America’s card the Discover Card is a major card issued in this country. First introduced in 1985 by Sears, a part of Dean Winter and followed by Morgan Stanley and Discover Financial Services turns into an independent company 2007. All the transactions were routed through and handled by the Discover Network payment network. In 2005 acquired the Pulse payment system and in a years time was ready with the Discover Debit Card, thus it was offered to banks initially.
Sears, the largest retailer then in the United States, in 1981 Sears purchased the Dean Witter Reynolds Organization (brokerage) and Coldwell, Banker & Co. (real estate) impressive additions to their customer service portfolio. The card concept was evolved by then the credit manager for Sears Ray Kennedy, Sr., (father of Singer Ray Kennedy). Discover Card was issued by bank- Sears owned, The Greenwood Trust Company later to be changed to Sears Financial Network. The Sears Towers (Cox’s H.Q) became symbolic, embossed on the Discover card.
1980s Sears saw some hard times and in 1993 sold off its financial businesses, began to accept the MasterCard and Visa along with its Store credit card and Discover Card. The Discover Card was a part of Dean Witter Financial Services firm, later merged with Stanley Morgan in 1997. Finally in 2000, Greenwood Trust becomes Discover Bank.
The Discover Card signage located at the 1, Times Square, displays information about company and offers and also displays countdown during the New Year’s celebrations.
Discover is America’s patron card, 50 millions in number, 4 million merchants and cash access locations operate in the Discover network, 4,500 ATMs, credit Unions, saving Institutes. Obvious disadvantage being that it is not accepted outside America, with an exception of being used at the ATM locations worldwide.
Since its launch in 1986 Discover has innovatively created significant changes in the credit card industry. Discover offers a full range of credit, debit and prepaid cards, the Discover card as well. A network of millions of merchants and cash access locations and markets.
Discover Bank and its subsidiary offers the Discover card America’s cash rewards pioneer offers loans personal students, online savings products, certificates of deposits and money market account etc. Pulse the leading ATM/debit networks and Diners Club International- a global payments network with an acceptance in over 185 countries and territories.
The track record of pioneering accomplishments:-
• Cashback Bonus America’s No.1 Cash rewards Program.
• Every American household has a Discover card than any other.
• The first to introduce 24/7 Customer service
Discover’s two affiliates in United States: Discover Bank and Bank of New Castle. The former (Delware Corporation) deals with the US Discover Cards and the latter with Credit Card.
• Discover Payment Services business includes 3 networks that support billions of transactions.
• Discover Network- supports multiple card products, issuers and processors.
• PULSE: US’s leading ATM/Debit networks.
• Diner’s Club International- Global payments network with acceptance in 185 countries and territories.
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