Although I’ve been following the credit card market for over five years, the amount and severity of credit card complaints has never been as intense as it has been during the last five months. On a daily basis, I hear from good, honest people who’ve had their credit limits cut, their interest rates increased or their credit cards cancelled altogether. The main culprits: Chase, Bank of America, HSBC, Citibank, and American Express. In other words, all of the companies most likely to be in your wallet are in competition to be the worst credit card company, not the best.
Given all the negative feedback most credit card companies are generating, it gives me great pleasure to appoint Discover as the best credit card company (I’m not alone, as J.D. Power ranks them #2). The key reason for my confidence in Discover lay in the fact that, since the credit crunch began, Discover is the only credit card company this website has not received a single complaint about. This is no small feat, especially given the volume and severity of complaints we’ve received about other companies. At Smart Balance Transfers, we take pride in the fact Discover has proven to be the best credit card company, as we have long advocated this card for its fair pricing and quality customer service.
Unfortunately, many people overlook or just don’t think about Discover credit cards. Ironically, the main reason you don’t hear very much about Discover these days is the very reason they are a great, consumer friendly company: they’re not blindsiding consumers with interest rate increases and slashing credit limits. Publishers don’t sell newspapers with stories about good companies treating consumers like human beings; they sell them with stories about bad companies treating human beings like numbers. Hence the lack of news about Discover.
Another reason you don’t hear much about Discover is the common misconception that Discover credit cards aren’t widely accepted. Ten years ago this was somewhat true. Today, however, Discover is accepted by the vast majority of major merchants. Sure, you’ll occasionally encounter a small convenience store or restaurant that may not accept Discover. But for the most part, Discover can be used everywhere you need it.
As our country remains mired in financial turmoil, it is important to be proactive with your finances. One good place to start is with your credit cards. Most of the people who have contacted Smart Balance Transfers to complain about their credit card company had done nothing to trigger a credit limit decrease or an interest rate hike. They simply held a credit card issued by a company that didn’t care about its customers.
Given the uncertainty that remains, people holding credit cards from companies that are raising rates and slashing credit limits should strongly consider taking their business elsewhere. Doing so will not only provide a little piece of mind, but it can also save you quite a bit of money. If, for example, a person with a $3000 balance on a credit card that has a 13% interest rate were to transfer that balance to a Discover card that offered 0% interest on balance transfers, that person would save over $300 in interest over the course of a year. (You can use our balance transfer calculator to estimate how much you could save)
Similarly, a person who is concerned that their credit card company might randomly target them with an interest rate hike or credit limit decrease may benefit from the piece of mind that comes from holding a credit card from a company that actually cares about its customers.
Two years ago, there was very little difference between most credit card companies. Today, when every penny counts, we all need to consider whose financial products we use. And when it comes to credit cards, there really is no reason to not do business with the best credit card company. Clearly, that company is Discover.
For detailed information on current Discover credit card offers, please visit the Discover section of this website, where you can compare offers and apply online.
For additional information on J.D. Power’s rankings of the best credit cards, you may find this blog entry of interest.
To learn more about how much money you can save with a 0% balance transfer, you may want to try our balance transfer calculator.
Lastly, and perhaps most importantly, we truly appreciate your opinion on the subject of the best and worst credit card companies. The feedback provided by our visitors helps us provide consumers with the information they need to make intelligent credit card decisions, and your experiences, good and bad, can go a long way in helping out a person struggling with a credit card problem.
