Discover - Why They're Successful
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- เผยแพร่เมื่อ 27 ก.ย. 2024
- This video outlines how Discover grew into one of the big 4 credit card networks in the United States.
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Company Declines:
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Kodak: • The Decline of Kodak.....
General Electric: • The Decline of General...
Woolworth: • The Decline of Woolwor...
Dell: • The Decline of Dell......
Sears: • The Decline of Sears.....
Payless: • The Decline of Payless...
Hostess: • The Decline of Hostess...
Redbox: • The Decline of Redbox....
Nokia: • The Decline of Nokia.....
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Groupon: • The Decline of Groupon...
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Sears losing money to help the growth of the discover card is like mario letting yoshi fall into a ditch to get a higher jump
I’ve done that before… I think we all have. Poor Yoshi!
@@always-aliciaThere were levels where it was necessary to just dump the poor little guy. Miyamoto was a monster! 😂
Can't you think of an analogy that's not vidya-related
Ah yes... the "abandon Yoshi" maneuver!
Or in N64 terms grabbing the baby penguin dropping him off the cliff and then grab the mom and drop her in the cliff too that's both discover and that other company they spun off too.
I remember going to Disney Animal Kingdom in the late 90s, and one of the cashiers told my dad they hadn't discovered Discover yet.
Hopefully Six Flags Discovery Kingdom has discovered Discover.
Hopefully we all scream for ice cream.
Lol
Just in time before they’re officially bought out
I highly doubt our government will let it go through
@@thrasherx2k1 I think there are valid cases for letting the deal go through and for blocking the deal
@@thrasherx2k1I hope so. I like discover
@@answerman9933 capital one
@@answerman9933capital One
After Capital One buys them out "why discover is struggling" will be next 😂
Seriously. The only way said merger goes through is if CapitalOne is forced to migrate all its cards to the Discover Network. It will likely sink both companies.
@@maxpowr90 Actually, Capital One has already agreed to move all its cards to Discover. This move won’t sink the companies. Instead, it will likely force greater adoption of Discover, especially with Capital One being one of the biggest issuers of credit cards. This transition doesn’t change their core businesses but rather gives them more control and influence in the credit card.
I remember when Sears offered everything from “socks to stocks” as part of their Sears Financial Network empire, including Sears Savings Bank and Allstate Savings & Loan in the 80’s.
I’m a Discover car holder, and honestly it was the low barrier to entry for getting a card, I’m 21 and lived with a family that was terrified of credit cards because they perceive them as too risky, so I had no credit history except for a car note. Funny thing is, within 2 months of getting it, my credit score jumped ~45 points bc I always make the full payment and usually make payments in the middle of periods to keep my credit utilization down
I got my Discover card back in 1997 and back then it was still a bit of a crapshoot whether or not it was accepted. I still find vendors that don't accept it today, but it's extremely rare now.
Imagine where Sears would be now if they haven't spun-off Discover.
Yes...the same place they are in now... nowhere!
Refusal to change will hurt any business! Ask Montgomery wards! 😅
Discover helped me get out of other credit card debt by giving me a large line of credit with 18 months no interest and no cash transfer fee. I am a customer for life.
Same here
Discover customer service is great and i have used them for very important personal consolidation loans. I would definitely use them again
I really like there customer service being in the U.S. Alway had a good experience with Discover card.
Ill always appreciate them for giving me my first credit card and keeping it simple
They believed in me when no one else did. That meant a lot to me.
right? they really are pretty great in my eyes. simple and easy to use; the common man's credit card if you will@@proallnighter
all i remember is growing up in the 2000s i would go shopping with my mom and she had to ask “do yall take discover?” and constantly having to get out a different card because they didn’t
Been having a discover CC since I was 18 with 1000 credit limit and now that I’m 26 my credit limit is 15k
I'm glad that I "Discovered" You! Honestly Company Man is the one channel that I can't recommend enough. Been watching you since a kid and now I'm almost graduating!
