addition to the standard 1% back. Using cash only is antiquated and card rewards really do add up to good savings on standard purchases over the year. There are better cards for travel though, I have earned several free flights using the proper card(s).

I don't care if they track purchases, I already have a human serial number and give plenty of information away when I buy firearms.

Aaaaand this is why credit card companies and other totalitarian businesses get away with doing what they're doing....

 

[Jcremer24]

I'm constantly appalled by the amount of debt some of my coworkers carry, and how tight they are on their bills every month. Sure, my car is a couple of years older than yours, but my cards are at zero at the end of every month and my house is nearly paid off. When I run across something I've wanted for a long time, I can just buy it. I never worry about having enough to pay my bills. My only surprises are when I don't spend enough money in a month and have to transfer some into savings. That, my friends, is a big luxury to me.

I would probably land somewhere in between. I always pay my bills first. Pay off the cards. Then worry about savings- maybe sneak in a gun… or two… or three… I might have a problem

 

[clanhanson]

Aaaaand this is why credit card companies and other totalitarian businesses get away with doing what they're doing....

They pay me to take their money and save me money on other loans. I'm okay with it.

 

[gmerkt]

millionaires are on this site

A million dollars isn't what it used to be. I was just reading an online article about single digit millionaires. They are the new middle class. And of necessity are worriers. Because the days when you could live the rest of your life on a million dollars without care are over.

I've tried to reduce the "stuff" in my wallet.

Yes; I only have three CC, including the Cabelas that I don't use. Decades ago, there was a co-worker of mine named Eddie, he had one of those wallets with what must've been fifteen or more credits cards in it. He lived in an apartment and had no money. I always wondered how it was he got all those lines of credit at the same time.

I'm constantly appalled by the amount of debt some of my coworkers carry,

One of my daughters is in that situation. She is a supervising RN, makes respectable money. Her husband is a building maintenance straw boss. But they are apt to have a lot of credit card debt. Because they are not careful spenders. They've taken out a second mortgage on their home. They bought a timeshare. They dine out about every other night and that adds up. They aren't careful with money. To their credit, they pay for tuition at parochial schools for their two children. But all the more reason for careful spending. I doubt if either of them has any life insurance or has given it any thought.

 

[RobMa]

They pay me to take their money and save me money on other loans. I'm okay with it.

So you're apathy validates there encroachment on our personal lives and their collusion with the anti-gunners in this government?

 

[Heyjoe]

I'll take my 862 credit score and my 2.75% mortgage. Most people can't pay cash for a house.

Most people are drowning in debt.

 

[belshawelk]

I have three, maybe I'm their only business

That being said, it's hard to beat the Citi Double Cash card for cash back if you're willing to deal with their horrid website and customer service.

Discover is actually a really good card overall. Just don't use it anymore for guns i guess. Visa does the same thing.

 

[Aero Denezol]

I've been using Discover for years, including to buy guns, and yes, they accept Discover most anywhere, even overseas.

No, I don't carry a balance. Pay it off in 30 days every time. I use the rewards to pay for Amazon purchases. It's a great system for me. But for people who choose to carry a balance.. I don't judge. Maybe you're just starting your career and your transmission suddenly needs replaced. Sh* happens.

I guess my question is, which Credit Cards are NOT currently participating in this BS? Because it seems to me the noose is tightening and will continue to do so.