My Love-Hate Relationship with Discover Card
Note: I am in Honduras on a mission trip until October 30th with limited ability to communicate with the outside world. Don’t be offended when I don’t answer your comments until I return.
I have a love-hate relationship with Discover Card. They love my wife and hate me. I in turn hate them back. Let me explain.
The Discover Card was our first credit card after getting married following college. We both had applied using our respective incomes. My wife had a job making a little bit of money, and I had a job making about 3 times what she did. Neither of us had any debt following college. I made it through debt-free and we paid off hers very quickly. We were leasing a car at the time and living in an apartment.
When the applications were reviewed, she was accepted for a Discover Card, and I was rejected. I was incredibly offended. In fact, I was pretty ticked off. OK, I was very ticked off and harbor a grudge to this day. As I stated, I really hate the Discover Card. I don’t really care about the cash back or anything like that. They rejected my application for credit despite the fact that I made 75% of our household income which ended up being reflected on the applications.
I ended up getting a card, but only on my wife’s account when she requested 2 cards and added me. As a result of my hatred, I have done everything in my power to not use the card. We did have to use it at various points in our life, but for years I had it paid off and would not allow them the satisfaction of earning any interest from me.
Life Happens
Unfortunately, circumstances in life occur and we are currently carrying a balance. Well, given the wonderful consumer protection laws designed to help us by reducing fees simply caused the credit card companies to increase the interest rates that they charge. Discover Card recently increased my interest rate and now it is over 23%! Did I mention how much I love to hate Discover Card? Some consumer protection!
Anyway, I think that I have finally gotten to the point that my anger will be used for productive purposes. I am angry at my debt and angry at myself and angry at Discover Card for charging me 23%. I am going to teach them and make a vow that over the next 9 months, I will have that Discover Card paid off even if I have to sell a kidney.
Of course, the recent puppy fiasco didn’t help much, but I am determine to get it done. I will periodically post my progress here so I am hoping that you all will be keeping me accountable. I have lots of other debts that I would like to pay off as well, but this is the one with the highest interest rate and the one that most annoys me due to our history together. Maybe once I get it paid off, I can start taking advantage of the cash back opportunities and begin to use the credit responsibly, but that is another post for another day.
Right now, I am mad.
Readers: Ever get angry at your debt or a particular company. Share your stories.
I’m more mad at my self for using do much credit and keeping them maxed for so long. If only there was a time machine
Jeff @mymultiplestreams recently posted..Weekend Weekly Wrap Up #6
I am mad at myself as well. The only time I can control is my future so I plan to make the best of it.
Sorry to hear your ordeal CFM! Rewards cards are always a bad deal when you have a balance.
You should shop around for a better card. And I love your determination to pay it in full. Stay strong.
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Thanks for the encouraging words. Maybe as the credit conditions improve, I can start shopping for a better rate.
23%! That’s insane. I am one of those people that is anal about paying my card off every month (I have many other bad habits, but I’ve got this one in-check so far). I didn’t know they could just raise interest rates on you that apply to your old balance. How do they not at least have a grandfathered in agreement of some kind?
My University Money recently posted..Book Review – Freakonomics and Superfreakonomics
I am not very happy, that’s for sure.
I understand the grudge. I held a grudge against AmEx for a while because I was denied. I had to build up my credit first and then just recently re-applied and got one. Credit cards can be dangerous. That’s why they can offer rewards – they know people will hold a balance. Good luck paying it off.
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Thanks for the well wishes.
23% interest does not sound interesting at all. my grudge is against BofA, especiaaly when they released the news that they will be charging account holders when using their debit cards. So, I closed my account with them though I don’t have a debit card.
Cherleen @ The College Investor recently posted..The College Investor’s Market Thoughts – October 28, 2011
I bet they got a lot of backlash.
I’m with you in not liking Discover. Years and years ago my wife and I applied for one while shopping at Sears. We wanted the card to buy a new washing machine and dryer. We were disapproved despite the fact that we were both serving on active duty military at the time. Now I get offers from Discover card and they instantly go into the shred pile. I never have nor will I ever own a Discover card.
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Can’t say that I blame you one bit.