- Platinum Member
- Posts: 99
- Joined: Thu Oct 28, 2010 1:17 pm
- Location: Chicago
When you strip away the attempts at PR and marketing hype and try to focus on real actions it seems pretty clear to me that Discover has become a good deal more competitive. Now whether this is sustainable or just part of a cycle ; ie meaning are they reliable, remains to be seen.
From what I've seen and heard, its my clear impression that they have become more competitive on credit card fundamentals in line assignments, lowering interest rates and granting line increases; over the past 2 or 3 years. I talked to a relative who had a problem with them a while back ( the memory of problems ling with customers, me included) but who now gets 3% cash back unlimited on everything (I don't) and just got a CLI in 3 months.
Supposively they say they won't reduce APRs below 11.99 but I've heard of people with lower rates than that ( excluding balance transfers). Most other issuers go meaningingfully lower with their APR and should too since their cost of money is probably less than 2%
The real test though will be to see how they behave over time.
2 apparent constants though seem to be clear regardless of good or bad for them. A real committment to have the best credit card website out there. The second is an ongoing attempt to differentiate themselves by advertising friendly customer service rather than market themselves on the real reasons people get , use or keep a card: credit lines, rates, rewards and acceptance.