Discover - Why They're Successful
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- Опубліковано 27 лют 2024
- This video outlines how Discover grew into one of the big 4 credit card networks in the United States.
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Sears losing money to help the growth of the discover card is like mario letting yoshi fall into a ditch to get a higher jump
I’ve done that before… I think we all have. Poor Yoshi!
@@always-aliciaThere were levels where it was necessary to just dump the poor little guy. Miyamoto was a monster! 😂
Can't you think of an analogy that's not vidya-related
Ah yes... the "abandon Yoshi" maneuver!
After Capital One buys them out "why discover is struggling" will be next 😂
Seriously. The only way said merger goes through is if CapitalOne is forced to migrate all its cards to the Discover Network. It will likely sink both companies.
I remember going to Disney Animal Kingdom in the late 90s, and one of the cashiers told my dad they hadn't discovered Discover yet.
Hopefully Six Flags Discovery Kingdom has discovered Discover.
Hopefully we all scream for ice cream.
Lol
My first credit card was a discover card I got when I was in college in 1993. I sent in a paper application, and the first response I got back was a bill for $350. Turns out I was approved and was mailed a card which was stolen out of the mail and charged up to my $350 limit.
Did they find the perp who stole it?
My first credit card was from Providian, a predatory card issuer back when I was about 19. It had a $200 limit with an obscene interest rate and I never intended to use it - I just wanted to get my credit into a spot where I could get a car loan some day. As soon as I was approved it was nearly at the limit full of junk fees. Things like a $50 'application fee', a $35 'processing fee', $25 'activation fee', $35 one-time 'membership fee'. Oh and better pay those fees off quickly because it was something like 24% APR. Looking back, yea, I was stupid. But I learned, and it did help my credit quite a bit.
@@jaymzx0 Then, in spite of your (valid) complaints, your strategy succeeded. Bravo.
@@jaymzx0 Then, in spite of your (valid) complaints, your strategy succeeded. Bravo.
I just ordered that vintage card, still an option to this day "dawn of discover"
Just in time before they’re officially bought out
I highly doubt our government will let it go through
@@thrasherx2k1 I think there are valid cases for letting the deal go through and for blocking the deal
@@thrasherx2k1I hope so. I like discover
@@answerman9933 capital one
@@answerman9933capital One
I have held a dicover card for over a year now and it has been great. They didn’t lure me in due to the “perks” but because they stated that I’ll get approved regardless of credit history (which I had none) so I applied and thanks to it I have a good history (thank goodness 😂) and yeah there is a lot of perks
That was my story as well. I had no credit, ended up going with Discover and I’m so happy I did. About six months before I applied for Discover, I applied for a Target RedCard and that was probably the stupidest mistake I could have done. I ended up getting denied and that took forever to fall off my credit. I’ve have had nothing but positive things to say about them, they helped me with an issue right away that I experienced. The system is so user friendly, and I gotten a decent amount in rewards. Next month will be 2 years with them.
I remember when Sears offered everything from “socks to stocks” as part of their Sears Financial Network empire, including Sears Savings Bank and Allstate Savings & Loan in the 80’s.
Interesting video. Here in Europe, I had never heard about Discover until this morning.
More the merrier 🤗
you do see the logo at very big tourist hotspots and some ATM's but don't count on them.
I’ve used it in the England & Egypt.
I really like there customer service being in the U.S. Alway had a good experience with Discover card.
Imagine where Sears would be now if they haven't spun-off Discover.
Yes...the same place they are in now... nowhere!
Refusal to change will hurt any business! Ask Montgomery wards! 😅
I’m a Discover car holder, and honestly it was the low barrier to entry for getting a card, I’m 21 and lived with a family that was terrified of credit cards because they perceive them as too risky, so I had no credit history except for a car note. Funny thing is, within 2 months of getting it, my credit score jumped ~45 points bc I always make the full payment and usually make payments in the middle of periods to keep my credit utilization down
Been having a discover CC since I was 18 with 1000 credit limit and now that I’m 26 my credit limit is 15k
It's interesting you mention Allstate insurance. My great grandfather was one of the first people that worked there and by the time he retired, he was the chief purchasing agent
No foreign transaction fees is a nice benefit of the free Discover card.
