They operate differently. Everbody says that "if you have an Amex card thats really something" and a discovery card computes their interest different than other that i know of. Just how does it work?
2007-08-09 03:01:06 · 4 answers · asked by Charles C 2 in Business & Finance ➔ Credit
It's basically the same thing. The reason you've heard that is because before, American Express didnt really issue credit cards to consumers with low credit scores, but now they do.
Visa and Mastercard is basically the same thing with different names. The Bank is the one who computes the interest (Citi, Bank of America, Chase etc.), Visa, Mastercard and Amex just put their logo on there.
2007-08-09 03:13:35 · answer #1 · answered by Maria2Blue 3 · 0⤊ 0⤋
They are three different companies offering credit cards. Everything else is pretty much a blur from one to the other. Different banks make different offers. So it's possible to find similar terms with all three.
Once upon a time American Express charged a hefty annual fee and had to be paid in full each month. It was mostly used for business purposes. Some considered it a status symbol that you had the credit worthiness and the ability to pay if off every month.
American Express now offers all sorts of regular credit cards now.
I think Discover Card calculates merchant fees differently. But the interest rate to consumer seems to be just like the others.
2007-08-09 04:54:44 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
They are all different companies. You can't use AMEX everywhere, or discover. That's because they charge the merchant a higher percentage than Visa/Mastercard.
The only place I know of that only takes AMEX is Costco. Eve'ryone else prefers Visa and Mastercard.
2007-08-09 05:05:38 · answer #3 · answered by Dewey K 2 · 0⤊ 0⤋
They are all the same cards with different names, it's really no big deal. Visa cards are mainstream and Express and Discovery are not.
2007-08-09 03:10:25 · answer #4 · answered by Anonymous · 0⤊ 0⤋