From what grade
Grade 9 or 8 I wanna say@@ryanjohnson4565
Damn, I miss Sears
My family has been using Discover since it came out, it's my mother's preferred card for everything. And I remember a time where she would get side-eyed by businesses for using one.
they were just jealous, lol
I worked for 3 years at a gas station, I saw all the credit card brands, except maybe not the Diners Club card, I'd give a side eye if the card was from a Canadian bank and we'd get Canadian customers a few times per month. Lolol
@@grahamjones5400What’s the problem with Canadian banks?
Same, that's part of the reason I ended up with a Visa. I remember how weird it was when my mom tried using Discover.
DCC was my first CC. I became a member simply because no other banks would offer a student without a credit history a CC. I am still a member after all these years.
Even today they are recommended card for people who don't have credit
Started with a bank MasterCard. Then I got a Discover which I used for 7 years. Now I have graduated to American Express.
Would love to see a video on perkins, grew up with them around but last 10 years or more all the local restaurants closed. Always wondered why
Whatever CC you get have the full 30 day balance paid automatically and zero interest will accrue. On top of that you get 30 days free credit and it boosts your credit score.
Yeah I’m trying to discover why they’re successful as well.
😂 🍻
I see what you did there.
Discover was my first card. Great customer service, high credit limit & cash back match the first year.
I would like to mention their savings interest rate. They increased mine to 4.5% less than a year after opening it. 🙀
It's due to the increased interest rate from the federal government.
4.5%??? What in the barnyard
@@Jopn83I get the same with Fidelity Cash Management Account. It’s a brokerage & checking account combined. It’s also FDIC insured unlike other brokerage accounts.
I signed up bc they had a both set up on my college campus freshman year. I won a $500 gift card and got a $500 credit line. It’s been my favorite card to date and the cash back is great too.
Love Discover!! Was my first card. Their customer service has been the best compared to chase and capital one! I hate chase with a passion.
My Discover beats my Chase cards. No International Transfer Fee, no Annual Fee, and a lower interest rate😊
Holy cow that old discover card gave me some serious memories of my mom's purse back in the day 😂
You can still get that old design for it
@johna9994 yup and I absolutely got that design!
I love that their customer service is all in the US. Someone hacked my card and the person was extremely helpful. Additionally since we have been customers for so long they recently offered us 1.9% interest on purchases for a few months and 2 months after that ends to pay it off at that rate.
Discover is hands down my favorite card. Good perks, support is localized and they have never given me trouble with fraud charges or merchants not honoring their promises. Plus I have a sweet Polar Bear themed card.
I have been with them since 97 and loved them above all. I have had almost all accounts the offer. The customer service is just awesome and that is just my opinion. I hope they do not merger! I will always prefer them.
I've had a Discover card for over twenty years and it's my main card. I do enjoy the money back. I pay it off every month. Not looking forward to the Capital One merger. Interesting enough, I have a capital one card I use as a backup when a merchant doesn't accept a discover card.
Hopefully the SEC stops the merger with Capital One, there needs to be more competition, not less.
Sec is a joke
Wouldn't it be the FTC to sue to block any merger?
Almost universally, the goal of corporate acquisitions is to increase profit of the combined company. This is done by destroying competition and consumer choice. I vote for blocking the sale.
It seems like it's been a long time since any merger has been blocked by antitrust laws
@@FrenchCelt Doesn't matter...The government can't do anything right.
You should do a video on Valve they are interesting and have had a wild history
Started using the Discover card at least by the early 90's. Discover has been the least likely to screw me over with late fees if i forgot a payment or jacked up interest rates. Discover is also 5% or more lower than any other card i own.
If you're paying interest on your credit card, you need to cut it up and throw it away immediately.
I have had a Discover it card forever. It's good for regular life if you don't keep balances. The interest rate on personal loans are horrible.
I got a mortgage refi with them as well. Rate was a few points higher than others but there were no closing costs at all. The fact that I was not planning on carrying the lone for more than a few years saved me thousands in closing costs it trade for a few hundred in interest
I’m a capitol one card holder in the UK. Discover isn’t that excepted basically anywhere in the uk so it’ll be interesting to see if it gets bigger here at all
hey you should do hess gas stations the ones that did the model cars
3:23 "They have been credited"
I got a charge out of that one.
