Teen Current Card from Discover

currentbydiscover.com has an offer of a prepaid card that can be loaded up to $2500 with a credit card.

Seems like a great way to turn credit line into cash (e.g. if you have that 0% APY on purchases but not on BT) --- if it's not treated as cash advance. Did anyone try this?

Also, charging $2500 against your CC should give you anywhere between $25--50 (or more?) in cash-back --- IF it isn't treated as cash advance. Basically, this is the plastic version of the Presidential Coins deal

Donedealzz said: My bank will probably charge a atm fee for withdrawal so if I did 1,250 and 2 pts per dollar = 25 in rewards- 6 dollars in atm fees = 19 dollars profit. Not enough profit for me
No need to withdraw cash at ATM if you cancel the card: They'll deposit on your checking account for no fee.

pthor1231 said: For those of us that have no kids and relatives are not close by, do you think you could select "Other" and put yourself in the "teen" info?
Interesting idea. For lack of offspring, I put in my mother (they do have 'parent' in the drop-down menu about how card holder is related to you). She's overseas and won't mind. Hell, she might like to visit her son in the US. Wouldn't it be neat if there's a Discover card waiting for her? But then, she won't make it here any time soon. Probably a good reason to cancel the card in the 1st month

Edit: typo

JermanDude said: I just applied for the card. Rather smooth sailing. The coupon code works ($5 fee off). Best of Terms and Conditions:
* No fee for adding funds. They accept CC or debit (no AM-EX).
* Max of $2500 / day. So if you want 3 cards * $2500, you need to make 3 transactions on 3 days (I guess).
* Fee schedule doesn't contain any early-termination fee.
* "If your Account is closed, we will mail you a check for the balance (less any applicable fees)." Maybe you can talk them into ACH deposit instead, the web page suggests that. What it doesn't say: 'will be credited to your credit card.' Yay!

I tried to charge $2,500 against my Citi card, and it didn't go through. The problem was with Citi, not Discover (got an alert to call Citi fraud prevention -- they're asleep right now). I ended up charging much less to my Chase debit card, which has a nice 10% cash-back promo right now. Will try a real CC later.

Thanks for the info, some good stuff there. If you don't mind, could you report back when you use a real CC and see if it is indicated as a purchase or a cash advance? I just might have to sign up for a new rebate card to churn the 7500 bucks, as my blue cash is currently my main spender.

No limit on the funding, aside from $2500/day? With a $500/day ATM max, withdrawing $500 via ATM would cost me $1/withdrawal ($.50 from Discover, $.50 from the ATM). With a 1% CashBack card (which is the best I have right now, since they wont allow funding with an AMEX card) thats $4 profit per day, or roughly $120/month ($360/month when using the maximum 3 cards per account). Maybe it doesnt have to be a one-shot deal.....

Glitch99 said: No limit on the funding, aside from $2500/day? With a $500/day ATM max, withdrawing $500 via ATM would cost me $1/withdrawal ($.50 from Discover, $.50 from the ATM). With a 1% CashBack card (which is the best I have right now, since they wont allow funding with an AMEX card) thats $4 profit per day, or roughly $120/month ($360/month when using the maximum 3 cards per account). Maybe it doesnt have to be a one-shot deal..... Hah, this is getting better and better! Green for you! Which ATM owner charges only $0.50? It's more like $2 where I usually go (reimbursed by Charter, usually, so I don't care).

Glitch99 said: JermanDude said: How do I know if a particular transaction is considered a cash advance?Since you used a debit card, it should show as an ATM transaction if it was posted as a cash advance.

Chase credit cards has a "type" field for each transaction. When you view your account activity, Citi lets you filter by "transaction type', where you can choose to see only cash advances or only purchases.
OK, the memo posting on my debit card says "POS DEBIT DISCOVER TEEN CARD" -- looks like transaction, then!?! I'll try Citi tomorrow.

Excuse my ignorance but I never use ATM’s. If I use an ATM that displays the discover logo will I still be charge an ATM fee?

