Discover has announced that its "Discover U.S. Spending Monitor fell nearly a point in June to 85.9, as consumers struggled with rising prices for essentials and continued to lose confidence in the nation’s economy. Economic confidence hit a new Monitor low, falling in June to a level that is nearly 30 points lower than a year ago."   » Continue Reading

Discover Financial Services has announced the opening of a new subsidiary, Discover Information Technology (Shanghai) Ltd., in the People’s Republic of China, to support Discover’s data analysis and modeling operations.   » Continue Reading

Discover Financial Services has reported net income for the second quarter of 2008 of $234 million, or $.48 per share, as compared to $209 million, or $.44 per share, in the second quarter of 2007. Managed loans grew 2% to $47.8 billion while sales volume on Discover Cards grew 2% to $22.5 billion in the quarter.   » Continue Reading

Hugh Son reports for Bloomberg that documents unsealed today in the Discover Financial Services antitrust litigation against Visa and MasterCard say that Discover is seeking $6 billion in damages.

Discover has announced that its "Discover U.S. Spending Monitor rose 1.4 points in May to 86.8 as consumers braced for higher spending in the wake of record gas and food prices. The Monitor posted record high percentages of consumers who said they spent more in May than April (56 percent) and who expect to spend more next month (46 percent), both up by six points respectively. The upturns reflect a nation of consumers who are seeing spending for necessities grow and budgets for discretionary spending shrink."   » Continue Reading

Discover Financial Services has announced that its Discover Card was ranked No. 1 in customer loyalty among leading credit card brands, according to the 2008 Brand Keys Customer Loyalty Engagement Index report. Brand Keys identifies the four most important drivers of brand loyalty in the credit card category as Rewards and Services; Fees and Flexibility; Ease and Speed of Interactions; and Protection and Precision. Discover Card has won the credit card category in the index 11 years in a row.   » Continue Reading

The April Discover U.S. Spending Monitor reflects a 'continuing pattern of economic concern from consumers in the face of rising expenses. For the last four months including April, the Monitor has remained in the 85-86 range. The April index rose a scant .3 from March when the index hit its lowest point ever. The up-tick to 85.4 was primarily the result of higher spending expectations.'   » Continue Reading

A new study of debit cards in the US market commissioned by PULSE identified superior performance by “best-in-class” issuers - 'suggesting significant untapped potential in debit for many financial institutions.'   » Continue Reading

The House Subcommittee on Financial Institutions and Consumer Credit is holding a hearing today on H.R. 5244, The Credit Cardholders' Bill of Rights. The prepared testimony of the witnesses is available on the Subcommittee's hearing page. Four consumers are testifying along with other financial services regulators (from the Federal Reserve, FDIC, OCC, and OTS), card industry executives (from Citi Cards, American Express, and Discover) and consumer groups (Consumer Federation of America, Consumer Action, and US PIRG).

Update: CNNMoney.com reports on the hearing and testimony by Sen. Carl Levin and Sen. Ron Wyden who both urged the House to take action on the legislation.

PULSE and its parent company, Discover Financial Services, have announced the signing of agreements with seven additional financial institutions for the issuance of Discover Debit cards.   » Continue Reading

In a press release, Orbiscom has announced that 'millions of consumers are taking control over risks from identity theft and online fraud with a free security service from Orbiscom. The service is available from credit card and online payment issuers and generates disposable numbers linked to a real account that can only be used within constraints specified by the card holder. As a result, merchants and unauthorized persons are prevented from seeing direct financial details in transactions that do not require the physical card, like online or by phone.'   » Continue Reading

Discover Financial Services has announced that it has signed an agreement with Citi to acquire Diners Club International - saying the combination will result 'in a global payments network with increased transaction volume and worldwide acceptance of Discover Network cards once the networks are fully integrated.' Discover said it will not issue cards or extend consumer credit in international markets as a result of this acquisition.   » Continue Reading

Discover reports that the Discover U.S. Spending Monitor reached a new low in March as consumers grew even more concerned about the economy and their personal finances in the face of rising monthly expenses. The March Monitor fell to 85.1, down more than a full point from the previous month and lower by 11 points than just six months ago.   » Continue Reading

Discover Financial Services has announced the launch of the Discover Insurance Center, 'an easy-to-use Web site that offers consumers auto, homeowner’s, and term life insurance, as well as home warranty plans from trusted, reputable providers.'   » Continue Reading

Discover Financial Services is holding a financial community briefing in New York City this morning. A webcast is underway and the presentation slides are available online in an 8-K filing with the SEC.