It piqued your interest, ehh?
When I first got my Discover card back in 2006, it seemed like gas stations were the only businesses around me that accepted it.
they are a great product for many middle class americans. they offer competitive rewards and are reasonably easy to attain with moderate to good credit scores and like you said they are usually accepted in places where something like an amex wouldnt be so its a good balance.
I worked at Sears in early 2000 when discover had long been sold off. I attended a management meeting at one of the old discover office floors. Really weird to see all that empty space
Maybe if the cost of daily living wasn't so high, some of us wouldn't have multiple maxed out cards.... (and maybe cities weren't planned so inefficiently, things won't be so expensive SoonerLater)
I've had my Discover Card since 1986. Use it all the time and pay it off every month.
I like Futurama's rip on Discover...
Fry: "Do you take Visa?"
Clerk: "Visa hasn't existed for five hundred years."
Fry: "American Express?"
Clerk: "Six hundred years."
Fry: "Discover Card?"
Clerk: "Hmm...sorry, we don't take Discover."
My mom tried to use a Discover card in France and all the vendors were sooo confused-it was not a thing there!
One of the only places near me that doesn't accept Discover Card is Krispy Kreme.
Today, I have Visa only. In the past I had Visa, MasterCard, and Discover. Sears was the reason for the Discover card. No annual fee for me as the reason I did not have American Express. With all the interest fees on cards, I really don't want any and usually just pay cash. By the way, why are interest rates so high on these cards? It's almost akin to that of a loan shark.
That would require the early life section of the wikipedia page
I am a Discover customer. I Love my Discover Card. Discover has great customer service. March 10, 2024
It took me SO LONG to finally get my credit good enough or how they wanted it to get my Discover card!
Now I just need to wait for a bit and pay down some other cards, and I can eventually obtain an American Express card. To have all four.
Good question. I have a capital one credit card and own shares of both companies via ETF.
For years Discover used to brag about having customer services humans based in the USA (one of them is in Delaware) unlike most of others who have shipped it off to India or other non-USA country. I bet that will be one of the first changes when Capitol One takes over.
So the one thing Discover has over all the others (I use them for banking and credit) is that their customer service is unmatched. I cannot think of a company honestly that has been as generous to their users than Discover.
Damn, been waiting for you to make one on discover and now capital one is going to buy them
Their new top card will be the Venture X, Discover Card!
How long before Google adds "TH-cam Stock Ai Creator" for creators? "Create a woman shaking her head 'no'. Show money changing hands. Show a computer exploding. Show cars racing. ALL Copyright free. (with your YT account)
They used to sponsor a mall called Discover Mills.
Discover was my first credit card. I obtained it in either 1986 or 1987. I don't remember why I canceled the card after a few years, but I still have the small duffle bag they sent me on my one-year anniversary as a card holder.
Love Discover savings account, hope they keep the interest rates the same.
Useless stats/info: We do software for handheld payment devices used by restaurants... for all the CC transactions we've processed so far this year only 3.11% of those were Discover.
Makes sense!
Thanks for the history. In answer to your question, I don’t have a Discover card - or any credit card. I got out of debt eight years ago, and I intend to stay debt-free.
Congratulations on getting out of debt. That could be difficult.
I had to get a cash secured discover card 6 years ago to build credit. Even back then they weren’t widely accepted😊
So, mentioning about credit/debit cards and the incentive to get one only if a place has the equipment for it, could you do a video on the invention of the credit/debit card?
Not a thing in UK, we only have Visa, MasterCard and to a degree Amex, but the latter one of those not universally accepted so couldn't only have that one. Like you say, hard to launch it here as no-one wants it if nowhere takes it and vice versa.
Company man, why you are so successful
Discover: My first credit card that I Discovered.
Discover is a weird one. It seems to be super common in the US but is virtually unheard of anywhere else. We get a lot of US visitors who use them here and it's always confusing because we're not sure what a Discover card is and many of us have never heard of it before.
