New Terms for Discover Credit Card
Guest: stevejk
Credit Expert (100+ Posts)
Post subject: New Terms for Discover Credit Card
Posted: Tue Mar 14, 2006 9:08 am
I received the new terms and conditions for my Discover card in the mail yesterday. I don't have it in front of me now, so I can't list all the changes. However, there is one change that will definitely affect me starting in April 2006.
They are changing the date of the automatic payment. Normally, they withdraw funds from checking on the payment due date. Now, they will withdraw funds ten (10) days before the due date. They're going to sit on my money for ten days, earning interest for them before applying it to my account? What a crock!
I believe they say that this is only for those of us who PIF each month. Maybe I need to switch to auto pay only the minimum and use Yahoo's free bill pay -- they withdraw funds on the day the payment is [allegedly] received -- for the balance. But then again, I only use Discover for restaurants so the monthly payment is not as large as on my main CCs.
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Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Tue Mar 14, 2006 10:46 am
Quote:
They're going to sit on my money for ten days, earning interest for them before applying it to my account? What a crock!
Uh, it's not YOUR money--it's Discover's money. If it's a minimum payment, then it's only a tiny part of the balance on your card--and the entire balance is money you've borrowed from Discover. I'm sure that Discover will credit your card with the proceeds on the day that happens, so if you ARE carrying a balance the interest on that tiny portion (1%? 2%) of what you owe will stop on that day. You can always NOT use its automatic system if you prefer.
But don't forget it isn't your money. Really. It isn't. How easy it is to forget that!
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Tue Mar 14, 2006 10:51 am
stevejk wrote:
I received the new terms and conditions for my Discover card in the mail yesterday. I don't have it in front of me now, so I can't list all the changes. However, there is one change that will definitely affect me starting in April 2006.
They are changing the date of the automatic payment. Normally, they withdraw funds from checking on the payment due date. Now, they will withdraw funds ten (10) days before the due date. They're going to sit on my money for ten days, earning interest for them before applying it to my account? What a crock!
I believe they say that this is only for those of us who PIF each month. Maybe I need to switch to auto pay only the minimum and use Yahoo's free bill pay -- they withdraw funds on the day the payment is [allegedly] received -- for the balance. But then again, I only use Discover for restaurants so the monthly payment is not as large as on my main CCs.
Mine is at $0.00 has been since last year
I always PIF (unless I get a BT under 3%)
I only pay the amount I want to pay on the DAY I WANT TO PAY IT
(ON-LINE)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Cathy
Posted: Tue Mar 14, 2006 11:31 am
Unfortunately, Discover is not a card I can reccomend. Long story made short is I've had a change in financial circumstances and will be moving soon. I called them to inform them of this and to work something out payment-wise since I can't keep up with the payment (which was raised) that my former debt management company set up a long time ago. They told me my account had to be past due before they could change anything! Still not sure what I'm going to do just yet though I'm considering a few different options including paying them what I can and hope for the best. It's not what I want but once I get moved I may not have a choice because other expenses will be going up.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Credit Expert (100+ Posts)
Post subject: New Terms for Discover Credit Card
Posted: Tue Mar 14, 2006 9:08 am
I received the new terms and conditions for my Discover card in the mail yesterday. I don't have it in front of me now, so I can't list all the changes. However, there is one change that will definitely affect me starting in April 2006.
They are changing the date of the automatic payment. Normally, they withdraw funds from checking on the payment due date. Now, they will withdraw funds ten (10) days before the due date. They're going to sit on my money for ten days, earning interest for them before applying it to my account? What a crock!
I believe they say that this is only for those of us who PIF each month. Maybe I need to switch to auto pay only the minimum and use Yahoo's free bill pay -- they withdraw funds on the day the payment is [allegedly] received -- for the balance. But then again, I only use Discover for restaurants so the monthly payment is not as large as on my main CCs.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Tue Mar 14, 2006 10:46 am
Quote:
They're going to sit on my money for ten days, earning interest for them before applying it to my account? What a crock!
Uh, it's not YOUR money--it's Discover's money. If it's a minimum payment, then it's only a tiny part of the balance on your card--and the entire balance is money you've borrowed from Discover. I'm sure that Discover will credit your card with the proceeds on the day that happens, so if you ARE carrying a balance the interest on that tiny portion (1%? 2%) of what you owe will stop on that day. You can always NOT use its automatic system if you prefer.
But don't forget it isn't your money. Really. It isn't. How easy it is to forget that!
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Tue Mar 14, 2006 10:51 am
stevejk wrote:
I received the new terms and conditions for my Discover card in the mail yesterday. I don't have it in front of me now, so I can't list all the changes. However, there is one change that will definitely affect me starting in April 2006.
They are changing the date of the automatic payment. Normally, they withdraw funds from checking on the payment due date. Now, they will withdraw funds ten (10) days before the due date. They're going to sit on my money for ten days, earning interest for them before applying it to my account? What a crock!
I believe they say that this is only for those of us who PIF each month. Maybe I need to switch to auto pay only the minimum and use Yahoo's free bill pay -- they withdraw funds on the day the payment is [allegedly] received -- for the balance. But then again, I only use Discover for restaurants so the monthly payment is not as large as on my main CCs.
Mine is at $0.00 has been since last year
I always PIF (unless I get a BT under 3%)
I only pay the amount I want to pay on the DAY I WANT TO PAY IT
(ON-LINE)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Cathy
Posted: Tue Mar 14, 2006 11:31 am
Unfortunately, Discover is not a card I can reccomend. Long story made short is I've had a change in financial circumstances and will be moving soon. I called them to inform them of this and to work something out payment-wise since I can't keep up with the payment (which was raised) that my former debt management company set up a long time ago. They told me my account had to be past due before they could change anything! Still not sure what I'm going to do just yet though I'm considering a few different options including paying them what I can and hope for the best. It's not what I want but once I get moved I may not have a choice because other expenses will be going up.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 4:46 PM
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