Discover Financial Services reported first quarter financial results this morning - with sales volume up 5% and US card managed loans up 2%. Discover reported managed credit card net chargeoffs of 4.37%, up 52 basis points from the prior calendar quarter. A transcript of Discover's earnings call today is available online. Discover will be holding an investor day meeting in New York City tomorrow, Thursday, March 20.

Discover Financial Services has announced the launch of Discover EDGE - calling it "an online resource dedicated to helping consumers become more savvy when it comes to managing their time and money. Designed to help Discover Cardmembers stay in control of their finances, Discover EDGE provides consumers with everyday financial advice to help them get ahead – and stay there."   » Continue Reading

Discover reports that its Discover U.S. Spending Monitor "steadied in February as spending intentions flattened, while pessimism about the economy increased. After sharp spending cutbacks in December and then January, following the end of the holiday season, consumers steadied their spending, but were cautious about any increases."   » Continue Reading

Several SEC Form 10-K Annual Report filings have been completed by various payments-related firms over the last few days including: TSYS, American Express, Fiserv, MasterCard Worldwide, Discover Financial Services, and Visa Inc.

Discover Financial Services and Barclays Bank have announced that the companies have signed a definitive agreement for Barclays to acquire Discover’s Goldfish credit card business based in the United Kingdom.   » Continue Reading

Discover reports that "few small business owners started out the year with confidence in the direction of the U.S. economy, according to the Discover Small Business Watch. The monthly index fell nearly 6½ points in January to 86.3, the second-largest point tumble in the 18-month existence of the poll. The index has been steadily decreasing since July, when it was 107.3."

Separately, Discover CEO David Nelms is presenting today at the Citi Financial Services Conference in New York.   » Continue Reading

Discover's latest US Spending Monitor paints a gloomy outlook for consumer fiannces going into 2008: "For the first time since June, less than a majority (49 percent) expected to have money left over after paying their monthly bills. Furthermore, December marked the fourth consecutive increase in the number of consumers expecting to have no money left over after paying monthly bills, topping out at more than 39 percent. Of those who had money left over, 27 percent had less left over than the previous month, a Monitor high, and a number that has also increased four months in a row."   » Continue Reading

Discover Financial Services has announced its financial results for the fourth quarter of 2007 reporting that its U.S. Card managed loans reached $48.2 billion, up 5% from last year driven by a 6% increase in credit card sales volume. Discover says that its "U.S. Card credit quality remained strong, although delinquency rates increased from last quarter reflecting weakening in the U.S. economy. The fourth quarter managed credit card net charge-off rate was 3.84% and the 30+ days delinquency rate was 3.59%."

Discover Financial Services has announced the launch of a new eGift Card, a prepaid, stored value card that can be used for purchases online or over the phone at merchant locations that accept Discover Card.   » Continue Reading

Global Payments has announced that "it has activated the first of its Independent Sales Organizations (ISOs) relationships - EVO, Mercury Payments, North American Bankcard and Total Merchant Services - to acquire Discover Network merchants in a manner consistent with Visa's and MasterCard's acquiring programs."   » Continue Reading

Jane J. Kim writes for the Wall St. Journal about new credit cards from Capital One, Chase Card Services and Discover that offer more "flexibility and convenience" in their rewards programs - intended to make their cards "top of wallet" in terms of consumer preference.

Earlier this week, Discover Financial Services CEO David Nelms presented at the Merrill Lynch Banking & Financial Services Investor Conference. A replay and the presentation slides are available online.