Good. We like it that way. America first! MAGA! Trump 2024 Lets Gooooooo!!!!
@@HeroicRecapslol wat?
@@Puddspanker buzz off bozo
@@Puddspanker It's U.S. election season
Why would you have to know what it is for you to run it as a credit card?
I like that if you call customer service for Discover- you'll talk to an American.
If Capitol One buys and Sri Lanka answers the phone, I'll change things
"Yeah, like I'd be seen with a Discover card!!! As if"
Pretty cool how Sears bought a mortgage firm but my question is does brand loyalty (the stated reason) apply to big decisions like mortgages? At least from what I think probably not.
Discover tried to sign me up, but the interest rate was crazy, like 20% APR
Sad thing is that’s considered low. 27.99, 29.99 and higher is becoming the norm.
More merchants in Japan are accepting Discover these days having the logo, even more when it's partnered with JCB accepted by more merchants.
JCB? … JC Benny??
If your a high school kid looking for job you better get that Discover Debit Card in your pocket if you want to retire @ 30 without even knowing you were saving all along with that cash back on every dollar. By then if you were smart with your credit their Credit cards will take you places.
I literally have a MasterCard, Visa and AmEx, but not a Discover card.
In the early aughts my Discover card number was stolen and I did a better job investigation into what happened than they did so I dropped them.
I went out to lunch today and the place doesn't take Discover.
First major credit card I owned.
They could name is Discover Capital
Discover has/had a deal for both the person referring and the person being referred to get $100 at sign on. Was a pretty good deal for a student
What’s going to happen to Diners Club if Capital One buys Discover?
Ha ha diners club don Draper mad men card
discover is great for us college kids, there is no credit history needed to apply for one and we get cash back cuz we’re broke lmao. applied for one when i was 18 and had it ever since.
We don’t have it in the UK? Must just be in the US
Fantastic video! I think Discover's business philosophy is quite risky since they focus on the revolving balances, so they are probably targeting lesser credit-quality cardholders, so they need to accept higher levels of inadimplency.
So I see Discover as the most prone to a big inadimplency crisis/bankrupcty from the Big 4.
5% cashback for stuff I am going to buy already? Also an additional 20% value if I redeem for giftcards? SIGN ME UP!!!
Make a video about Dyson please. I love ❤️ your content.
They still aren't accepted at Peter Griffin's restaurant
I saw these in the United States when I was little and didn't really understand.
I'm Canadian.
Interesting video!
All the companies will combine to give consumers the illusion of choice
These guys use potatoes in their oysters
I never really cared about credit card companies. First card I got was from Bank of America when I created a bank account. Only other card I have is the Apple card because it has the typical 0 annual fee, but also 0 foreign currency conversion fee and also the physical titanium card is just funny.
Hn. Tempting.
"0 annual fee, but also 0 foreign currency conversion fee" is extremely common. You should get a card that gives you cash back, or miles, or some kind of reward.
@@TonyPomboapple card has 3% cash back on select purchases
I never heard of the discover card
Although discover still isn't accepted on nintendo
Capital One and their stupid 3 bureau pull will ruin Discover
Does Company Man reply?
Nope, not falling for this one.
Hey company man: Can you make a video about the Chemours scandal that is happening?
They still exist?
Yes
Can you do a video on Anytime Fitness? Why they are successful
good video
I love Discover but the algorithm that they use for customers is bad. I have been a customer for a long time and I still have the same credit limit.
The joke used to be that the Kmart credit card was being brought back. The reason? So people with a Discover card would have people to look down on. 😂
😂😂😂 that’s amazing lol
They were my first credit card because they gave me one even though I was a broke college student at the time, but I pretty quickly wished they hadn't. I wasn't ready for one and dug myself into a hole pretty quickly to the point that I'm still wary of credit cards decades later - only using my current one when I need to and paying it off in full every month. It was an expensive lesson at the time, but probably a valuable one since learning it later would have likely been far more expensive as those statistics on credit card debt will attest.