Ill always appreciate them for giving me my first credit card and keeping it simple
They believed in me when no one else did. That meant a lot to me.
right? they really are pretty great in my eyes. simple and easy to use; the common man's credit card if you will@@proallnighter
I love that they have real customer service agents 24/7. I can't imagine that would continue if they get bought out ☹️
Discover is *the* starter card due to approving everyone but the terms just get uncompetitive (credit limit, interest rate) as you build credit and qualify for more cards.
Perfect match, for Capital One.
If you're paying interest on credit cards you're credit carding wrong (thanks for sponsoring the cash back though lol)
As much as I hate getting myself in debt, having a credit card can really make transactions a lot faster and more convenient...until receiving the statement of account
I'm glad that I "Discovered" You! Honestly Company Man is the one channel that I can't recommend enough. Been watching you since a kid and now I'm almost graduating!
From what grade
Grade 9 or 8 I wanna say@@ryanjohnson4565
I got my Discover card back in 1997 and back then it was still a bit of a crapshoot whether or not it was accepted. I still find vendors that don't accept it today, but it's extremely rare now.
Discover helped me get out of other credit card debt by giving me a large line of credit with 18 months no interest and no cash transfer fee. I am a customer for life.
Same here
Discover customer service is great and i have used them for very important personal consolidation loans. I would definitely use them again
Some serious feedback. YOur cadence when reading your copy, and the editing I really appreciate. You keep the pace up and you don't stuff your video with fluff and time wasters, or needlessly drag the read or edits. Good job on you and your editors.
My family has been using Discover since it came out, it's my mother's preferred card for everything. And I remember a time where she would get side-eyed by businesses for using one.
they were just jealous, lol
I worked for 3 years at a gas station, I saw all the credit card brands, except maybe not the Diners Club card, I'd give a side eye if the card was from a Canadian bank and we'd get Canadian customers a few times per month. Lolol
@@grahamjones5400What’s the problem with Canadian banks?
Same, that's part of the reason I ended up with a Visa. I remember how weird it was when my mom tried using Discover.
I used to have a Discover It NHL themed card, but then I moved to Canada where it's not accepted most places, and in the wrong currency. I guess with a lot of small businesses (and even massive corporations like the two largest sports venues in Calgary) now using Square, the acceptance rate has gone up in recent years, but they still don't have a CAD card. Maybe Capital One's acquisition would help with that.
I live in a border region, I’ve never had an issue using my Discover over there. My debit card charges a foreign transaction fee, Discover hasn’t to this point.
Last time I was in Canada, Mastercard was far more dominant than any other kind of card. Which was annoying to me because my Mastercard was the one card I left at home when traveling to Canada. Doh.
@deSkyOh really? My experience has been vastly Visa in Calgary. I'd say 75% of credit card users that walked into 7-Eleven when I worked there were Visas, with 20% Mastercard and 5% Amex. My wallet is exclusively Visa at the moment, across three cards.
@@AustinSersendiverisfy😅
Would love to see a video on perkins, grew up with them around but last 10 years or more all the local restaurants closed. Always wondered why
Started with a bank MasterCard. Then I got a Discover which I used for 7 years. Now I have graduated to American Express.
Whatever CC you get have the full 30 day balance paid automatically and zero interest will accrue. On top of that you get 30 days free credit and it boosts your credit score.
I worked at Sears in early 2000 when discover had long been sold off. I attended a management meeting at one of the old discover office floors. Really weird to see all that empty space
DCC was my first CC. I became a member simply because no other banks would offer a student without a credit history a CC. I am still a member after all these years.
Even today they are recommended card for people who don't have credit
Discover was my first card. Great customer service, high credit limit & cash back match the first year.
Holy cow that old discover card gave me some serious memories of my mom's purse back in the day 😂
You can still get that old design for it
@johna9994 yup and I absolutely got that design!
hey you should do hess gas stations the ones that did the model cars
Love them. My first card.
I would like to mention their savings interest rate. They increased mine to 4.5% less than a year after opening it. 🙀
It's due to the increased interest rate from the federal government.
4.5%??? What in the barnyard
@@Jopn83I get the same with Fidelity Cash Management Account. It’s a brokerage & checking account combined. It’s also FDIC insured unlike other brokerage accounts.
I have had discover card for over 30 years now. Got it in college. But I don't use it much anymore since I got tired of the rare, but occasional, "we don't take Discover" at a small merchant. So I just started using my VISA more. I still keep it just to keep my credit rating intact.
You should put a Netflix or UA-cam Premium account charge on it monthly and pay it off with Auto Pay so you don't lose it. A friend of mine just had theirs shut down and it killed the age of their credit
You should do a video on Valve they are interesting and have had a wild history
Thanks for explaining Company Man.
