FACTOID # 20: Statistically, Delaware bears more cost of the US Military than any other state.
 
 Home   Encyclopedia   Statistics   States A-Z   Flags   Maps   FAQ   About 
   
 
WHAT'S NEW
 

SEARCH ALL

FACTS & STATISTICS    Advanced view

Search encyclopedia, statistics and forums:

 

 

(* = Graphable)

 

 


Encyclopedia > Discover Card
Discover Network acceptance mark

Discover Card is one of the four major credit card brands issued primarily in the United States, with over 50 million cardholders. The Discover Card was originally introduced by Sears in 1985, and was part of Dean Witter, and then Morgan Stanley, until 2007, when Discover Financial Services became an independent company. Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... Credit cards A credit card is a system of payment named after the small plastic card issued to users of the system. ... Year 1985 (MCMLXXXV) was a common year starting on Tuesday (link displays 1985 Gregorian calendar). ... Dean Witter Reynolds was an American stock brokerage catering to the middle class. ... Morgan Stanley (NYSE: MS) is an investment bank and retail broker provider headquartered in New York City. ... Discover Financial Services (NYSE: DFS) is an American financial services company, which issues the Discover Card and operates the Discover and Pulse networks. ...


Most cards with the Discover brand are issued by Discover Bank. Discover Card transactions are processed through the Discover Network payment network. As of February 2006, the company announced that it would begin offering Discover Debit cards to banks, made possible by the Pulse payment system, which Discover acquired in 2004. Wikipedia does not have an article with this exact name. ... A debit card is a plastic card which provides an alternative payment method to cash when making purchases. ... PULSE is an interbank network and EFT association purchased by Discover Card in 2005. ...

Contents

History

At the time the Discover Card was introduced, Sears was the largest retailer in the United States. It had purchased the Dean Witter Reynolds Organization (brokerage) and Coldwell, Banker & Company (real estate) in 1981, as an attempt to add financial services to its portfolio of customer services. Together with the Discover Card, this was named the Sears Financial Network. Early Discover Cards bore a small embossed symbol representing the Sears Tower, the company's headquarters at the time. Dean Witter Reynolds was an American stock brokerage catering to the middle class. ... Coldwell Banker is a large real estate franchise owned by Cendant, which also owns Century 21 Real Estate and ERA Real Estate. ... Year 1981 (MCMLXXXI) was a common year starting on Thursday (link displays the 1981 Gregorian calendar). ... This article does not cite any references or sources. ...

Discover and Novus retired acceptance mark
Discover and Novus retired acceptance mark

Unlike other attempts at creating a credit card to rival MasterCard and VISA, such as Citibank's Choice card, which was test-marketed prior to the introduction of the Discover Card but reissued as a Visa card in late 1987, the Discover Card quickly gained a large national consumer base. It carried no annual fee, which was uncommon at the time, and offered a typically higher credit limit than similar cards. Cardholders could earn a "Cashback Bonus," in which a percentage of the amount spent would be refunded to the account (as high as 1%), depending on how much the card was used. The Discover Card was also noteworthy for being the only credit card accepted by the U.S. Customs Service to pay customs duty. Image File history File links Olddiscover. ... Image File history File links Olddiscover. ... MasterCard Worldwide (NYSE: MA) is a membership organization owned by the 25,000+ financial institutions that issue its card. ... Visa is a brand of credit card and debit card operated by the Visa International Service Association of San Francisco, California, USA, an economic joint venture of 21,000 financial institutions that issue and market Visa products. ... Citibank is a major international bank, founded in 1812 as the City Bank of New York. ... Choice was a credit card test marketed by Citibank in the United States in the 1970s and 1980s. ... Year 1987 (MCMLXXXVII) was a common year starting on Thursday (link displays 1987 Gregorian calendar). ... The United States Customs Service (now the United States Customs and Border Protection Service or CBP) was the portion of the US Federal Government dedicated to keeping illegal products outside of US borders. ... Customs is the plural of custom, a common practice among a group of people. ...


However, the plan to create a one-stop financial-services center in Sears stores was not as successful as Sears had hoped, and its promotion of the Discover Card was thought both to hurt Sears turnover and to restrict the card's potential. Other retailers resisted it, as they believed they would be helping their competitor. After Discover was introduced, Sears stopped accepting competing credit cards, alienating customers and adversely affecting sales. Look up Turnover in Wiktionary, the free dictionary. ...


