Intro: Discover Bank Reviews (What You Should Know About Discover)
You’ve probably seen the commercials: someone calls customer service, talks to himself as if he were a customer service agent to sort out his own problem, all leading to the clever closing tag of: “Discover. We treat you like you’d treat you.”
But are these claims about Discover substantiated? We’ve examined Discover bank reviews from various sources to see if Discover banking is right for you.
Image source: Pixabay
Discover Bank Reviews: History of Innovation
You may be wondering, just what is Discover?
Discover has been putting customers first since day one of the company’s foundation in 1986. They were the first credit card company to value the customer by pioneering a cash rewards system and offering a card without an annual fee, qualities which they still value today.
In many Discover reviews, such as a review from NerdWallet.com, users cite the rewards program as one of the best benefits of Discover.
Beyond leading in the credit card industry, Discover is also a major U.S. direct bank and electronic payment services company. In the Lafferty Bank Quality Ratings, which evaluates quality and excellence in banking globally, Discover was rated fourth among 100 global banks and the only U.S-based bank to receive four out of five stars.
David Nelms, Chief Executive Officer of Discover, wrote about the values that guide every action and interaction at Discover: “Doing the right thing, Innovation, Simplicity, Collaboration, Openness, Volunteerism, Enthusiasm and Respect.”
These qualities are part of what makes Discover a great company to bank with. The company’s mission statement is to “help people spend smarter, manage debt better and save more so they achieve a brighter financial future,” a mission which they fulfill in their multiple areas of banking and financial services.
Discover Bank Reviews: Discover Products
So, what kind of products does Discover offer, and which are worth it for you as a customer according to Discover bank reviews?
Discover’s direct bank issues the flagship credit card business and also offers many other banking products, including:
- Private student loans
- Personal loans
- Home equity loans
- Checking and savings accounts
- Certificates of deposit
- Money market accounts
Beyond that, Discover also operates PULSE, one of the leading ATM and debit networks in the United States; Discover Network, which has millions of merchants and cash access locations; and Diners Club International, a global payment acceptance network that spans over 185 countries and territories.
Discover Bank Reviews: Discover Credit Cards
One of the most recognizable of Discover’s products are their credit cards. These include the most popular Cash Back Credit Cards, which offer unlimited cash rewards on every purchase, with no limit to earnings or expiration for rewards. Most Discover reviews praise the rewards system, which offers a 5% cash back bonus — and double the rewards for first-time cardholders.
Travel Credit Cards give users 1.5X miles on every purchase, again with no limit or expiration. Student Credit Cards are specifically for college students with good grades, helping you earn even more cash back. One of Discover’s Secured Credit Cards will help you build or rebuild your credit with responsible use while you earn cash rewards.
Unlike other credit card companies, Discover charges no annual fees for their cards. Furthermore, their cash back rewards are easily redeemable online: no jumping through hoops here. Beyond the cash back rewards, Discover also offers cardholders the chance to shop from different merchants online through the Discover Deals shop to earn another 5% cash back as well as other coupons and special deals.
If you refer your friends, Discover will give you a fifty dollar cash back bonus for each friend who becomes a new member, applicable for up to ten new holders a year. New member friends get $50 after first purchase within three months.
One customer who has been a Discover cardholder member since 2012 wrote in a Discover bank review, “I was referred by a friend and I have to say everything she praised has been there. Great customer service and I am very pleased with the ease of use.”
And if you’re still not convinced that Discover is for you, just take a minute to compare credit cards and see how Discover stacks up. You’ll be surprised by how Discover blows its competition out of the water, as their customers have raved about in Discover reviews.
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Discover Bank Checking and Savings Accounts
Discover Bank checking and savings accounts are easy to open and easy to access. Everything is done online, with your initial balance being a transfer of money from a traditional bank or direct deposit of your paycheck. If you wish to mail a physical check to deposit into your account, you can do so, or using the Discover app, you can take a picture of the check you wish to deposit.
Once you create an account with Discover, you can monitor your funds through the website. Bill payments, money transfers, and financial planning can all be done through your online account. Discover checking reviews, such as one from Investopedia.com, point out the benefits of an account with Discover:
- No ATM fees
- Free online bill pay
- Free ordering of paper checks
- 10 cents rewards for every purchase on up to 100 transactions/month
If you’re in favor of an internet bank without the overhead fees of traditional locations, Discover bank checking is a good option to look into.
