WHAT NOW? My Predictions on Capital One / Discover Credit Card Future (If The Deal Goes Through!)
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- Опубліковано 20 лют 2024
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Do you think they’ll still have the discover it cash back debit card??? 😢
Discover is pretty generous with credit limit increases. Capital One HATES giving CLIs.
Yup, C1 is stingy AF.
For all the Discover card holders, get ready to be denied for credit limit increases and be bucketed. Try to get your increases now before its to late.
May be true. If you don't like Capital One's current policies, don't expect Discover to influence them 🙂
My very first card was a Discover It card but I got my second card only one month later so it's not gonna hurt too much to get rid of my Discover card and get something else. I've never used Capital One but I've heard nothing except bad things and don't wanna have to deal with the headache.
@@Stonerman135they got my credit up went from 550 to 670 in a year with them but they refused to give me back my security deposit on my first card despite doubling the limit AND giving me another card. Closed that first card about a year ago and just closed my second because they refused to raise my limit despite my income doubling. Besides building credit they aren’t good at all
My discover card limit is 16.5k my cap 1 is 8.3k. I've had the cap 1 longer
@@nsantYou are ahead of the game dude. I have both credit cards 4 years now. Capital One cheap ass still has my limit @ $1,000. Regardless of how many times I asked or income change. Discover from time I opened the credit card with. I've seen 2 credit limit increases topped off @ $4,500.
Glad I never opened that Discover checking account I was looking to open. If this gets approved.. Run.. Run Away.. Heart Breaking to see Discover going away.
I came close to opening account also. I went with Citi.
Why? I have had a CapOne accounts since 2012, zero issues.
This will make Capitol One more prestigious. 😊
@@mikecumbo7531 Look through the comments I am not the only one saying Boo to this. Cap one is not Discover. People complain about The service, the products and the credit limits. Cap One bucket BS.
Oh, geez. Discover is my oldest card (nearly 30 years). I have always avoided Capital One. And now this???? What a disaster.
Discover has treated me better in the last two years than Capital One has in the last eight or nine years with Capital One. This sucks.
Discover is by far my oldest card. I hope this doesn’t screw us over.
It shouldn't.
I have a feeling we are going to get screwed. This will make the 3rd card company that I have had in the past 2 years that this happened. The other two was walmart and fingerhut and both screwed me out of my length of time on those accounts. yeah fingerhut was what I started with to get bad credit fixed many years ago and was my oldest.
Cap One is not a consumer friendly institution! I'll close my Discover accounts as it would not be worth.
I hope this doesn’t happen ! I love my discover !
Synergy means outsourcing customer service to cheaper venues like India. One feature that I love is that I can customize the look of my card for free. The payment network will be the only thing that Capital One will keep. Say goodbye to the 5% quarterly credit card.
You may be right.
I guess I’ll be canceling my discover card in the near future. Capital One doesn’t care about its customers.
I have 4 Capital One credit cards. I really only use one. My Savor One card for dining and groceries. The two Quicksilver cards and my Walmart rewards Mastercard barely get used. My Discover card is my favorite card. I hate to see Capital One take over.
I could see C1 relaunching the Diners Club brand and make a premium card geared for those who like to dine out or order delivery.
The thing which would most affect me is not the credit cards, but the banks. I have money on deposit at both Capital One and Discover Bank. If they merge, it would put me over the FDIC deposit insurance limit. I would have to move some funds elsewhere to stay under it.
This is unfortunate. I’d probably just shred my discover card and get more Amex cards, completely transitioning. I like to have one card from each processor, but I won’t play along with this.
Thank you for sharing this information with us
This was helpful and detailed. Thank you
Makes a card named : Discover Capital
Thanks. I did not know this.
The new name for Discover will probably be Discover One.
Excellent summary, will be a interesting 2024!
Plus, most banks also offer secure credit cards so there's plenty of alternatives to CO/ Discover for the new to or rebuilding credit crowd.
I was about to get this card . They better not take out the cash back the first year .