In light of these developments, and of strong competition both from Wal-Mart and from so-called category killers such as Toys "R" Us, Sears began to face difficulties in the late 1980s. Sears sold its financial businesses in 1993, and began to accept MasterCard and Visa again. The Discover Card became part of the Dean Witter financial services firm. Dean Witter Discover merged with Morgan Stanley in 1997. Wal-Mart Stores, Inc. ... Category killer is a term used in marketing and strategic management to describe a product, service, brand, or company that has such a distinct sustainable competitive advantage that competing firms find it almost impossible to operate profitably in that industry. ... Toys R Us (often typeset as Toys Я Us to fit their logo) is a toy store chain based in the United States, Canada, Australia and the United Kingdom. ... This article does not cite any references or sources. ... Year 1993 (MCMXCIII) was a common year starting on Friday (link will display full 1993 Gregorian calendar). ... Morgan Stanley (NYSE: MS) is an investment bank and retail broker provider headquartered in New York City. ... Year 1997 (MCMXCVII) was a common year starting on Wednesday (link will display full 1997 Gregorian calendar). ...


Discover Card also has a sign located on the top of One Times Square below the flagpole which drops the New Year's ball. It displays information and new offers for the company and also displays the countdown during the New Year celebration.


Developments

Prepaid card offered by Green Dot Corporation, on the Discover Network.
Prepaid card offered by Green Dot Corporation, on the Discover Network.

In October of 2004, the Supreme Court upheld a ruling in Discover Card's favor that challenged exclusionary policies of Visa and MasterCard. In 2005, Discover Card acquired PULSE, an EFT association, allowing it to issue and market debit and ATM cards. Before this ruling, Visa and MasterCard would not allow banks to issue a Discover Card if they issued a Visa or MasterCard. Within days of the court ruling Discover Card filed a lawsuit in federal court seeking damages from Visa and MasterCard. Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... For the not-for-profit schools organization, see Green Dot Public Schools. ... Federal courts Supreme Court Circuit Courts of Appeal District Courts Elections Presidential elections Midterm elections Political Parties Democratic Republican Third parties State & Local government Governors Legislatures (List) State Courts Local Government Other countries  Atlas  Politics Portal      The Supreme Court of the United States (sometimes colloquially referred to by the acronym... PULSE is an interbank network and EFT association purchased by Discover Card in 2005. ...


Shortly after the ruling, Discover also struck its first deal to have its card issued by another bank, GE Consumer Finance, which now issues three cards for retailer Wal-Mart and its wholesale warehouse stores, Sam's Club; transactions for both cards are processed on the Discover Network. Sam's Club exclusively accepted Discover Card for many years, although, since November 2006, it has also accepted MasterCard for purchases. GE Consumer Finance is the division of General Electric responsible for managing retail finance operations. ... Wal-Mart Stores, Inc. ... Sams Club is a membership-only warehouse club owned and operated by Wal-Mart Stores, Inc. ...


HSBC has also issued credit cards processed through the Discover Network, and branded with the Discover logo, since its acquisition of card issuer Metris in late 2005. Metris had originally signed an agreement with Discover in September 2005, only three months prior to the HSBC acquisition. HSBC Holdings plc (LSE: HSBA, SEHK: 0005, NYSE: HBC, Euronext: HSBC, BSX: 1077223879) is one of the largest banking groups in the world, ranked the fifth-largest company in the world in Forbes Global 2000. ...


Morgan Stanley was long thought to want to sell the Discover Card business, and in April 2005, it announced that it would divest Discover Financial Services as an independent company within six months. However, by June industry sources reported that Morgan Stanley was reassessing its plan to spin-off Discover. Finally, in August 2005, the company confirmed it would not sell Discover. In yet another reversal, in December 2006, Morgan Stanley announced it would, again, spin-off Discover as a standalone company by the end of September 2007. The spin-off was finalized ahead of schedule, on June 30, 2007. Morgan Stanley (NYSE: MS) is an investment bank and retail broker provider headquartered in New York City. ... A spin-off (or spinoff) is a new organization or entity formed by a split from a larger one such as a new company formed from a university research group. ...


Brand Acceptance

Discover Card has over 50 million cardmembers and the Discover Network has more than 4 million merchant and cash access locations. The Pulse ATM network currently serves more than 4,100 banks, credit unions, and savings institutions. However, unlike its competitors, the Discover Card is neither issued nor widely accepted outside the U.S., although it can be used to obtain cash from ATM locations worldwide. Owing to its heritage at Sears, an additional benefit of the Discover Card is the ability to pay off the debt, in person, at any Sears store. Outdoor ATMs may be free-standing, like this kiosk, or built into the side of banks or other buildings An automatic teller machine, automated teller machine (ATM) or cash machine is an electronic device that allows a banks customers to make cash withdrawals and check their account balances without...


