Discover Financial Services

Discover Financial Services is a direct banking and payment services company operating the Discover card and America’s first cash rewards credit card. It is one of the largest card issuers in the United States. 

Beyond its flagship credit business, it also offers personal and student loans, home and home equity loans, online savings products, certificates of deposit, and money market accounts. Its payment businesses consist of Discover Financial Services’ Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation’s leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. Discover Financial Services was founded in 1985 and is based in Deerfield, I.L.

1985: Discover was launched with no annual fee and offered a higher-than-normal credit limit. Sears also acquired the Greenwood Trust Company.

1986: Discover Financial Services was founded in 1986 and is headquartered in Riverwoods, IL. The Discover card was launched by Sears and Roebuck which was, at that time, the biggest retailer in the United States.

1993: Sears sold its financial businesses, and began to accept MasterCard and Visa in addition to its store credit card and the Discover Card.

1995: Discover Card Services, Inc. changed its name to NOVUS Services, Inc. to distinguish its network functions from the Discover Card.

1997: This company merged with investment banking house Morgan Stanley to become Morgan Stanley Dean Witter, Discover & Co.

2000: Greenwood Trust changed its name to Discover Bank.

2004: The Supreme Court ruled in Discover’s favour and against these exclusionary policies by Visa and Mastercard, and Discover filed suit seeking damages against the two companies.

2005: In April, Morgan Stanley announced that it would divest Discover Financial Services as an independent company within six months.

2008: Discover Financial Services took over the Diners Club network, purchasing it from Citigroup for 165 million dollars.

“To offer this level of comprehensive educational assistance, because it truly reflects our commitment to employee advancement and our corporate mission, to help people spend smarter, manage debt better and save more so they achieve a brighter financial future.”

“To be the leading direct bank and payments partner.”