Discover Bank Reviews: Somebody Loan Me a Dime
Discover prioritizes turning their customers’ dreams into realities through their various loans programs. These loans can be applied for and paid directly from the online platform for the customers’ convenience. Let’s take a look at some of the options they offer:
Discover Bank Reviews: Student Loans
Discover student loans cover 100% of school-certified college and graduate school costs with a starting fixed interest rate at 5.99%. In a Huffington Post Discover student loans review, the program was highlighted as beneficial for its low private student loan rates in comparison to competitors.
You can apply for a Discover student loan in as little as 15 minutes — or less. All Student Loan Specialists are U.S.-based and available 24/7 to help with any problems you may encounter.
Best of all, there are no application fees, no origination fees, and no late fees. Discover also offers students rewards— if you get a 3.0 GPA or higher, you will get a 1% cash reward on each subsequent student loan.
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Discover Bank Reviews: Personal and Home Equity Loans
Discover Personal Loans have fixed rates depending on your creditworthiness and are available in all 50 states. Discover offers several terms to choose from, giving you increased flexibility in payment options. In MagnifyMoney.com’s Discover personal loans review, they point out a unique feature of the program, a 30-day money-back guarantee that insures you’ll get the best terms you can.
Discover personal loans offer decent rates for people with fair credit and higher. If you’re interested in finding an estimate for your loan fees, you can calculate the costs on the calculator on Discover’s website. The maximum you can borrow is $35,000.
Home equity loans from Discover work in the same way as their other lending programs. You can evaluate the estimate and process of taking out a home equity loan quickly and easily on the Discover website.
Discover: Digital Access
If you’re wondering what people have to say in Discover online banking reviews, worry no more. GOBankingRates’ fourth annual “Best Banks” series recognized Discover as one of the best online banks, as well as for having among the best CD accounts, for 2016. Discover’s website is easy to use, and even if you encounter problems, you can send a message to or call their Help Center.
Beyond the plethora of tasks you can accomplish from your online Discover account, you can also download the Discover banking app. The Discover Mobile app is currently available for iPhone and Android users.
Discover Bank Reviews: Financial Education
One facet of the Discover.com website that can be very helpful is the Financial Education portal, which provides resources to help customers manage savings, spending, and debt. Many customers of Discover cite these tools as very beneficial in their Discover bank reviews. Information on credit management can help you understand what credit is, how to establish and maintain good credit, simple ways to raise your credit score, and more. Paying for college can be a tricky process, but Discover guides you through what financial aid is and whether or not a student loan is right for you.
Some other perks of the website are the financial tools Discover has created for their customers that provide detailed information and numbers straight from your account in order to help you make more informed decisions regarding credit and finances, including:
- Spend Analyzer for graphic breakdown of your purchases
- Paydown Planner to make a plan for reducing or paying off your card balance
- Banking Calculators to see possibilities for monetary growth
- Student Loan Calculators to estimate costs
Other information is also available, such as savings solutions, budgeting tips, and ways to safeguard against identity theft. If you feel like financial jargon goes over your head, you can check out a helpful glossary that Discover has compiled.
Discover Bank Reviews: Behind the Curtain
J.D. Power gave Discover the award for “Highest in Customer Satisfaction with Credit Card Companies” two years in a row. It’s not surprising, then, that many Discover Bank reviews remark upon the ability Discover customer service representatives have to listen to consumers and help address any problems that arise.
Besides having great customer service, Discover has employees committed to developing products and programs that help customers get the most for their money. In a Discover review, Fortune magazine named Discover one of the 100 best workplaces for millennials. Satisfied and cared-for employees are part of the grease that moves the gears of a giant company like Discover, producing better results for the employees and customers alike.
Image source: Discover
Perhaps this is why the Discover card ranks in the top spot in customer loyalty for the 20th consecutive year, according to an annual study by the independent research firm Brand Keys. Robert Passikoff, founder and president of Brand Keys, pointed out in a Discover review that “Discover’s ability to meet, and often exceed, customers’ very high expectations for the category [of customer loyalty] has been nothing short of phenomenal…that’s why Discover is able to treat customers precisely the way they expect. There aren’t many brands that can say that, but Discover has truly earned that right!”
So, what is Discover, in the end? Based on the different Discover bank reviews we’ve surveyed, Discover is a great company to use for your banking needs, for anything from student loans to credit cards. For every important chapter or simply the day-to-day moments of life, Discover will be there to provide excellent products with amazing rewards and service.
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