I'm a customer of both Capital One and Discover. I have checking, savings, and credit cards at CapOne, and a credit card with Discover. What will this get me? Probably nothing positive. I was...
I'm a customer of both Capital One and Discover. I have checking, savings, and credit cards at CapOne, and a credit card with Discover. What will this get me? Probably nothing positive.
I was customer of a FinTech, app-only bank called Simple. It really was simple to use and understand, and most importantly, free. Then they got bought by BBVA, and shortly after BBVA was purchased by PNC. And what happened after that? PNC converted my free checking account to a for-fee checking account. They gave me like my 6mo of no-fee since my account was free at Simple and BBVA. I still closed my account before the fee kicked-in. So after all that, I as a consumer got nothing out of it.
I imagine something similar would happen here. All these "savings" to the company due to "synergies," and yet, I and millions of others will be left holding the bag, with lower savings interest rates, higher loan rates, and reduced services a features.
I was an ING customer who was getting 5% interest in a savings account. Then Capital one purchase them and changed it to a 0.5% interest account. I also had a car loan through another bank,...
I was an ING customer who was getting 5% interest in a savings account.
Then Capital one purchase them and changed it to a 0.5% interest account.
I also had a car loan through another bank, Capital One bought that and fucked with the terms.
Fuck Capital One and fuck companies consolidating like this. We need Teddy back to just up these big companies.
That would require me to get a Capital One account though, and I hold grudges. I thought about getting a 7 month CD from my bank (PNC) for a few thousand dollars.
That would require me to get a Capital One account though, and I hold grudges.
I thought about getting a 7 month CD from my bank (PNC) for a few thousand dollars.
Glad to see another former Simple user out there. I didn’t use mine much but felt the concept was great if a little ahead of its time. I too was sad to see them get bought out and enshittified.
Glad to see another former Simple user out there. I didn’t use mine much but felt the concept was great if a little ahead of its time. I too was sad to see them get bought out and enshittified.
Similar situation. Simple was never my "main" bank; I mostly used it as another place to squirrel away money here and there. I did like the all-white debit card, though; that was kinda unique at...
Similar situation. Simple was never my "main" bank; I mostly used it as another place to squirrel away money here and there. I did like the all-white debit card, though; that was kinda unique at the time. Either way, I was also sad to see it go. But I've found others like Varo. I also use Digit (now Opportun) for automated savings. That thing saves like a maniac, which is great! It's not free, which is fine, so hopefully that means it has better staying power.
I had similar problems with traditional banks. Joining a credit union was the best thing I could do as a young adult. Cut my costs of just handling money, I had lower account balance minimums (if...
I had similar problems with traditional banks. Joining a credit union was the best thing I could do as a young adult. Cut my costs of just handling money, I had lower account balance minimums (if I had $25 in my account I wasn't getting charged a fee), better interest rates, everything was better. Also my credit card's credit was capped relative to my salary, which seemed very sensible, rather than some made up equation used by for-profit credit card companies to make sure they milk you to the fullest.
I hope a lot of people take the opportunity to join a credit union. There are lots of regional/local CUs that provide great service and even have ATMs. There are also large credit unions that cater to specific groups of people and have some pretty good online apps and web interfaces. Customer service is also typically in the U.S., or in my case down the street (local CU). I do recommend keeping a credit card at a big provider, because there are a lot of incentives for that for people who can spend responsibly. But everything else, a CU makes a lot of sense.
I also was a Simple user who immediately canceled my account as soon as BBVA announced their fee-structure. I also have a Discover CC and I love the benefits I get from it, plus it's my highest...
I also was a Simple user who immediately canceled my account as soon as BBVA announced their fee-structure.
I also have a Discover CC and I love the benefits I get from it, plus it's my highest credit limit card. I don't want it to be bought out by Capital One who might mess with my terms and benefits, even though I pay my card off each month.
Strategically this is an interesting merger. The newly combined entity would basically be a mini-Amex - C1 would get their own payment rails, and Discover would get access to much more capital...
Strategically this is an interesting merger. The newly combined entity would basically be a mini-Amex - C1 would get their own payment rails, and Discover would get access to much more capital (you could even say, capital one) for their issuing business.
