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From time to time I see clips of Dave Ramsey's show pop up on YouTube. I saw one of the early today where a lady called in speaking about her horrendous credit card debt. When she mentioned Discover Bank, Dave Ramsey made the comment of "Discover is a horrible bank". Would anyone have any idea why he appears to dislike Discover so much? I feel like they have been good to me, better than average interest rate on savings and an amazing CL on my Discover credit card. Thoughts?
Dave Ramsey refers to a relationship with Discover as "Discover Bondage" because multiple card payments within a 3-day period may not be reflected until eight business days (thus keeping you in debt). He's stresses paying by cash, but seems okay with debit cards.
I think they are horrible too. Proabably because they would only give me a $3k CL. I gave up on them. Probably will get worse when Cap 1 takes them over.
@MarkintheHV wrote:I think they are horrible too. Proabably because they would only give me a $3k CL. I gave up on them. Probably will get worse when Cap 1 takes them over.
A little off topic, but I found personal that Discover will not grant a CLI unless you let 30% or more of your credit line (in your case $900+) report on statement for a least 3 months.
Back to the topic at hand, I think Discover is a good bank, with some of the best consumer service around. However the one thing I don't like it the lack of opinion to do a product change.
@EW800 wrote:From time to time I see clips of Dave Ramsey's show pop up on YouTube. I saw one of the early today where a lady called in speaking about her horrendous credit card debt. When she mentioned Discover Bank, Dave Ramsey made the comment of "Discover is a horrible bank". Would anyone have any idea why he appears to dislike Discover so much? I feel like they have been good to me, better than average interest rate on savings and an amazing CL on my Discover credit card. Thoughts?
Dave Ramsey is the charlatan of credit advice; yeah, he gets some things right, but much of what he argues can be downright detrimental to one's personal finances; I agree with the other posters, ignore that idiot.
Ole, Dave is kind of a tool. He thinks every bank is bad and you should never have or use a credit card. Advice only for the worst and dumbest of simpletons.
@citymunky wrote:
@MarkintheHV wrote:I think they are horrible too. Proabably because they would only give me a $3k CL. I gave up on them. Probably will get worse when Cap 1 takes them over.
A little off topic, but I found personal that Discover will not grant a CLI unless you let 30% or more of your credit line (in your case $900+) report on statement for a least 3 months.
That's not my experience. Discover increased my CL from $10k to $31k over a 2 year timeframe. Monthly spend $1k to $2k. Never over 20% UT.
This time around my Discover card is great!
@EW800 wrote:From time to time I see clips of Dave Ramsey's show pop up on YouTube. I saw one of the early today where a lady called in speaking about her horrendous credit card debt. When she mentioned Discover Bank, Dave Ramsey made the comment of "Discover is a horrible bank". Would anyone have any idea why he appears to dislike Discover so much? I feel like they have been good to me, better than average interest rate on savings and an amazing CL on my Discover credit card. Thoughts?
his experience is probably skewed towards helping a bunch of lower income people who were granted higher than average CLs from Discover get out of debt
3/6, 5/12, 14/24