On their conference call the Cap1 ceo acknowledged that Discover's US based customer service has value and Cap 1 would take advantage of that. I would not assume that part of Discover will get quickly nerfed. They are bringing 3 members of the Discover team to the new BOD.
We will see!
This just opens up for other credit card companies to be able to merge together and people will have less choices of different types credit cards
Honestly I think this is all about the network. Yes the international acceptance needs to be worked but the opportunity to shift a large number of the lower tier cards over is huge. It also acts like an option that pays if/when the card act passes
Discover & capital one where my first credit cards & also where the ones to give a chance again so this amazing for me
Guess we'll have the Quicksilver discover card at some point
Discover IT miles is basically that. 1.5x Maybe just switch everyone over
Try as they may, and try as they might, getting approved for new Discover cards will become an uphill fight!
Maybe I can actually product change my discover unsecured card lol they keep telling me they can't product change anymore 😂
im very interested to see what happends with the Diners Club International brand when Capital One takes over. its quite an extensive network which is just kinda sitting there not doing anything under Discover.
Hi Adam, I really don't like Capital One and I have two Discover cards and I don't think I will be using them.
Nooo. I really HATE cap 1 ans have 4 Discover cards. If this happen ill get some more chase cards or citi so I can avoid being a cap 1 cardholder.😢
I think the thumb nail was a jab at me because of my previous comment on this topic and how I’m stressed that it could effect me being able to get the Savor One if this goes through🤣
Recently got a
Discover bank account. Guess that will switch to CO.
I find it to possibly be good and bad with the merger, I personally have many disagreements with Capital One and their practices but, if discovers payment processing gets a huge boost from Capital One that could be good. Capital One will make money off the payment network and simultaneously save money because they’re using an in house network. Then they will most likely boost the worldwide acceptance so I feel that, that aspect could be very lucrative for both parties.
Finally! Someone who understands! And not hating Capitol One!
Yeah things are going to get weird. I can see all the Discover (minus the It) and low end Capital One Cards moves to the New Capital One processing network, all previous Discover Cards that survive the Merger will lose First year cash back…I don’t know that it makes Capital One better though…
This makes me nervous. I'm blacklisted from capital one and haven't been able to get a card in the last 5 years after bk. I hope this doesn't affect my Discover card.
Seeing as how discover it is my first cc I'll never be closing it, but that said out of 13 cards I use it the second least....maybe 100-200 a year max, other than being newbie friendly Discover has nothing.
I love my Discover Csrd, I had it since 2009, I would hate to lose it, even though I don't carry a balance
I have a question regarding those of us who live in Puerto Rico. I know- because I tried- capital one doesn’t let you apply for a card with a Puerto Rico address… so what would happen in a renewal card? Discover is a very popular card here, I’ve seen multiple cards around the commerce.
I switched to Discover as my primary checking/savings account recently. How will that be affected?
I feel like they might change the discover card and make it similar to the chase freedom flex card. The quicksilver is basically the chase freedom unlimited. If they do make this change, the good thing is that instead of cash back, you can save up points for travel.
Discover It and Chase Freedom Flex already pretty similar, I would think Cap One would want to keep offering that one.
@@ProudMoney They are pretty similar, correct me if I'm wrong, the main difference is that discover it only gives you cash back, while chase freedom flex offers both cash back and redemption towards the chase portal. If Cap One changes the discover it, they might offer discover customers the options to redeem thing in the Cap One Portal.
I wonder how it’s gonna effect my discover personal loan
My prediction is that discover will hand out CLIs like hot cakes 😂😂😂…. After Capital one takes over you can kiss it goodbye
The Savor One card would be significantly worse if it was on the Discover network.
I have that card and use it all the time. I wonder how many restaurants accept Visa & Mastercard, but not Discover. I cancelled my Discover card more than 10 years ago. They used to be the only company which gave you cash back on your purchases. Now everyone does and Discover became obsolete.
I’m a Capital One card holder so I’m a little concerned about this.