In Canada, Discover brand cards are accepted at few locations, usually at businesses catering to American tourists, such as car rental agencies and hotels, as well as major American merchants like Sears and Wal-Mart. Some Canadian businesses do accept Discover cards but opt to favor Visa, Mastercard and American Express. ATM service offered by Discover is not currently available in Canada although cardmembers apparently could access cash at any Sears Canada store. Wal-Mart Stores, Inc. ... American Express (NYSE: AXP), sometimes known as AmEx or Amex, is a diversified global financial services company, headquartered in New York City. ...


While Discover brand cards are not currently accepted in Europe, the company's presence continues to grow in Mexico, Costa Rica, Micronesia, the Marshall Islands, Belize, Palau, and many of the Caribbean Island nations.[citation needed] “West Indian” redirects here. ...


Additionally, in May 2005 Discover Network announced an alliance with China UnionPay Network. The two companies have signed a long-term agreement that will lead to acceptance of Discover Network brand cards at UnionPay ATMs and point-of-sale terminals in China and acceptance of China UnionPay cards on the PULSE network in the U.S. CUP cards have been accepted in the US since December 2005, and Discover Cards have been accepted in China since November 8, 2006.[1] This partnership makes Discover Card the most widely accepted American card in China, beating out competitors Visa, MasterCard, and American Express. Neither Discover Financial Services nor China UnionPay have stated whether there had any plans to eventually expand acceptance to the other nations where the CUP network is in place, i.e. Philippines, Singapore, Thailand, and South Korea. A similar agreement was made in August, 2006, when the Discover Network announced an alliance with Japan’s JCB Network.[2] JCB Cards will be accepted on the Discover Network in the United States, Puerto Rico, Guam and Northern Mariana Islands starting October 12, 2007 and China UnionPay Cards will be accepted on the Discover Network in the United States, Canada, Mexico, Central America and the Caribbean starting November 1, 2007[3]. China UnionPay (Simplified Chinese: ), also known as UnionPay (Chinese: 银联) or by its abbreviation, CUP, is the only credit card organization in the Peoples Republic of China (PRC). ... Point of sale at a Wal-Mart store. ... is the 312th day of the year (313th in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday (link displays full 2006 calendar) of the Gregorian calendar. ... VISA redirects here. ... MasterCard Worldwide (NYSE: MA) is a membership organization owned by the 25,000+ financial institutions that issue its card. ... American Express (NYSE: AXP), sometimes known as AmEx or Amex, is a diversified global financial services company, headquartered in New York City. ... Japan Credit Bureau, usually abbreviated as JCB, is a credit card company based in Tokyo, Japan. ...


On August 24, 2006, Discover’s PULSE network and the UK’s LINK ATM network announced a reciprocal agreement that will allow the 4,200 financial institution participants in the PULSE network to offer their cardholders access to all but a handful of the more than 58,000 cash machines across the UK and allow LINK to offer its 38 participating financial institution members access to an additional 250,000 PULSE cash machines in the United States.[4] is the 236th day of the year (237th in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday (link displays full 2006 calendar) of the Gregorian calendar. ...


Discover also issues credit cards on the MasterCard network under both Goldfish and Morgan Stanley brands in the United Kingdom.[citation needed] MasterCard Worldwide (NYSE: MA) is a membership organization owned by the 25,000+ financial institutions that issue its card. ...


References

  1. ^ Discover Financial Services and China Unionpay Launch Second Phase of Reciprocal Acceptance Agreement
  2. ^ Discover Financial Services and JCB Announce Alliance
  3. ^ Cards Accepted in the United States
  4. ^ PULSE® and LINK® Networks Sign Reciprocal ATM/Cash Machine Agreement

External links


  Results from FactBites:
 
Discover Card - The Discover Credit Card Sucks! (709 words)
I specifically stated that Discover had no record with my signature agreeing that I was responsible for her debt and that unless Discover could produce some form of proof that I agreed to it, that the law required they remove the listing.
Discover was removed from all three credit reports.
I hope that Discover posts a copy of this web page on their wall in their corporate policy department as an example of what happens to you when you try to be dishonest and irresponsible.
Discover Card - Wikipedia, the free encyclopedia (977 words)
Discover Card is a credit card issued primarily in the United States, with 50 million cardholders.
The Discover Card was originally introduced by Sears in 1985, and is today operated as a subsidiary of Morgan Stanley.
Together with the Discover Card, this was named the "Sears Financial Network." Early Discover Cards bore a small embossed symbol representing the Sears Tower, the company's headquarters at the time.
  More results at FactBites »

 
 

COMMENTARY     


Share your thoughts, questions and commentary here
Your name
Your comments

Want to know more?
Search encyclopedia, statistics and forums:

 


Press Releases |  Feeds | Contact
The Wikipedia article included on this page is licensed under the GFDL.
Images may be subject to relevant owners' copyright.
All other elements are (c) copyright NationMaster.com 2003-5. All Rights Reserved.
Usage implies agreement with terms, 1022, m