Consumer Payment Card News

9 Reasons Why the Discover Card is Kickin Serious Butt & Now Loaded for Bear

(Updated from an Earlier Version Published August 20, 2018)

The Discover card continues to surpass American Express as the nation’s fifth largest credit card issuer with $73 billion in credit card loans versus $72 billion for American Express. Discover is also the second fastest growing U.S. issuer, among the top six U.S. players, just behind American Express, according to a recent analysis by RAM Research. 

Discover Card

Last year American Express grew 11.6% in U.S. credit cards loans, versus 8.3% for Discover. Among the top six U.S. major credit card issuers [Chase (JPM), Capital One (COF); Bank of America (BAC); Citibank (C); Discover (DFS); American Express (AXP)], the average annual growth rate is currently only 2.7%, according to recently released figures gathered by CardData.

Now, Discover is loaded for bear with a new business credit card product introduced in October, 2018. The Discover Business credit card offers unlimited 1.5% cash back on all purchases, as well as free business and security features, all with no annual fee. 

What is the driving force behind Discover’s New Milestones?

For the fourth time in five years, Discover ranked highest for credit card customer satisfaction among U.S. credit card companies by J.D. Power. Discover received a total of 836 points out of a possible 1,000 points. Power says Discover outpaced the industry average by 35 points.

What is Discover’s secret?

Staying the course as the nation’s smallest major credit card network with snappy, innovative marketing, hitting all the right buzz words, i.e. no-annual-fee, cash-back, unlimited, etc., plus award winning customer satisfaction.

Discover’s 8 Best Features + 1:

  1. SERVICE – 24/7 live, U.S.-based customer service by phone, online and via in-app messaging.
  2. ALERTS – First major credit card to provide its cardmembers with the ability to activate Social Security number alerts and new account alerts for free.
  3. NO ANNUAL FEE – Only major credit card issuer that offers a full suite of cards, all with no annual fee, including cash back, travel and student cards.
  4. Cashback Match™ – only Discover automatically matches all the cash back new cardmembers earn at the end of their first year.
  5. FICO® Credit Scores for free on monthly statements and online through Credit Scorecard.
  6. PROTECTION – $0 Fraud Liability Guarantee – Cardmembers are never responsible for unauthorized purchases on their Discover card.
  7. REDEMPTION – Ability to redeem rewards for cash in any amount and at any time; plus, cashback never expires.
  8. Freeze it® – An on/off switch that enables cardmembers to freeze their account in seconds using the Discover mobile app or website if they misplace their card to prevent new purchases, cash advances and balance transfers.
  9. Business Card (NEW!!!) – unlimited 1.5% cash back on all purchases with no annual fee. 

Source: Discover; American Express; Chase; Citibank; Capital One; Bank of America; CardData; RAM Research; Discover; J.D. Power

NOTE: For 30 Years CardTrak receives no financial compensation for any payment card cited favorably.