In terms of combination, it could be better. If this causes C1 to move all of their cards to be on Discover's rails, that's significant competition for V/MC and Amex that wasn't there before. Well, more significant than before. There is the loss of Discover as an issuing bank but they're so small in that role I don't think it really changes anything, and the payment rails industry has much less competition than the issuing bank industry.
Interesting to see this. IMHO Discover has been on a downward spiral for years. A few years back they cut basically every benefit that made their cards worth having, like Discover Deals and...
Interesting to see this. IMHO Discover has been on a downward spiral for years. A few years back they cut basically every benefit that made their cards worth having, like Discover Deals and extended warranty coverage. Rotating 5% categories were boring without other benefits and not worth chasing. I always assumed they were on their way out and never saw any value in their latest neutered products.
Rotating 5% cash back with no fees alone makes my Discover card my favorite card. The categories are generally very broad, and a 3 month period is long enough that you'll almost definitely have...
Rotating 5% cash back with no fees alone makes my Discover card my favorite card.
The categories are generally very broad, and a 3 month period is long enough that you'll almost definitely have purchases you can use it for while still being short enough I can hold off on a major purchase if I see its category coming up once they announce it.
I haven't found any other accessible card nearly as good, and alongside a general 2% cash back card it's about as optimized as you can get for basic cash back without fees, churning, abnormally high spending, or direct point redemption for things like travel.
The chase freedom flex does 5% rotating categories and also has no annual fee. Plus if you have multiple chase cards, you can move points between them. So if you earn on a freedom flex and redeem...
The chase freedom flex does 5% rotating categories and also has no annual fee. Plus if you have multiple chase cards, you can move points between them. So if you earn on a freedom flex and redeem for travel on a sapphire reserve (which has a 50% on travel redemptions) then you're effectively earning 7.5% cash back.
With discover I think the the best way to stretch your points is to redeem for gift cards.
This person credit cards! I have a shared note with my wife to remind us which cards to use for what every quarter to maximize cash back. We have a Freedom (pre-Flex, which I think is now MC but...
This person credit cards! I have a shared note with my wife to remind us which cards to use for what every quarter to maximize cash back. We have a Freedom (pre-Flex, which I think is now MC but is Visa for us), Discover, Amazon Visa, and Freedom Unlimited. Been doing it for years and we do pretty well on points annually.
I could see that. There are a few other rotating 5% cards out there too that aren’t hard to get ahold of. I do like the breadth of categories with Discover, I just got tired of having to...
I could see that. There are a few other rotating 5% cards out there too that aren’t hard to get ahold of. I do like the breadth of categories with Discover, I just got tired of having to micromanage their cash back and hope it all credited properly. Was more of an issue in the time of Discover Deals but I honestly just fatigued from chasing categories and moved to a general purpose 2% card for everything. Except Target, where their 5% card earns its keep easily with the in-house perks!
The only time I really used my Discover card was during the holidays, since Amazon, Target, and Wal-Mart are typically within that category around that time. But then I got a Chase Amazon Visa so...
The only time I really used my Discover card was during the holidays, since Amazon, Target, and Wal-Mart are typically within that category around that time. But then I got a Chase Amazon Visa so I always get 5% back on Amazon purchases. And then I also got a Target Red Debit card; that also gives 5% discount. So my Discover card kinda got neutered.
I only use it these days for subscriptions, utilities, and the occasional DoorDash (it's the default card on my ApplePay).
I've had a Discover card for 35 years; it was my first credit card I got right out of college. I've seen a decline in their customer support. Last year I had an erroneous charge from Walmart and I...
I've had a Discover card for 35 years; it was my first credit card I got right out of college. I've seen a decline in their customer support. Last year I had an erroneous charge from Walmart and I disputed it. Walmart sent Discover a blank invoice with no line items on it in support of the charge. Discover declined the dispute. I disputed the charge again, citing the blank invoice, and Discover declined the dispute again. But I continue to keep the card due to the 5% cashback periods and no annual fees.
I experienced this as well; once the customer service went down and the other benefits disappeared, I switched to other cards. I still have the Discover in a drawer somewhere, makes you wonder if...
I experienced this as well; once the customer service went down and the other benefits disappeared, I switched to other cards. I still have the Discover in a drawer somewhere, makes you wonder if they ever cancel for inactivity.
My friends at both Capital One and Discover were shocked by this news as neither company seemed to have announced this internally earlier and these articles broke the news to them earlier today....
