Discover Financial Services (US)

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The Discover Card is the #4 US credit card platform behind Visa, MasterCard and American Express, operating more or less exclusively in the domestic market. Market share is well below that of the big three, at around 2.2% of total global purchase volumes in 2015, with approximately 57.8m cards in circulation. However, Discover prides itself on working harder to provide top-quality customer service. It has done this most effectively with the entertaining "Peggy" marketing campaign in the early 2010s, which suggested that other companies' call-centres are in reality run by incompetent foreigners in far-flung corners of the globe. The comapny regularly achieves top rankings for customer satisfaction, and has topped the JD Power survey for credit card providers each year since 2013. In 2008 Discover also acquired the global Diners Club business from Citigroup, and has a growing direct banking, mortgages and personal loans business. It also owns and operates the Pulse ATM network in the US. David Nelms is CEO. Net revenues hit a new high in 2016 of $9.1bn. The vast majority of that sum is generated by interest on credit card balances. Total credit card purchase volumes were $132.2bn, down around 6% on the year before. Originally launched by retail group Sears Roebuck in 1986, Discover became the financial services division of investment banking giant Morgan Stanley in the 1990s. It was spun off to shareholders as an independent company in 2007. Adbrands does not currently offer a business profile for this company but subscribers may access account assignments and contact information. The searchable account assignments database is available to full subscribers to Adbrands.net premium services. Click here to access Adbrands account assignments (subscribers only); or see here for information on how to subscribe.

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Capsule checked 28th March 2017

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