So Discover wants me to sign up for a 2nd IT card LOL

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
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Tubpbs
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Re: So Discover wants me to sign up for a 2nd IT card LOL

Postby Tubpbs » Tue Dec 01, 2015 6:10 am

4ktvs wrote:
Tubpbs wrote:As a side note I don't plan on ever having a Chase issued card co-branded or not so I won't have to worry about the fact they give you what your stuck with forever. I view them as a high risk of default on their end of the contract so I don't wish to approve that risk into my credit profile.


Is the above intended to mean you think Chase is going to default as a bank?


No I don't think they are going to default as a bank, I just don't want to deal with a toxic sub prime lender like them. I shall not pay a monthly account fee on a credit card just because I avoid paying interest via paying in full on time before the due date. The terms they have listed avoid the fact they add what ever kind of fee they feel like and then tell customers it's because you don't carry a balance that pays them interest.

All the above is saying is I plan to avoid Chase issued credit cards that's all.


I'm still not sure I unserstand specifically what you mean...
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BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It


Vermonster
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Re: So Discover wants me to sign up for a 2nd IT card LOL

Postby Vermonster » Tue Dec 01, 2015 11:25 am

4ktvs wrote:No I don't think they are going to default as a bank, I just don't want to deal with a toxic sub prime lender like them. I shall not pay a monthly account fee on a credit card just because I avoid paying interest via paying in full on time before the due date. The terms they have listed avoid the fact they add what ever kind of fee they feel like and then tell customers it's because you don't carry a balance that pays them interest.

All the above is saying is I plan to avoid Chase issued credit cards that's all.


Chase is by no means sub-prime. They have arguably the best portfolio of cards on the market. I'm not really sure where you're getting this information about them charging a fee for PIF. I've been with Chase for 3 years now and have never heard of this.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

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CarefulBuilder14
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Re: So Discover wants me to sign up for a 2nd IT card LOL

Postby CarefulBuilder14 » Tue Dec 01, 2015 11:56 am

Chase has some varieties of checking accounts that charge high fees if you don't have a balance of a few thousand or enable direct deposit.

As someone with four Chase cards, I can say that the rewards programs are pretty nice (despite nerfing on Freedom) and I've never paid a fee because I didn't carry a balance.

They have about their share of legal and regulatory problems for a giant bank, but I've not specifically heard this.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

4ktvs
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Re: So Discover wants me to sign up for a 2nd IT card LOL

Postby 4ktvs » Tue Dec 01, 2015 1:31 pm

Vermonster wrote:
4ktvs wrote:No I don't think they are going to default as a bank, I just don't want to deal with a toxic sub prime lender like them. I shall not pay a monthly account fee on a credit card just because I avoid paying interest via paying in full on time before the due date. The terms they have listed avoid the fact they add what ever kind of fee they feel like and then tell customers it's because you don't carry a balance that pays them interest.

All the above is saying is I plan to avoid Chase issued credit cards that's all.


Chase is by no means sub-prime. They have arguably the best portfolio of cards on the market. I'm not really sure where you're getting this information about them charging a fee for PIF. I've been with Chase for 3 years now and have never heard of this.


My family member who was burned by them in 2008 who had over half of there total line of credit with them. They had an 800+ Fico with a spotless clean credit report(s). Chase had put in this monthly account fee for credit card customers that were in good standing that had all accounts paid as agreed but did not pay them interest. Via Pay in full or because of an agreement for a %0 APR promo. They closed every account they had with Chase. You were not given any heads up when they do this fee, they just do it and even if you want to close the account you still had to pay it before closing.

I like to avoid risk and so because I find this bank to be at a high risk of contract default or to commit breach of contract I shall avoid them. I can do with out there products as there are many other choices out there. (I know there is always a risk with any bank or any contract you sign, I just view them as higher risk.)

I know 2008 was some time ago, but again with so many other choices I personally feel it's best to avoid them. Some like Chase or I should I say a lot due to there size and that's fine. Everyone has there 2 cents and mine is I would like to avoid doing business with Chase.

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CarefulBuilder14
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Re: So Discover wants me to sign up for a 2nd IT card LOL

Postby CarefulBuilder14 » Tue Dec 01, 2015 2:01 pm

Do you know which particular card it was?
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

Tubpbs
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Re: So Discover wants me to sign up for a 2nd IT card LOL

Postby Tubpbs » Tue Dec 01, 2015 2:17 pm

I would say that your position would make sense if the information you were relying on was accurate. I think there is a very small chance that the information was communicated to you properly by your relative in terms of Chase's actions or that they are not giving you the complete picture from their side... There were substantial restrictions placed on card issuers with the credit card act of 2009, so anything is possible, but I don't think the info you got makes sense or is true or something... It doesn't add up. There is no value for Chase to push an A+ customer into closing their cards, whether they get the fee they wanted or not. They would rather have the person spend tons of money, get the swipe fees, and have that person pay their bill on time and in full than force them out... I'm not suggesting you should do any banking with Chase, but I am suggesting that you may be relying on inaccurate information.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

4ktvs
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Re: So Discover wants me to sign up for a 2nd IT card LOL

Postby 4ktvs » Fri Dec 04, 2015 4:40 pm

Tubpbs wrote:I would say that your position would make sense if the information you were relying on was accurate. I think there is a very small chance that the information was communicated to you properly by your relative in terms of Chase's actions or that they are not giving you the complete picture from their side... There were substantial restrictions placed on card issuers with the credit card act of 2009, so anything is possible, but I don't think the info you got makes sense or is true or something... It doesn't add up. There is no value for Chase to push an A+ customer into closing their cards, whether they get the fee they wanted or not. They would rather have the person spend tons of money, get the swipe fees, and have that person pay their bill on time and in full than force them out... I'm not suggesting you should do any banking with Chase, but I am suggesting that you may be relying on inaccurate information.


This happened before the card act of 2009 and happened as the whole banking system was melting down in 2008. It was pre-bail out and banks were sinking left and right. There was no life boat yet for any of them when this this happened.

I would have done the same if it happened to me as I don't believe that one should have to beg any bank to issue a card/keep the one you have open when there are many other choices out there.

Edit: I have no idea what Chase card it was. It likely no longer exist/can not be applied for.



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