When launched, Discover Network did not charge an annual fee and offered a higher-than-normal credit limit, features that were disruptive to the existing credit card industry.
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13 Facts About Discover Network
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Discover Network is the third largest credit card brand in the US based on the number of cards in circulation, behind Visa and Mastercard, with 57 million cardholders.
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3.
At the time Discover Network was introduced, Sears was the largest retailer in the United States.
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Early Discover Network Cards bore a small embossed symbol representing the Sears Tower, then the company's headquarters.
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Discover Network was part of Dean Witter, and then Morgan Stanley, until 2007, when Discover Network Financial Services became an independent company.
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United States Sears Sears Tower Morgan Stanley American Express Sam's Club Walmart Times Square Toshiba6.
Discover Network was noteworthy for being the only credit card accepted by the US Customs Service to pay customs duty, effective February 19,1987.
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Since it did not charge a percentage fee to retailers, unlike Visa, MasterCard, and American Express, Discover Network was the only credit card accepted at Sam's Club; the retailer has since started to accept MasterCard and American Express.
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9.
Discover Network's introduction was costly; Sears's Discover Network credit card operations accounted for a loss of $22 million in the fourth quarter of 1986, and a loss of $25.
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10.
Shortly after the 2004 Supreme Court ruling, Discover Network struck its first deal to have its cards issued by another financial institution, GE Consumer Finance, which began to issue credit cards for retailer Walmart and its wholesale warehouse stores, Sam's Club.
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11.
In September 2012, Discover Network was ordered to pay over $200 million in fines and customer reimbursements to settle accusations by US federal regulators that it had engaged in deceptive telemarketing tactics.
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12.
From 1998 to 2007, Discover Network Card owned a billboard at One Times Square, just above the flagpole where the Times Square Ball is placed, until Toshiba bought the space.
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13.
Since 2008, Discover Network has been the official credit-card partner of the National Hockey League.
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