The Discover IT Card Could Be an AmEx Killer

I've been a loyal American Express (NYSE: AXP  ) card member for years. If anyone dares to bring up the company, I won't hesitate to loudly extol the best-in-class customer service, my coveted bankroll of Membership Rewards points, and the not-to-be-overlooked 7% year-over-year growth in earnings per share!

But a few weeks ago, I overheard a colleague mentioning a new product making waves in the marketplace. A card with no annual fee, 5% cash back, and even a concierge service included for free. Could this new card from Discover Financial Services (NYSE: DFS  ) be an AmEx killer? 

I had to find out what this Discover card was all about. In the video below, I discuss Discover's IT card, which, after a few weeks in my wallet has proven to be a real winner with a heck of a lot of potential to win market share from American Express and others. 

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  • Report this Comment On July 14, 2013, at 10:53 PM, Coopmv wrote:

    Actually, the 5% cash back is more like "up to 5% cash back". A Discover card member gets the 5% cash back only for charges made on items specified by Discover for the given time period. These applicable items change every quarter but there may be monthly "special" as well. For a few years now, for the July to September quarter, member gets 5% cash back for using the card at the pump. But there is a dollar cap. Unfortunately, this 5% on gas is only for the third quarter. I surely would like to see the 5% cash back on gas year-round but Discover will not do it.

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