If I would use my Chase debit card at a Chase ATM I would not be charged an ATM fee, is this correct? Is their anywhere I can use the Discover debit card and not be charge an ATM fee?

Glitch99 said: JermanDude said: OK, the memo posting on my debit card says "POS DEBIT DISCOVER TEEN CARD" -- looks like transaction, then!?! I'll try Citi tomorrow.You have to let it post first. I dont know about Chase, but some banks use a generic description until the transaction is posted.

And the $.50 is the processer's cut of the surcharge on my ATM (the surcharge is $3, but I keep $2.50 of that).

How do you get to keep $2.5?

If a transaction is going to be treated as a cash advance, does one immediately see the "available for cash advance" value go down? Both Chase and Citibank show this value in their websites.

The way I see it this deal has essentially the same cost as anyone doing the US Mint deal and buying gift cards to get around the 2 box limit.
The GGP Discover card costs $2 for 500 max per card. This deal is $2 charged by the ATM owner and 4 free per month from
Discover. And 2.50 per 500 is still not bad once discover charges you after 4.

Thrilla said: I just ordered one and will report back with my experience. I'm wondering if I'll be able to do a cash advance on the card. Going through the T&C, I don't see anything that says I wouldn't be able to. Seeing how this card is basically a debit card, there should be no cash advance fees and you may be able to draw the whole amount without any ATM fees at all.You obviously didnt read too well, either the T&C or this thread.

They allow 4 free ATM withdrawals per month, then charge $.50 per. Maximum of $500 per withdrawal.

Thrilla said:
Maybe I should have clarified...? I meant teller cash advances. I've made "cash advances" before from my debit card for amounts over $500 even though they had ATM limits of $500.Yeah, that clarifies it better, thanks. Does it typically post as a cash advance, or technically as a POS 'sale'? I'd also wonder, since bank-issued debit cards are V/MC, if they'd even be able to process a Discover card at the teller.

It'd be worth asking - I'd think that worst case the Current card hits you with the $.50 ATM withdrawal fee.

If you give this card to your ex, you could then pay alimony and/or child support with a credit card....

(I have no ex or children to pay support on, so its just a random thought)

gerbask said: who was on here looking for a way to pay their Federal Stafford Loans off with the credit card? Could this be done with this card... ie. transfer from your credit card to this, etc., then pay off...This is just a specialized debit card. The payee would still have to accept credit/debit cards.

Good times. I wouldn't use an issuer that you don't want to lose for these purchases though - chances of AA is very, very high.

sethdallob said: Good times. I wouldn't use an issuer that you don't want to lose for these purchases though - chances of AA is very, very high.Don't forget the high chances that Discover will close your prepaid cards also if you are doing a lot of ATM withdrawals for fraud concerns and general abuse. I doubt many teens are withdrawing $500 per day.

JermanDude said: MikeR397 said: sethdallob said: Good times. I wouldn't use an issuer that you don't want to lose for these purchases though - chances of AA is very, very high.Don't forget the high chances that Discover will close your prepaid cards also if you are doing a lot of ATM withdrawals for fraud concerns and general abuse. I doubt many teens are withdrawing $500 per day. As long as they send me a check for the remaining balance (rather than credit my CC), that's totally fine with me. I don't do business with Discover otherwise (so they can't close my CC or anything). I agree that the risk of AA is high, though.True, but thats very likely what they'll do, unfortuantely. So, be conservative, don't push too hard is my advice.

JermanDude said:
I tried to charge $2,500 against my Citi card, and it didn't go through. The problem was with Citi, not Discover (got an alert to call Citi fraud prevention -- they're asleep right now). I ended up charging much less to my Chase debit card, which has a nice 10% cash-back promo right now. Will try a real CC later.

ahecht said: It's at least a good way to consolidate cash cards from rebates

It looks like Citi is also declining charges to their prepaid cards. I am unable to transfer funds from my Corsair rebate cards. However, Sandisk rebate cards accepted the charges from Discover.

I don't know why you guys assume he doesn't still work at Discover. If he worked in fraud/security whatever chances are he still works there but bothers other people about other issues on their Discover cards.