Discover Gets Approval To Become A Bank

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
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Mogul of Pineapples
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Discover Gets Approval To Become A Bank

Postby Mogul of Pineapples » Sat Dec 20, 2008 10:05 pm

On Friday Discover Financial Services (issuer of Discover credit cards) got approval from the Federal Reserve to become a bank holding company and they expect to get $400 million to $1.2 billion from the TARP funds as a result.

Discover is following in the steps of American Express who did the same things just weeks ago, but Amex has not used any TARP funds yet even though they have access to them now.

How much more in TARP funds are left? From my rough estimates we've had to have used up at least $400 billion of it so far. How much is left?
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred


1bootcamp
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Postby 1bootcamp » Sun Dec 21, 2008 2:34 pm

I don't think there's much left. Doesn't Discover do two or dual cycle billing? They really need to stop that if they are going to be benefiting from tarp money.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Tue Dec 23, 2008 3:21 pm

When 2010 rolls around all cards, including any Discover credit cards that do that two cycle billing, will have to stop. But yes they should be stopping that now, not 18 months from now. I think only a couple of their cards do that but I could be wrong.

Most importantly, we need account from and each and every one of these "banks" taking the TARP funds. We deserve to see dollar for dollar how our tax money is being spent.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

AnthonyBarone
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Postby AnthonyBarone » Thu Dec 25, 2008 9:15 pm

Don't the feds get a stake in Discover now? Them sons of guns better not be taking up too much stake in my Discover.



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