IF Capital One acquires Discover an gets access to their card processing network they’d make money per transaction so a Apple + Capital One partnership would then make more sense for them and also an additional 20k or so U.S customer service employees to handle Apple end of month billing cycles ?🤔
My only credit card with Capital One is the Venture X, and I don’t have any Discover products. I don’t expect a merger to affect me adversely. That said, it would be interesting to see how C1’s product offerings will be influenced by the benefits and assets Discover brings to the table (and vice versa).
@@shit_for_brains I have another Visa Infinite card, so I’m good there. The Ritz Carlton card, which I’m working towards, offers far more benefits than the Venture X.
The only remaining benefits of having the Venture X are C1 Lounge access and transferring C1 miles to partners. The most valuable partner that Chase and Amex don’t have was Turkish Airlines. Following the devaluation, C1 miles would be best used to combine with Chase UR and Amex MR towards common transfer partners (such as Aeroplan, Flying Blue, and Virgin).
I don’t consider the $300 travel credit to be a benefit, but just something to justify the annual fee that you need (rather than want) to use up. And the Premier Collection has fewer hotels than Chase LHR or Amex FHR.
@@shit_for_brains I'd say that the VX is not going anywhere.
Can this means I will be able to get discover card again since I burned them on a chapter 7?
Honestly, I hope you are wrong. I hate seeing all of these mergers, and I hope that Discover and Capital One stay two separate companies!
One would hope that Discover network being another processing choice that Capital One would keep it as a lower price point. I have a feeling that they are going to be like the airlines and when one monkey does something (like raise the checked baggage fee) the other monkeys do the same thing. Did United really have to raise their fee after the others did so earlier this week? One might say no they did not HAVE to, but hey, $5 is $5 so they did.
I know that Capital One is a naming rights company, but I can't recall any stadiums/fields/arenas/courts or bowl games or other events with the Discover name. Or did I somehow miss it? I despise naming rights, so I imagine if there is a Discover 'something' out there, well, they are going to have spend some money to dismantle the signage and have new signs made and installed.
I haven't heard anything mentioned about the Discover banking side of things. As a member there, I am personally more concerned about possible changes there than even with the credit side. What do you think will happen with the banking products and services?
Capital One is pretty competitive in their rates I think, so I'm not sure there is cause for concern, but I assume over time accounts will be transitioned to Cap One. Do you have a specific concern?
@@ProudMoneyThank you for taking the time to reply, Adam. I guess my concern would tie into the Discover US-based customer service going away which you addressed. I've had very good experiences with them since opening my account in 2019, and I am hoping the transition is seamless. Luckily there are other options so we will see what plays out over next 12-24 months as you suggested. I wasn't sure if there was anything specific that might be gleaned but I suppose everything is still speculative at this point. I can't say overall (as a cardholder with both) that this merger inspires any sort of consumer confidence in me, but again time will tell and I will be patient. Thanks again for reporting on this, your insight has been a tremendous help.
Discover Bank pays good but not great rates. Usually Ally Bank will be a bit higher than them. Capital One is the same. Rates are good, but not great. CD rates at Capital One can run the gamut from great to lousy, depending on how much they need in deposits.
@@LoveClassicMusic0205 thanks for the heads up. I mainly kept Discover for the service and the rates, while a bit lower, were competitive for my use case. I'll definitely be on the lookout for another bank now, and Ally seems as good a choice as any.
What happens to the credit card age in regards to the credit report & score. I'm sure i'm not the only one that have a Discover card as one of their oldest continuous credit cards. Once those cards go the way of the dodo, will we all take a hit in our scores.
It is unlikely to hurt your score, the age of the account should remain the same.
what bank do you recommend i switch to if i decide to switch from discover once things start changing in the next couple of years?
US Bank, AmEx, maybe even Chase
American Express best customer service you will ever experience!
I would just close my Discover not a Cap1 fan
What do you think will happen with the Discover checking/savings accounts?