My friends at both Capital One and Discover were shocked by this news as neither company seemed to have announced this internally earlier and these articles broke the news to them earlier today. I'm a bit surprised to read everyone's negative experiences with Capital One as people I know who bank with them haven't had any issues with them. That being said, it's sad to see another choice get gobbled up by the competition as its only the consumers that suffer.
While I don't want to see CapOne gobble up another large bank (and network), I'm happily a CapOne customer. Out of all the banks I've dealt with, including credit unions, they've always been my...
While I don't want to see CapOne gobble up another large bank (and network), I'm happily a CapOne customer. Out of all the banks I've dealt with, including credit unions, they've always been my favorite. They've always had the highest savings APYs, even back in the day. And their CCs are always great. They're the second-longest banking relationship I have at almost 20yrs.
That said, I was always a customer of CapOne and not of one of the banks they purchased. I'm sure that colors our various experiences.
For some reason I think this is more than just buying an entity out. I think it may have to do more with shuffling and balancing the debt so they are solvent as one vs having more risk being separate
For some reason I think this is more than just buying an entity out. I think it may have to do more with shuffling and balancing the debt so they are solvent as one vs having more risk being separate
I'm a customer of both Capital One and Discover. I have checking, savings, and credit cards at CapOne, and a credit card with Discover. What will this get me? Probably nothing positive.
I was customer of a FinTech, app-only bank called Simple. It really was simple to use and understand, and most importantly, free. Then they got bought by BBVA, and shortly after BBVA was purchased by PNC. And what happened after that? PNC converted my free checking account to a for-fee checking account. They gave me like my 6mo of no-fee since my account was free at Simple and BBVA. I still closed my account before the fee kicked-in. So after all that, I as a consumer got nothing out of it.
I imagine something similar would happen here. All these "savings" to the company due to "synergies," and yet, I and millions of others will be left holding the bag, with lower savings interest rates, higher loan rates, and reduced services a features.
I hope regulators say No.
I was an ING customer who was getting 5% interest in a savings account.
Then Capital one purchase them and changed it to a 0.5% interest account.
I also had a car loan through another bank, Capital One bought that and fucked with the terms.
Fuck Capital One and fuck companies consolidating like this. We need Teddy back to just up these big companies.
That ING savings account was so good! Capital One has a high interest savings account now. I'm getting 4.35% currently.
That would require me to get a Capital One account though, and I hold grudges.
I thought about getting a 7 month CD from my bank (PNC) for a few thousand dollars.
I'm getting 5.5% on Marcus, which is a Goldman Sachs product. It's close to what "simple" was, an online-only savings account with a high yield.
Glad to see another former Simple user out there. I didn’t use mine much but felt the concept was great if a little ahead of its time. I too was sad to see them get bought out and enshittified.
Similar situation. Simple was never my "main" bank; I mostly used it as another place to squirrel away money here and there. I did like the all-white debit card, though; that was kinda unique at the time. Either way, I was also sad to see it go. But I've found others like Varo. I also use Digit (now Opportun) for automated savings. That thing saves like a maniac, which is great! It's not free, which is fine, so hopefully that means it has better staying power.
I had similar problems with traditional banks. Joining a credit union was the best thing I could do as a young adult. Cut my costs of just handling money, I had lower account balance minimums (if I had $25 in my account I wasn't getting charged a fee), better interest rates, everything was better. Also my credit card's credit was capped relative to my salary, which seemed very sensible, rather than some made up equation used by for-profit credit card companies to make sure they milk you to the fullest.
I hope a lot of people take the opportunity to join a credit union. There are lots of regional/local CUs that provide great service and even have ATMs. There are also large credit unions that cater to specific groups of people and have some pretty good online apps and web interfaces. Customer service is also typically in the U.S., or in my case down the street (local CU). I do recommend keeping a credit card at a big provider, because there are a lot of incentives for that for people who can spend responsibly. But everything else, a CU makes a lot of sense.
I also was a Simple user who immediately canceled my account as soon as BBVA announced their fee-structure.
I also have a Discover CC and I love the benefits I get from it, plus it's my highest credit limit card. I don't want it to be bought out by Capital One who might mess with my terms and benefits, even though I pay my card off each month.
While the title implies it's a done deal, basically all the quotes in the article are from people dubious that it would go through.