But he didn’t explain company man. He explained Discover.
The running gag about Discover when it was in its infancy was "The first thing you Discover when you get the card is that no one accepts it!"
I’m a capitol one card holder in the UK. Discover isn’t that excepted basically anywhere in the uk so it’ll be interesting to see if it gets bigger here at all
I've had a Discover card for over twenty years and it's my main card. I do enjoy the money back. I pay it off every month. Not looking forward to the Capital One merger. Interesting enough, I have a capital one card I use as a backup when a merchant doesn't accept a discover card.
I may have never signed up for a Discover Card had I not been offered an incentive back in 2005, back when it was more common for places to offer bonuses like, say, a free camera if you signed up for several different services or subscriptions. I never did end up jumping through enough hoops to get a camera, but Discover did up becoming one of my more commonly used credit cards.
Makes sense!
Love Discover!! Was my first card. Their customer service has been the best compared to chase and capital one! I hate chase with a passion.
My Discover beats my Chase cards. No International Transfer Fee, no Annual Fee, and a lower interest rate😊
Started using the Discover card at least by the early 90's. Discover has been the least likely to screw me over with late fees if i forgot a payment or jacked up interest rates. Discover is also 5% or more lower than any other card i own.
If you're paying interest on your credit card, you need to cut it up and throw it away immediately.
I love that their customer service is all in the US. Someone hacked my card and the person was extremely helpful. Additionally since we have been customers for so long they recently offered us 1.9% interest on purchases for a few months and 2 months after that ends to pay it off at that rate.
I have had a Discover it card forever. It's good for regular life if you don't keep balances. The interest rate on personal loans are horrible.
I got a mortgage refi with them as well. Rate was a few points higher than others but there were no closing costs at all. The fact that I was not planning on carrying the lone for more than a few years saved me thousands in closing costs it trade for a few hundred in interest
Damn, been waiting for you to make one on discover and now capital one is going to buy them
Maybe if the cost of daily living wasn't so high, some of us wouldn't have multiple maxed out cards.... (and maybe cities weren't planned so inefficiently, things won't be so expensive SoonerLater)
Yeah I’m trying to discover why they’re successful as well.
😂 🍻
I see what you did there.
It took me SO LONG to finally get my credit good enough or how they wanted it to get my Discover card!
Now I just need to wait for a bit and pay down some other cards, and I can eventually obtain an American Express card. To have all four.
Interesting video!
Damn, I miss Sears
When I first got a discover card, nobody accepted them! What a crazy video to watch!
Good question. I have a capital one credit card and own shares of both companies via ETF.
When I first got my Discover card back in 2006, it seemed like gas stations were the only businesses around me that accepted it.
Discover: My first credit card that I Discovered.
Discover is hands down my favorite card. Good perks, support is localized and they have never given me trouble with fraud charges or merchants not honoring their promises. Plus I have a sweet Polar Bear themed card.
One of the only places near me that doesn't accept Discover Card is Krispy Kreme.
Lots of information here, this reply thread is a gold mine.
I've had my Discover Card since 1986. Use it all the time and pay it off every month.
They used to sponsor a mall called Discover Mills.
My mom tried to use a Discover card in France and all the vendors were sooo confused-it was not a thing there!
I hope they get very closely incorporated into capital one because that’s who I have my credit card through and it’s a master card and I hate that it isn’t accepted at certain places where my friend’s discover card is
Ah yes, a Discover card. He's in an exclusive club called ANYONE.
3:23 "They have been credited"
I got a charge out of that one.
It piqued your interest, ehh?
1:18 is perfectly evocative of the consumeristic trends of postwar America
So the one thing Discover has over all the others (I use them for banking and credit) is that their customer service is unmatched. I cannot think of a company honestly that has been as generous to their users than Discover.
Love Discover savings account, hope they keep the interest rates the same.
Could you do a video on Joann Fabric and Michael’s?
Hopefully the SEC stops the merger with Capital One, there needs to be more competition, not less.
Sec is a joke
Wouldn't it be the FTC to sue to block any merger?
Almost universally, the goal of corporate acquisitions is to increase profit of the combined company. This is done by destroying competition and consumer choice. I vote for blocking the sale.
It seems like it's been a long time since any merger has been blocked by antitrust laws
@@FrenchCelt Doesn't matter...The government can't do anything right.