Experian Consumer Direct has announced a collaboration with Discover Financial Services "to provide Credit ScoreTracker, a comprehensive credit score tracking product, for its more than 50 million cardmembers." The service will cost $7.99/month.   » Continue Reading

The Network Branded Prepaid Card Association has announced results from a recent survey about gift cards that carry the American Express, Discover, MasterCard or Visa logo that finds that extremely high levels of consumer satisfaction are driving their triple-digit annual growth. The survey, conducted by Dan Horne, professor at Providence College, found that more than 93% of consumers who buy branded gift cards are satisfied with their purchase.   » Continue Reading

Eric Dash reports for the New York Times on yesterday's announcement of a settlement in the antitrust litigation between American Express and Visa. Dash notes that there is still pending litigation between American Express and MasterCard as well as between Discover and both MasterCard and Visa. Jane J. Kim reports on the settlement for the Wall St. Journal.

Aite Group has published a new report titled "The Future of Card Networks: Gauging Battle-Readiness for a Post-Visa IPO World" that "considers how the world will look in a post-Visa IPO world, in which the four major card networks, Visa, MasterCard, American Express and Discover, are publicly traded companies."   » Continue Reading

Péralte C. Paul writes for the Atlanta Journal-Constitution about TSYS becoming a Discover issuing processor. "The deal gives Columbus-based Total System, or TSYS, processing rights on the networks of all four major credit card companies — American Express Co., Visa USA, MasterCard International and Discover — for the first time."

Update: Here's yesterday's press release from Discover announcing the new TSYS relationship. According to Discover, "the agreement, which will provide issuers with more options in choosing a preferred processor on the Discover Network, is part of the Discover Network's commitment to offering payment solutions that deliver significant value to issuers."

PULSE EFT Association, a Discover Financial Services company, has announced that it is implementing DebitProtect, a fraud detection and notification system, across its ATM/debit network.   » Continue Reading

Discover Financial Services has announced its financial results for its third quarter ending August 31 - reporting a four percent growth in both credit card sales volume and managed loans.

Wells Fargo Merchant Services LLC and Discover Financial Services have announced "an agreement to offer full-service processing for all Discover transactions through Wells Fargo Merchant Services LLC. Under the agreement, Wells Fargo Merchant Services LLC customers will now enjoy seamless card payment processing for a broader range of payment options at the point of sale."   » Continue Reading

Discover Financial Services and Chase Paymentech have announced "the integration of Discover Network card acceptance into Chase Paymentech's payments network for small- to mid-sized merchants. Chase Paymentech is the world's largest merchant acquirer, with a customer base of more than 600,000 merchants in almost 1 million locations."   » Continue Reading

Discover Financial Services has announced that its Discover Gift Cards will now be available at various General Growth Properties mall locations nationwide. Discover says "this agreement will mark the first time Discover Gift Cards are available in retail locations and able to be purchased by non-Discover cardmembers."   » Continue Reading

Ben Steverman writes for Business Week about the recent stock price performance of MasterCard vs. just-issued Discover Financial Services - saying that "while MasterCard's IPO was a resounding success, so far Discover is getting poor reviews from investors."

Sandra Guy reports for the Chicago Sun-Times on Discover Financial Services - which starts trading today separately from former parent Morgan Stanley.

In an article titled 'Discover Finds a Fan Base Ahead of Looming Spinoff", Robin Sidel writes for the Wall St. Journal about the spinoff of Discover Financial Services from parent Morgan Stanley. The spinoff is to be completed next Monday when Discover is expected to have a market capitalization of about $14 billion.

Rick Biggs writes for Bankstocks.com about the upcoming spin-out of Discover Financial Services from parent Morgan Stanley and does some quick analysis regarding how it might be valued.

Discover announced second quarter results today reporting that its US card business grew managed credit card receivables 6% over the same period last year to $46.9 billion on a growth in sales volume of 5% to $22.1 billion. The company reported an over 30 day delinquency rate of 2.97%, 23 basis points lower than last year’s second quarter and 34 basis points below the first quarter of 2007. The net charge-off rate of 4.00% was up 82 basis points from the same period last year and 19 basis points from the first quarter of 2007. Debit card transactions processed on the PULSE Network grew 19% to 559 million.