I’m definitely skeptical but not quite doubtful.
Last time Capital One bought my bank they made it suck. Not looking forward to them being my credit card company.
Same here. RIP ING
Strategically this is an interesting merger. The newly combined entity would basically be a mini-Amex - C1 would get their own payment rails, and Discover would get access to much more capital (you could even say, capital one) for their issuing business.
In terms of combination, it could be better. If this causes C1 to move all of their cards to be on Discover's rails, that's significant competition for V/MC and Amex that wasn't there before. Well, more significant than before. There is the loss of Discover as an issuing bank but they're so small in that role I don't think it really changes anything, and the payment rails industry has much less competition than the issuing bank industry.
Interesting to see this. IMHO Discover has been on a downward spiral for years. A few years back they cut basically every benefit that made their cards worth having, like Discover Deals and extended warranty coverage. Rotating 5% categories were boring without other benefits and not worth chasing. I always assumed they were on their way out and never saw any value in their latest neutered products.
Rotating 5% cash back with no fees alone makes my Discover card my favorite card.
The categories are generally very broad, and a 3 month period is long enough that you'll almost definitely have purchases you can use it for while still being short enough I can hold off on a major purchase if I see its category coming up once they announce it.
I haven't found any other accessible card nearly as good, and alongside a general 2% cash back card it's about as optimized as you can get for basic cash back without fees, churning, abnormally high spending, or direct point redemption for things like travel.
The chase freedom flex does 5% rotating categories and also has no annual fee. Plus if you have multiple chase cards, you can move points between them. So if you earn on a freedom flex and redeem for travel on a sapphire reserve (which has a 50% on travel redemptions) then you're effectively earning 7.5% cash back.
With discover I think the the best way to stretch your points is to redeem for gift cards.
This person credit cards! I have a shared note with my wife to remind us which cards to use for what every quarter to maximize cash back. We have a Freedom (pre-Flex, which I think is now MC but is Visa for us), Discover, Amazon Visa, and Freedom Unlimited. Been doing it for years and we do pretty well on points annually.
I could see that. There are a few other rotating 5% cards out there too that aren’t hard to get ahold of. I do like the breadth of categories with Discover, I just got tired of having to micromanage their cash back and hope it all credited properly. Was more of an issue in the time of Discover Deals but I honestly just fatigued from chasing categories and moved to a general purpose 2% card for everything. Except Target, where their 5% card earns its keep easily with the in-house perks!
The only time I really used my Discover card was during the holidays, since Amazon, Target, and Wal-Mart are typically within that category around that time. But then I got a Chase Amazon Visa so I always get 5% back on Amazon purchases. And then I also got a Target Red Debit card; that also gives 5% discount. So my Discover card kinda got neutered.
I only use it these days for subscriptions, utilities, and the occasional DoorDash (it's the default card on my ApplePay).
I've had a Discover card for 35 years; it was my first credit card I got right out of college. I've seen a decline in their customer support. Last year I had an erroneous charge from Walmart and I disputed it. Walmart sent Discover a blank invoice with no line items on it in support of the charge. Discover declined the dispute. I disputed the charge again, citing the blank invoice, and Discover declined the dispute again. But I continue to keep the card due to the 5% cashback periods and no annual fees.
I experienced this as well; once the customer service went down and the other benefits disappeared, I switched to other cards. I still have the Discover in a drawer somewhere, makes you wonder if they ever cancel for inactivity.
My friends at both Capital One and Discover were shocked by this news as neither company seemed to have announced this internally earlier and these articles broke the news to them earlier today. I'm a bit surprised to read everyone's negative experiences with Capital One as people I know who bank with them haven't had any issues with them. That being said, it's sad to see another choice get gobbled up by the competition as its only the consumers that suffer.
While I don't want to see CapOne gobble up another large bank (and network), I'm happily a CapOne customer. Out of all the banks I've dealt with, including credit unions, they've always been my favorite. They've always had the highest savings APYs, even back in the day. And their CCs are always great. They're the second-longest banking relationship I have at almost 20yrs.
That said, I was always a customer of CapOne and not of one of the banks they purchased. I'm sure that colors our various experiences.
For some reason I think this is more than just buying an entity out. I think it may have to do more with shuffling and balancing the debt so they are solvent as one vs having more risk being separate