I had to get a cash secured discover card 6 years ago to build credit. Even back then they weren’t widely accepted😊
they are a great product for many middle class americans. they offer competitive rewards and are reasonably easy to attain with moderate to good credit scores and like you said they are usually accepted in places where something like an amex wouldnt be so its a good balance.
Hey, Company Man. Can you please do a Versus video on CBS (Columbia Broadcasting System) vs. NBC (National Broadcasting Company) vs. ABC (American Broadcasting Company)? I want to know the comparisons between the big 3 television networks in terms of their origins on how they started, their best primetime shows, their news and sports programming, they all used to air saturday morning cartoons, among other things. Would you mind doing a video on all 3 of them?
Discover was my first credit card. I obtained it in either 1986 or 1987. I don't remember why I canceled the card after a few years, but I still have the small duffle bag they sent me on my one-year anniversary as a card holder.
Should be interesting to see how the merger influences this.
Pretty cool how Sears bought a mortgage firm but my question is does brand loyalty (the stated reason) apply to big decisions like mortgages? At least from what I think probably not.
Capital one and discover are the credit cards for the masses it'll make the jump globally soon.
Always enjoy your videos! 🤟🏾🤟🏾🤟🏾
Keep it up!
Thanks!
So, mentioning about credit/debit cards and the incentive to get one only if a place has the equipment for it, could you do a video on the invention of the credit/debit card?
Their new top card will be the Venture X, Discover Card!
Not a thing in UK, we only have Visa, MasterCard and to a degree Amex, but the latter one of those not universally accepted so couldn't only have that one. Like you say, hard to launch it here as no-one wants it if nowhere takes it and vice versa.
First major credit card I owned.
For years Discover used to brag about having customer services humans based in the USA (one of them is in Delaware) unlike most of others who have shipped it off to India or other non-USA country. I bet that will be one of the first changes when Capitol One takes over.
I love my discover it credit card. I've had one for years. I value Mastercard more though. I don't think discover will ever be bigger than American express, visa, or, Mastercard though.
Today, I have Visa only. In the past I had Visa, MasterCard, and Discover. Sears was the reason for the Discover card. No annual fee for me as the reason I did not have American Express. With all the interest fees on cards, I really don't want any and usually just pay cash. By the way, why are interest rates so high on these cards? It's almost akin to that of a loan shark.
That would require the early life section of the wikipedia page
"Yeah, like I'd be seen with a Discover card!!! As if"
I like that if you call customer service for Discover- you'll talk to an American.
If Capitol One buys and Sri Lanka answers the phone, I'll change things
What I don’t understand is how Sears failed but Discover flourished
Eddie Lampbert just drained it for all it was worth
Because Walmart
Sears had the opportunity to get ahead of the online marketplace and never did
They sold it off to Goldman Sachs.
@@MrMedeiros223 Exactly.
Higher interest rates and debt amount is great if you're a bank and your debtors are actually making their minimum payments.
Except delinquency and default rates are rising too.
But don't worry, I'm sure nothing bad will come out of this.
I am a Discover customer. I Love my Discover Card. Discover has great customer service. March 10, 2024
Hey company man: Can you make a video about the Chemours scandal that is happening?
I don’t k ow a single person with a discover card.
sad!
So only married couples huh?
I don’t k ow anyone. It’s not nice to do such things.
For anyone watching this I doubt the Capitol one and American Express deal go through it’ll cause more problems then fixing them
I have been with them since 97 and loved them above all. I have had almost all accounts the offer. The customer service is just awesome and that is just my opinion. I hope they do not merger! I will always prefer them.
Company man, why you are so successful
Discover has/had a deal for both the person referring and the person being referred to get $100 at sign on. Was a pretty good deal for a student
Discover has the best customer service.
I disagree.
Discover is a weird one. It seems to be super common in the US but is virtually unheard of anywhere else. We get a lot of US visitors who use them here and it's always confusing because we're not sure what a Discover card is and many of us have never heard of it before.
Good. We like it that way. America first! MAGA! Trump 2024 Lets Gooooooo!!!!
@@HeroicRecapslol wat?
@@Puddspanker buzz off bozo
@@Puddspanker It's U.S. election season
Why would you have to know what it is for you to run it as a credit card?
Discover tried to sign me up, but the interest rate was crazy, like 20% APR
Sad thing is that’s considered low. 27.99, 29.99 and higher is becoming the norm.