Riverwoods, Illinois, June 12, 2006
– Discover Financial Services LLC, a business
unit of Morgan Stanley (NYSE:MS), today 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. The Discover Business Card
delivers the financial flexibility and control
business owners are seeking.
The Discover
Business Card also leverages the core strengths
of the Discover Card for consumers. For no annual
fee, it offers Discover Card's leading
Cashback
Bonus® rewards program and unmatched
customer service, customized to meet the unique
needs of small business owners.
“The
Discover Business Card provides the opportunity
for the Company to take a leadership position
in the small business payments space by addressing
the underserved needs of the small business owner,”
said David W. Nelms, Chairman and Chief Executive
Officer of Discover Financial Services. “With
credit card penetration among small businesses
at an estimated 35 percent – and only 10 percent
of small business spending on plastic – the Discover
Business Card's customized features and services
address many of the challenges that have discouraged
small business owners from using credit cards
in the past.”
Unmatched Financial
Flexibility and Control Financial
flexibility and control are critical to the success
of small business owners. The Discover Business
Card meets these needs with key features including:
- PurchaseChecks:
Unique, fee-free PurchaseChecks let small business
owners pay merchants and suppliers who do not
accept credit cards, allowing Business Cardmembers
to receive benefits such as earning rewards, and
the same APR and payment grace period as card
purchases.
- Employee
Cards: Free Employee Cards with real-time,
customizable limits and monthly spend reporting
ensure that business owners have the necessary
oversight and control they need to give Cards
with confidence to their employees.
- Extensive
Reporting and Control: Online quarterly
and annual statements by category, downloadable
to QuickBooks®, help ensure easy tracking
of expenses and streamlined bookkeeping, especially
during tax season. Simple, yet extensive, online
account management tools help small business owners
pay bills, redeem rewards, track or categorize
expenses, and set up e-mail alerts to help them
stay on top of their finances.
- Business-Sized
Credit: The Discover Business Card features
highly competitive rates and business-sized credit
limits up to $50,000.
America's
Leading Rewards Program and Customer Service,
Customized for BusinessAs the
original innovator of cash rewards, Discover Card
offers America's number one rewards program customized
for businesses. The Discover Business Card provides
special rewards for categories that are valued
most by business owners, including 5%
Cashback
Bonus on office supplies, 2%
Cashback Bonus
on gas and up to 1%
Cashback Bonus on all
other purchases. The Discover Business Card also
features unlimited rewards that never expire for
active Cardmembers, which is especially important
for business owners who lack the time to keep
track of their rewards. The Card also offers
the most flexible redemption options, and the
ability to increase – even double – cash rewards
with Discover Card's exclusive network of over
60 brand-name redemption partners.
Business
Cardmembers can expect specialized customer care
and can always access a dedicated Discover Business
Card account manager in less than one minute.
And Discover Business Card account managers are
committed to taking care of Cardmembers' issues
in just one phone call.
The Discover
Business Card also provides the most advanced
and convenient fraud protection available today,
with a $0 fraud liability guarantee, free secure
online account numbers and the industry's most
vigilant fraud early warning system.
Building
on a History of Innovation and Growth
With the launch of the Discover Business
Card, Discover Financial Services continues to
build upon its history of innovation as it evolves
into a broad-based payments company offering a
full range of modern and convenient payments products,
including credit, PIN, signature debit and stored
value.
Discover Card's twenty-year track
record of firsts include the launch of
Cashback
Bonus rewards with the most redemption choices
of any cash rewards program, no annual fee, 24/7
customer service and secure online account numbers.
More
information about the Discover Business Card can
be found at
www.discoverbiz.com.
About
Discover Financial Services LLC Discover
Financial Services LLC, a business unit of Morgan
Stanley (NYSE: MS), operates the Discover Card
with more than 50 million Cardmembers, and the
Discover Network with more than 4 million merchant
and cash access locations. Discover Financial
Services also operates the PULSE ATM/debit network,
which serves over 4,200 financial institutions
and includes almost 250,000 ATMs and approximately
3.4 million POS terminals. For more information,
visit
www.discovercard.com,
www.discovernetwork.com
or
www.pulse-eft.com.
# # #
CONTACT:
Laura Gingiss
Discover Financial Services
LLC
(224) 405-0185