Discover Financial Services, Inc. is an American financial services company, which publishes Discover Card and operates the Discover and Pulse network, and owns Diners Club International. Discover Card is the third largest credit card brand in the United States, when measured by valid card, with nearly 50 million cardholders.
Video Discover Financial
Histori
Sears introduced the Discover Card in 1985, and was a unit of Dean Witter, who joined Morgan Stanley in 1997. In 2007, the unit was separated as a publicly traded independent company. Today, Discover is headquartered on the outskirts of Chicago Riverwoods, Illinois.
On December 21, 2001, fourth-quarter Revenue at Discover Discover Financial Services Inc. card issuer grew 31% to $ 193 million, compared with $ 147 million a year earlier.
On March 5, 2002, the company announced that the Account Center on Discovercard.com has registered more than eight million cardmembers, an increase of 61 percent since January 2001. In September, it was announced that, on September 1, Citibank will receive the Discover® Card for money cash in around 450 Financial Centers and over 2,000 ATM locations nationwide.
Find acquired Diners Club
In April 2008, Discover Financial and Citigroup announced that Discover bought a Diners Club network from Citigroup for $ 165 million. In May 2008, the Federal Trade Commission approved the transaction and completed on July 1, 2008. Discover stated that the Diners Club network, which is a major network outside North America, will be merged with Discover Network, a major network in North America, creating an international network for Discover Network card and Diners Club card. Diners Club Card will continue to be issued by Diners Club International license holder. Discover Bank has no plans to issue a Diners Club branded card itself.
On September 17, 2010, Discover Financial announced it would acquire Citigroup's Student Loan Corporation for $ 30/share. Agreement settled on 31 December.
Find acquired Home Loan Center
On June 6, 2012, Tree.com, Inc. completing the sale of substantially all of the operating assets of the Home Loan Center, Inc. business. become a wholly owned subsidiary of Discover Financial. In return for the assets sold, Discover pays aggregate of $ 45.9 million including payments made before closing that apply to the closing price. On June 12, 2012, Discover began mortgaging the mortgage with the launch of Discover Home Loans, offering home-backed mortgages with prime interest rates and fixed conventional and FHA levels.
Find and TARP
Following the 2007-08 financial crisis, Discover received approximately $ 1.2 billion in bailout funds under the Troubled Asset Relief Program (TARP). The company announced in 2010 that it has received approval to repay the fund.
Maps Discover Financial
Competitors
In the United States, Discover, as a card brand, competes primarily with Visa, MasterCard, and American Express. Unlike Visa and MasterCard, Discover instantly pulls out the card, through its Discover Bank unit. Discover is the sixth largest credit card issuer in the US, when measured by card balance, behind JPMorgan Chase, Citigroup, Bank of America, Capital One and American Express, and ahead of Wells Fargo and the US.
Business
In addition to its card products, Discover also markets savings, current accounts, personal loans, student loans, and home equity loans. The Company also began offering Discover Debit card products directly to banks in 2006, through its Pulse interbank network, acquired in 2004.
References
External links
- Find the official website of the Financial Services company
- Find the official card credit card site
- Find the official Banking banking site
- Find authorized reseller websites, acquirers, and network publishers
- Find Student Loans official private student loan site
- Find the Home Loan of the official home mortgage site
- Find Personal Loans Personal Personal Loan Sites
Source of the article : Wikipedia
0 Comments