Discover Financial Services has announced an agreement with First Data Corp. to issue Discover Network payroll cards provided by Money Network Financial, a First Data Company. Money Network will issue the Discover Network branded payroll cards and handle card administration.   » Continue Reading

In a regulatory filing today with the SEC, Morgan Stanley announced that the spin-out of Discover Financial Services is now scheduled for June 30, 2007.   » Continue Reading

Seeking Alpha posts an article reviewing the latest SEC 10-12B/A filing re: Morgan Stanley's plan to spinout its Discover Financial Services unit later this year.

Discover Financial Services has announced the launch a new Discover Business Miles Card, which the company says "gives small business owners a way to earn miles faster and the ability to travel with no restrictions. Discover Card is introducing the new Business Miles Card following last year’s successful debut of Discover Business Card as another way to provide more flexibility and control to America’s small business owners."   » Continue Reading

Earlier today, Morgan Stanley filed with the SEC a preliminary information statement describing its plan to spin-out its Discover Financial Services business unit later this year.

Discover Financial Services has announced the launch of the Discover Motiva Card - describing it as "the credit card that gives consumers cash rewards for good credit management. The Discover Motiva Card is designed for consumers who carry a balance and often feel underappreciated by card companies rather than rewarded for being some of their best customers. They believe current rewards programs focus on the biggest spenders and therefore don't meet their needs."   » Continue Reading

The PULSE EFT Association has announced results of its 2007 Debit Issuer Study - concluding that "U.S. debit card-issuing financial institutions experienced debit card transaction growth of 18 percent in 2006 and expect continued strong growth in 2007."   » Continue Reading

Discover Financial Services has announced the launch of a mobile payments and account management trial that enables participants to check their Discover Card account balances, review payment history, and make purchases using their mobile phones in place of a traditional plastic credit card. According to the company, the pilot project is being conducted by Discover Network, a division of Discover Financial Services, and Motorola, and involves up to 1,000 participants with Discover Card accounts and multiple merchants in the Chicago and Salt Lake City areas.   » Continue Reading

Eric Grover, a partner at Intrepid Ventures, has written a viewpoint commentary for the American Banker on the options that Discover Card will have to build its business and expand globally - after its upcoming spin-off from Morgan Stanley. In his comments, Grover suggests that part of Discover's problem in signing up issuing partners is its lower interchange fee - suggesting that Discover "should push harder to close its interchange gap with MasterCard and Visa, enhancing its profitability for bank and retailer issuers, fueling rewards, and thereby increasing issuance and cardholder spending."

Green Dot Corporation has announced that it is offering "through its retail network the first reloadable prepaid card to launch on the Discover Network. Customers will be able to use the card to purchase goods and services at over 4 million merchant locations where Discover is accepted. Like other Green Dot products, the Green Dot Discover Network prepaid card can be reloaded via the Green Dot Financial Network -- one of the nation's largest retail-based cash acceptance networks."   » Continue Reading

In an article titled Taking Charge at Discover, Liz Moyer and Tara Weiss write for Forbes about David Nelms, CEO of soon to be independent Discover Financial Services. In their interview of Nelms, he comments "the ability to provide debit services made a huge change."

Becky Yerak writes for the Chicago Tribune about yesterday's announcement of the upcoming spin-off of Discover from Morgan Stanley - quoting David Nelms, Discover's chairman and chief executive, as saying the spin-off is "good for us and good for Chicago."

Landon Thomas Jr. reports for the New York Times on yesterday's announcement by Morgan Stanley that it plans to spin-off its Discover unit by summer following an internal strategic review of the business. The on, off, now on again spin-off plan could result in Discover having a public stock market capitalization of as high as $10 billion - if it's not first taken over by any of the large card issuing banks in the US.

