Along with its credit card offerings, Discover Bank now functions like an online bank offering many traditional financial services, including checking and savings accounts , certificates of deposit , bill paying and more.
It also offers consumers access to cash with 60, no-fee ATMs across the U. Staying true to its roots, the card still has no annual fee, and also does not charge its customers a foreign transaction fee. Discover won't charge a late fee for the first missed or late payment, either. Each of your monthly statements also comes with a free FICO score. As with all credit cards, you are not responsible for fraudulent transactions. Features vary, depending on the card.
Discover also promises to match all of the cash back at the end of the year for the first year. Customer service is a strength for the company, too. Power ranked Discover second in overall customer satisfaction, behind American Express, in its U. Discover advertises that its customer service reps are all based in the United States.
Rewards for Discover credit cards vary depending on the card. Cash back doesn't expire and can be redeemed into your bank account, used as a credit against your Discover card balance, or used at checkout at Amazon. Discover will also match the cash back rewards you earn during the first 12 months you have your card on the Cash Back, Student and Student Chrome, and Secured card. In the case of the Travel card, you'll earn 1. The Business card offers 1.
As with all credit cards, the attractiveness of Discover card's terms depends on your credit score. For non-student cards, those with borderline credit could see an APR of The APR for cash advances is However, unlike some other cards, you have to keep track of the eligible categories for each quarter.
Discover came to the market in as a more customer-friendly card. Today, the cards maintain those traits, but the benefits that set the brand apart years ago are now fairly standard in the industry.
Carefully review the terms on each of its cards before applying. Over the years, this has shifted. There is now little cost difference between Amex and other card networks — Nilson reports only a.
Related: How small businesses can start accepting credit cards. Amex attributes this shift in part to its OptBlue program. This initiative began in and provides a way for small businesses to accept Amex cards through a third-party processor so long as that processor is partnered with Amex. These processors set the swipe fee rates for businesses, which evens the playing field for Amex cards from a cost perspective and makes it easier for business owners to start accepting Amex with existing processing systems.
It makes sense that the easier it is for a business to accept Amex, the more likely they are to do it. Furthermore, Amex also made strides in its support of small businesses through its Shop Small and Small Business Saturday campaigns. The issuer will try every attempt to add them into the network and close the gap between their competitors.
While American Express cards are accepted in more than countries worldwide, Amex is still lagging behind Discover, Visa and Mastercard. At this point, the safest bet when traveling abroad is to have a Visa or Mastercard just in case. Related: Best no-annual-fee credit cards to use internationally. Expanding international coverage is a priority for Amex moving forward, so hopefully, we will start to see this change in the coming years.
Some small businesses, depending on prices and clientele, can benefit greatly from accepting Amex. It might even be your favorite! Many Amex cardholders do have a second credit card, whether Visa or Mastercard, as a backup. Of course, you can also use cash or a debit card, whatever works better for you and your finances.
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