I assume they will slowly be transitioned to Cap One accounts at whatever the current rates and fees are. I can't see Cap 1 running things as 2 separate companies that still compete with each other.
@@ProudMoney I have accounts with both. I will have to move some funds to stay under the FDIC limit if they merge.
I sold my Discover shares just in case the deal is blocked. If the deal is blocked and Discover stock price falls I'll buy back the shares
I did, too. Not sure if I would buy them back or not, but the price was good and unlikely to get much better in the short term.
I don't know about this PM 💰 🤔🤔. Speaking about Discover customer service will be hard to beat and missed 💯. How will it go about credit limit increase's and the cash 💸 rewards you already accumulated ❓❗🤔
Once my card expires, Im not sticking around.
I have a debit card Capital One 360 it's going to charge
I love my Discover card 😢. How much would this affect my credit if I closed one or the other? Think I'll apply for a Chase card
Might be worth keeping just do small charge every few months
All things being equal, closing a credit card is going to negatively affect your credit score since your current available credit lines will decrease but your current credit usage stays the same and that means you are using more of your total credit. It is one of the things that can affect your score. How much it affects it, I don't know but if you are thinking of applying for any big thing (mortgage or car loans come to mind), I'd say don't do anything with any of your credit cards until that large purpose has taken place. Also, just as a reminder, be sure to go and check your credit reports at the annual credit report site and they are now available every week so you no longer have to get one at a time every 4 months.
It's my first and oldest credit card, it'd be a bad idea for me to close mine. I hope they don't make too many changes if they merge:/
At least their app will get better
we cant have nice things
I don’t want this. Then there will be different versions bullshit.
This is gonna suck so bad.
Combining two giant banks is gonna make it worse for everyone. Source: I work at a giant, merged bank. The fewer customers a bank has, the better for the customers and the employees.
👍
The day they announce approval, I will close Discover and never look back. Capital One was a major player in the predatory credit card racket in the early 2000's. Garbage bank.
Don't close it ,just don't use it,I heard that your score, will drop,if you close a credit card
I don’t wanna have all Mastercard cards. And I don’t want Capital One dominating my wallet with their cards. 😮
Totally agree! 2000% ..so much that I will have to make changes to my cards. Discover is perfect as it is now. Unfortunately, Discover has money issues.
You won't. If anything those MCs will move to the Discover network.
i will let them rollover my credit card till it expires let them cancel my card; time to switch banks i guess
Hey Man, I just watched your video and I must say that it was really informative and well-made.
I was wondering if I could help you edit your videos and repurpose your long videos into highly engaging shorts? I can also make high CTR thumbnails for your channel
How can this hurt discover card holders ?
It can't. Don't believe the fear mongers.
They lose competitive APYs, US based customer service reps, and those who pay interest may gain a higher APR. That and Discover also actively works with customers during rough financial times when they’re notified of doing so.
Yikes
Not Suckital One Discover is gonna go down the toilet
Crapital One 💩
This will make Capitol One more prestigious. Everybody hating on Cap 1 its been good for me. Discover is/was the true beginners card..
I’ve had a Capital One card for many many years. They are always asking me all the time, if I want an increase. I have excellent credit and don’t need an increase.
The reason they’re asking you if you want an increase is because they run a soft pole on your credit. You give them an excuse to do so. Capital one is the most litigious bank in the United States they are horrible to deal with.
Discover is my oldest credit card (10 years). I don’t use it anymore because I’ve moved on to better cards, but people are definitely over reacting to this
What cards are better?
This is horseshit capital one is trash.
Agreed, they are trash.
Is your name Justin? I can understand your first name or name is general because you talk TOO FAST could please slow down with what you're saying? It's hard to understand you sometime??
I can't understand you sometimes because you talk too fast slow down....
7:12 welp I'll be dumping discover then without the customer service. They are top notch. F capital one
First
👍👍👍
If Pocahontas is against it,I'm suddenly for it. Let's discover how she keeps getting reelected.
🙄