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> Moreover, Discover cards come with no annual fees, while American Express keeps increasing its card fees with every card “refresh”. Not all Amex cards have f
by Bluecobra 2y ago
> Moreover, Discover cards come with no annual fees, while American Express keeps increasing its card fees with every card “refresh”.
Not all Amex cards have fees.
Also it would have been nice if the author went a little into the history like how Discover was once part of Sears. Not sure if this is still the case or not, but the classic Green, Gold, and Platinum cards are charge cards and have to be paid in full each month. Some of these things may explain why Amex is more affluent.
- makestuff 2y ago> Not sure if this is still the case or not, but the classic Green, Gold, and Platinum cards are charge cards and have to be paid in full each month. They changed this a few years ago with the "pay over time" feature on those cards.
- jjice 2y agoTo add to this as well, this can be disabled, but it's on by default for new applicants. They can put a limit on the charge cards as well, so it can be almost an ambiguously limited credit card now. That said, I don't think being given a set limit is very common, or very impactful for the average person unless you're a large spender.
- Dalewyn 2y agoNot all charges can be PoT'd, though. In general you still have to pay the entire statement balance each billing cycle (it's a good habit to have when using credit cards anyway).
- blitzar 2y agoMy one changed from charge card to interest bearing - it is now 704.6% interest rate, so it is still a charge card!
- quickthrowman 2y agoWhat country is that in?
- blitzar 2y agoUK
- farceSpherule 2y agoPay over Time is only for "eligible" charges, not the entire balance.
- bigstrat2003 2y agoI have yet to see a charge on my Amex Platinum that wasn't eligible for pay over time. In practice, I would say it's not different from another credit card at this point.
- kopecs 2y agoI believe each transaction has to be over $100 and there's a total limit on the number of pay over time plans you can have active. But yes, other than the dollar amount, I've not seen anything not be eligible.
- alberth 2y agoDiscover also doesn't come with all the "perks" that Amex does. Airport lounges, concierge, exclusive books on Michelin star restaurants (also via Tock acquisition), etc.
- BenjiWiebe 2y agoMy Discover card has actually benefitted me more than my (entry -level) AMEX. Discover has 5% cashback categories every quarter, and most of them are for common charges. I've had the bonus on "gas" two or three times already. Also Amazon, grocery stores, paypal.
- darth_avocado 2y agoThe Discover cash back perks went down quite a bit, at least from my perspective. The categories I used to use come on way less frequently now.
- denimnerd42 2y agoyup just easier to use my bofa card which is 2.625% on everything (due to platinum honors preferred rewards which is "easy" to obtain with some >100k in a brokerage account - could be equities, CDs, money market.. whatever)
- Spivak 2y agoAlso your 401k and IRA count.
- Spivak 2y agoAnd they hard-capped the 5% categories so it's really just 1% plus a little.
- tryptophan 2y agoI find the mental overhead of tracking categories to be extremely irritating and I have just stopped using the discover card.
- kazanins 2y agoYeah, I read that Discover was created by Sears. It was also part of Morgan Stanley for a short period of time!