Morgan Stanley CEO John Mack announced this morning that the company would be spinning off its Discover business unit. A presentation providing an overview of Discover is available online. Morgan Stanley reported Discover's full year net revenue grew 24 percent over 2005 and was up 39 percent in the fourth quarter.

Mary Catherine O'Connor writes for RFID Journal about Discover's plans to launch field tests of an RFID-based payment system by the end of this year.

Discover Card has released its first "Holiday Shopping Survey, assessing consumers’ spending trends and patterns for the 2006 holiday season. The findings show that a majority of shoppers plan to spend up to $500 this holiday season and one in four intends to spend from $500 to $1,000."   » Continue Reading

The Board of Directors of the Independent Bankers Association of Texas has announced it has voted unanimously to exclusively endorse Discover Debit, a new signature debit program developed jointly by PULSE EFT Association LP and Discover Network.   » Continue Reading

"It was less than a year ago that a landmark transaction at the famous Macy’s Herald Square in New York City kicked off the first phase of a reciprocal acceptance agreement between Discover Financial Services LLC, a business unit of Morgan Stanley (NYSE:MS), and China Unionpay (CUP), China’s only national bankcard payment network. Today, a single swipe of a Discover Card marks the second phase of the agreement, signifying the acceptance of Discover Network cards at more than 480,000 merchant locations and 90,000 ATMs across China."   » Continue Reading

Jack in the Box has announced the installation of new contactless payment card readers at all company restaurants will be completed by Dec. 31 - to "offer guests an easier, quicker way to pay. Guests will be able to pay simply by holding their cards in front of a reader at the front counter or drive-thru window. No swipe required." Jack in the Box partnered with American Express, Discover, MasterCard and Visa for the rollout.   » Continue Reading

Discover Card has announced that throughout October, November and December, its cardmembers can earn a 5% Cashback Bonus through its “Make the Holidays More Entertaining” Get More program when paying with Discover at restaurants, movies, and buying books, music and everything else, in-store or online, from these specific merchants: Amazon.com, Barnes & Noble, Borders, Circuit City, Crutchfield, Napster and Waldenbooks.   » Continue Reading

NOVA Information Systems and Discover Financial Services have announced the signing of a merchant acquiring agreement enabling NOVA to add Discover Network card acceptance to its portfolio of payment processing services. NOVA will provide consolidated pricing, underwriting, risk management, processing, settlement, support and reporting to its merchants, simplifying payments processing.   » Continue Reading

TSYS Acquiring Solutions has announced plans to integrate Discover Network card acceptance into its offering for merchant acquirers and independent sales organizations (ISOs) - offering merchants consolidated servicing, statementing and settlement.   » Continue Reading

Stuart Elliott reports for the New York Times about Discover's new advertising campaign - featuring scissors. Elliott suggests that unlike more humdrum ads for other credit cards, "one that shows scissors being used to slice and dice credit cards like so many vegetables may get noticed." See also Discover's new website featuring the new campaign.

Morgan Stanley reported financial results for its third quarter ending August 31 - including results for its Discover card business unit. According to the company, "net sales volume was a record $25.7 billion, a 15 percent increase from a year ago, reflecting increased cardmember usage and the acquisition of the Goldfish credit card business."

Global Payments and Discover Financial Services have signed a new merchant acquiring agreement enabling Global Payments to begin selling Discover Network card acceptance. Global Payments also will purchase that portion of Discover's merchant portfolio currently providing Visa and MasterCard processing.   » Continue Reading

American Express, Discover Financial Services, JCB, MasterCard Worldwide and Visa International have announced the formation of an independent council - the PCI Security Standards Council - designed to manage the ongoing evolution of the Payment Card Industry (PCI) Data Security Standard.   » Continue Reading

Kathy Chu writes for USA Today about David Nelms, CEO of Discover Financial. Chu reports Nelms describing Discover's current strategy: "We're trying to stand out more. We think we have a great story to tell."

