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Discussion in 'Credit Talk' started by T, Aug 29, 2000.
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They're trying to catch up in the market...they've only been around for 6 years...
I had an account with them in 1993 - 7 years ago.
I've been lied to! The rep @ DC told me that they've been open for 6 years...I was being nosy, but, that's what she said...I'll be pissed if they lied to me, though...they've made on hell of a pretty penny off of me! Anyone know what % they get when I use the card???
It is attempt to change the low class image of Discover. Also, Discover practiced bad risk management by issuing a card to anyone. The Platinum is an attempt to get people who won't default.
Is it possible they've only issues platinum cards for 6 years? My first account with them was not a platinum.
I don't know how long before I opened my first account with them that they had been doing business.
An Inferior Card
In answer to your questions, such as: Why do they try so desperately to get new business? or: Why is the card so easy to get? The answer is that Discover is an inferior card with a higher interest rate of at least 14.9% for the PLATINUM card. That compares unfavorably with some platinum cards that still offer 9.9%, and others at 10% to 12%.
An inferior, "subplatinum" card like the Discover platinum would be rejected by the people who normally get platinum cards. Therefore, Discover has to offer it to people further down the food chain, or do no business at all. Or at least, no business with people who keep balances on their cards.
Discover was first introduced in the mid-eighties, and was originally owned by Sears. It was sold off a few years later. I think the platinum version was started in 1998.
They are eager for growth, and may feel that the positive general economic conditions justify liberalizing their approval standards at the moment. They are also somewhat behind Visa and MasterCard in terms of acceptance, and are still working on expanding internationally, so they probably want to pump up the number of cards in circulation to help with those issues.
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RE: An Inferior Card
I don't think that necessarily is true. All of my cards are platinum. (except for the couple of places that don't have platinum cards)
I took the discover card because of the bt rate of 2.9 for 6 months, at the time, the rate after that was 12.9 fixed which is lower than most of my platinum accounts (except Chase). Then they upped it to 15.49 fixed after the fed. upped the prime. I have 3 platinum cards with a higher interest rate.
Discover was not very generous with the credit line. Not very stingy though either (I have 2 cards with higher limits, and 3 others with comparable limits).
They have a 25 day grace period - some of my accounts only have a 20 day grace.
Once I have had my account a little longer, I will barter for a lower interest rate.
RE: An Inferior Card
If Discover is an inferior card then let's have more inferior products like it.
2 of my clients were granted $10,000.00 lines and had them uped to $15,000.00 when they did a transfer!
Both people only were just establishing credit with about 18 months history!
You Proved My Point
Your evidence actually proves my point. Discover has to offer large limits to people with limited credit histories because the really prime cardholders can find better deals. Discover attracts lots of people who want the cashback feature, but few prime credit risks who carry balances. Discover charges decent, but far from competitive, rates on balances.