Discover Review: Bank Account, Loans, Credit Cards
Discover, the U.S. based financial service provider facilitates the user with the distinctive services such as loans for various products like home, business, travel etc., credit card or debit card. It is a public limited company founded in 1985 by David Nelms. The leading brand competes with the credit card agencies such as Visa, MasterCard, and American Express. Even it has bagged the third rank (measured by cards in forces) among the credit card brands in the U.S. It has enabled the user to acquire the banking services on one platform.
What services does Discover offer?
As a customer of Discover, you can expect many services and benefits.
- Credit cards enable users to attain several benefits and extras
- Travel Credit Cards
- Student Credit Card
- A variety of loans
- Personal Loans
- Home Loans
- Student loans
- Banking Services
- Savings and Deposits
- Certificates of Deposits
- Fund Transfer
- Money Market
Eligibility Criteria for Obtaining Benefits
There are many criteria required for obtaining some of these Discover benefits. Here are a few of the most important.
- The client must be either a U.S. citizen or U.S. Resident Aliens.
- The minimum age required to open an account with the Discover online bank is 18 years old.
- The client should have a permanent residence address in U.S.
- The applicant must have a taxpayer ID.
Disclosures of Services
It includes the terms and conditions for different products and services which are as follows-
- No minimum amount required for Savings Account. The service rate is 1.30% APY (Annual Percentage Yield).
- For CDs (Certificates of Deposits) Account, diverse options can be used according to the time period you want to keep your deposits such as for 3 months, half-yearly or annually. But there is a minimum limit to be attained that is $2500.
- Although there is no limit on Cashback Checking Account yet the customer can have only one account.
- Money Market Account also requires $2500 to be operational and works at the interest rate 1.15% APY for the amount under $100,000 and 1.20% interest rate for the amount over $100,000.
- For the Fund Transfer, the customer needs to share the recipient’s information
- The home repairing loans, education loans, and personal loans for different objects can be opted using the loan services option at Discover.
- There is no origination fee for personal or student loans.
- The fixed interest rates (APR) in the range 6.44% to 24.99%.
- Discover also provides the loan calculator to the user.
- Credit score has no impact on the loan terms and conditions.
The cash credit cards travel credit cards, student credit cards can be obtained through Discover financial services.
- Rewards on credit card transactions
- No over-limit or foreign transaction fee for credit cards.
- Even if you pay late, it won’t raise APR.
- There is no annual fee required to be maintained.
4 Steps to Apply for Discover Products
- Open the website www.discoverbank.com. Clicking the “Open an Account” option in the right corner of the page will enable the user to choose the reason for opening a bank account. The five accounts tailored to your needs can be opened in one go.
- After selecting the required field, the provider might ask you to provide some personal information such as name, address, SSN (Social Security Number), TTN (Taxpayer Identification Number), or some proof to verify your identity.
- For the credit card services, one needs to go to the field ‘Discover products’ and then click on the ‘Credit Cards’ option for varied products.
- The loans can also be acquired through the same option. Only the fields like how much loan is needed and for what purpose is required to be filled after login to the account. After applying the loan specialist himself calls you to verify the details. Once approved, the loan amount is given to you through the method you asked for.
Why pick Discover Financial Services?
- The banking facilities without standing in a queue seem good enough for saving the time and transportation costs. The best part is that here the user needs, to wait for the bank to open.
- Through the mobile application, it has been easier to carry out the different transactions such as depositing, paying the bills, and transferring the money etc.
- The cash back credits on regular transactions is an icing on the cake.
- Discover is always concerned about saving the user’s money and earning it at the best interest rates.
- The security of the confidential information of the customer is the Discover’s foremost priority. When the client’s money is in Discover’s hands it is totally secure and safe.
- In fact, there are no extra fees charged for the transactions and unlimited undertakings can be performed.
- The Customer Service Centre is 24*7 available at the client’s doorstep to help the customer in every possible manner.
- The simple and streamlined features of the platform don’t let the user face any difficulty in getting the banking services.
- Even it allows the users to compare their products and services with the other providers.
- The ATM facilities can also be carried out with the Discover bank. Thus, there is not a single reason to not choose the Discover as your preferred choice.
Downsides of Choosing Discover
Discover financial services are leading in the market but there are other competitors who have better products and services suiting to customer’s needs. The customer care options are required to be expanded and the security concerns of the clients need to be taken care of. Even it doesn’t have the reimburse facility for out-of-network ATM transactions.
Discover Bank can be called the “Online Bank” as it does all the activities carried out by any traditional bank. It aims to provide the services in a smooth fashion and keep the customers satisfied and happy. It has reached up to the mark of customer’s expectations in 33 years of service. The discrete services such as checking cash back, savings account, deposit account, loan facilities etc. make it a user-friendly institution.