PULSE EFT Association LP and LINK Interchange Network Ltd., the operator of the UK Cash Machine Network, have announced a reciprocal agreement that will allow the 4,200 financial institution participants in the PULSE ATM/debit network to offer their cardholders access to all but a handful of the more than 58,000 cash machines across the United Kingdom and allow LINK to offer its 38 participating financial institution members access to an additional 250,000 PULSE cash machines in the United States.   » Continue Reading

Discover Financial Services and JCB have announced a strategic relationship "that will lead to increased card acceptance for both companies." The arrangement provides for acceptance of JCB cards on the Discover Network in the U.S., and of Discover Network cards on the JCB network in Japan, and acceptance of PULSE cards at targeted ATMs in Japan at the option of the card issuer.   » Continue Reading

The Merchant Account Blog from MerchantEquip.com reports on a joint news release that was issued just a few days ago from Visa, Mastercard, American Express, Diners Club, JCB and Discover outlining what businesses need to do to secure cardholder data.

Shaheen Pasha writes for CNNMoney.com about Discover Card - suggesting "Discover will have to battle to sustain its strength when the credit environment returns to normal and credit losses start swelling again, as early as next year, industry analysts said. Discover's main tasks? Improve marketing, and get more merchants and customers to use its cards."

David Enrich reports for MarketWatch that Morgan Stanley's "Discover credit- and debit-card unit racked up record profits in the second quarter. But a key driver of the results - the smaller amount that Discover set aside to cover possible bad loans - might not last."

Discover Network has announced the establishment of a Merchant Advisory Council intended to "provide a forum for Discover Network and member merchants to identify and address relevant issues and trends in the payments industry, such as security and fraud protection, merchant support, and new payment technologies."   » Continue Reading

Discover Network, a business unit of Discover Financial Services and Morgan Stanley, has announced that it has reached agreements with five financial institutions to issue credit or prepaid cards on the Discover(R) Network. New network issuers include: Alliance Data, Dallas, Texas; First Bank & Trust, Brookings, S.D.; Morgan Beaumont Inc., Bradenton, Fla.; West Suburban Bancorp Inc., Lombard, Ill.; and Palm Desert National Bank, Palm Desert, Calif.   » Continue Reading

Discover Financial Services has announced the launch of the Discover Business Card, a "single payment solution for small business owners designed to fundamentally change how they pay for everyday business purchases."   » Continue Reading

Morgan Beaumont has announced an agreement with Discover Financial Services LLC to ssue Discover Network cards. As part of this agreement, Morgan Beaumont will issue a variety of prepaid cards on the Discover Network, as well as manage the payroll card programs scheduled for launch later this year.   » Continue Reading

This week's Business Week has an article about Bank of America's aspirations to become a major player in investment banking - and discusses the "build" vs. "buy" approaches to achieving that goal. One of the "buy" approaches mentioned is a potential acquisition of Morgan Stanley - which would also bring along Morgan Stanley's Discover Card unit.

As gas prices continue to rise, Discover Card has announced two offerings to give consumers some relief at the gas pumps.   » Continue Reading

Discover Financial Services has announced that its fraud protection services and online customer security center at Discovercard.com have been ranked number one in a comprehensive, third-party report on the credit card industry.   » Continue Reading

Keynote Systems has announced new consumer research showing that Discover, American Express and Chase provide the best online experience for prospective card customers. A PDF summary of Keynote's findings is available online.   » Continue Reading

David Breitkopf writes for the American Banker about Stan Paur's view of the future of the US debit card market. Paur has been president and CEO of Pulse EFT for years and is about to step up from that role to chairman following last year's acquisition of Pulse by Discover.   » Continue Reading

David Enrich reports for the Wall St. Journal on yesterday's announcement by Discover of a new signature Discover Debit Card. Becky Yerak reports for the Chicago Tribune. Mary Wisniewski reports for the Chicago Sun-Times.   » Continue Reading

Counsel for a group of merchants that has sued all the major credit card companies for antitrust violations has announced that, following negotiations, Discover has agreed to drop its "No Surcharge Rule'' and, consequently, that Discover would be dropp