2 ms·
Yes. This is exactly the same special advantage that American Express also has. However, Amex lacks enough know-how and presence in retail banking to really be
by trollbridge 1y ago
Yes. This is exactly the same special advantage that American Express also has. However, Amex lacks enough know-how and presence in retail banking to really be able to issue enough debit cards to leverage this the way Capital One could.
The effect of this is that merchants end up hating taking Amex since it costs more, and I foresee Discover (which is even more niche) ending up the same way - there will simply be no reason to bother accepting Discover at all. How many people only have a Discover debit card in their wallet and no other?
- jdeibele 1y agoI only have a Discover debit card. Discover pays 1% back on its debit cards, which is unusual. I have idly wondered why they did that. The fact that they're not subject to the restrictions on debit fees makes it clear why. I shop for name brand stuff at Winco, a grocery chain in the Northwest US that doesn't take credit cards and makes you bag your own groceries. I'll be curious to see if they stop taking Discover debit cards if the fees increase.