Commitment to Cardmembers' Needs Keeps Discover on Top of Credit
Card Category
RIVERWOODS, Ill.--(BUSINESS WIRE)--May 8, 2008--Discover Financial
Services (NYSE: DFS) today announced that Discover(R) Card is ranked
No. 1 in customer loyalty among leading credit card brands, according
to the 2008 Brand Keys Customer Loyalty Engagement Index(R) report.
Discover Card has won the credit card category in the index 11 years
in a row.
Discover Card finished first in the credit card category in the
annual survey from Brand Keys, Inc., the New York-based research
consultancy that conducts a yearly study of brands which generate the
highest customer loyalty.
"Brand Keys' recognition of Discover Card again this year is a
testament to the efforts of our cardmember services representatives
who are passionate about satisfying our customers through high-quality
service," said Carlos Minetti, executive vice president of Cardmember
Services. "Discover Card dedicates significant resources to keep our
products and services in line with the changing needs of our
cardholders."
Discover Card ranked ahead of Capital One(R), Visa(R), American
Express(R) and MasterCard(R). Brand Keys' interview methodology with
customers of the brands is a combination of proprietary psychological
assessments and higher-level statistical analyses. Brand Keys
assembles a statistical combination of emotional values with the
rational attributes that identify the bond between a brand and
consumers.
"These are exceptionally revealing measures, said Robert
Passikoff, Brand Keys founder and president. "At a time when most
brands are struggling to differentiate from their competition and
engage their customers in order to remain profitable, these rankings
serve as both an opportunity and warning. It will be the brands that
answer this warning with a truly consumer-centric view of their
category, based on predictive loyalty metrics, that stand to gain the
most, and establish themselves as 21st century brands and not
commodities."
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.
"Sustained cardholder loyalty is a direct reflection of Discover
Card's progress over the years of building on its already powerful
cash rewards programs, on-line account management, customer service
and fraud protection," said Margo Georgiadis, executive vice president
and chief marketing officer. "We're committed to offering products and
tools that make consumers more savvy when it comes to staying in
control of their finances."
In the past six months, Discover Card has launched the following
tools to help cardmembers and consumers stay on top of their financial
situations:
- A Guide to Using Credit Wisely, an online resource designed to
help consumers understand the basics of credit management.
Whether they're opening their first credit card accounts,
trying to improve credit scores, or protecting against fraud
and identity theft, the guide offers useful advice. Visit
www.discoverfinancial.com.
- Discover EDGE, a Web site that provides consumers with
everyday financial advice to help them get ahead - and stay
there. Content is written by an independent team of experts,
led by nationally-syndicated columnist and best-selling author
Ilyce Glink. Visit www.discovercard.com/edge.
- Paydown Planner, a calculator that gives cardmembers the
personal information they need to help pay down their
balances. Cardmembers can start by entering a monthly payment
and see the approximate time period it will take them to reach
their pay-down goal; or they can start with a target date and
see an estimate of how much they will need to pay each month
to reach that goal. Visit the Account Center at
www.discovercard.com.
- Purchase Planner, a calculator that helps cardmembers
understand how a purchase could affect their monthly payment
and plans to pay down their balances. Like the Paydown
Planner, cardmembers have the option to either enter the total
purchase price and receive an approximate monthly payment
amount needed to pay off the entire balance; or enter the
preferred monthly payment amount and receive an estimate of
how much they can spend on a new purchase. Visit the Account
Center at www.discovercard.com.
- Credit ScoreTracker, a tool that helps cardmembers understand
and monitor their credit scores to make better financial
decisions. Cardmembers can receive timely e-mail reminders
that help them keep track of their spending, make payments on
time, and stay safely within their credit line. Visit
www.discovercard.com/protection-solutions.
About the Brand Keys Customer Loyalty Engagement Index
The Brand Keys Customer Loyalty Engagement Index(R) is an annual
syndicated study -- initiated in 1997 -- that currently examines
customers' relationships with 382 brands in 57 categories. The Brand
Keys data paints a detailed picture of the category drivers that
engage customers, engender loyalty and drive real profits. These
drivers not only define how the consumer will view the category,
compare offerings, and, ultimately, buy, but also identify the
expectations consumer hold for each driver. The brand whose drivers
come closest to meeting (or even exceeding) those of the category
Ideal is always the one whose customers will demonstrate the highest
levels of engagement and loyalty over the next 12 to 18 months. For
information, visit www.brandkeys.com.
About Discover Financial Services
Discover Financial Services (NYSE: DFS) is a leading credit card
issuer and electronic payment services company with one of the most
recognized brands in U.S. financial services. The company operates the
Discover Card, America's cash rewards pioneer. Since its inception in
1986, the company has become one of the largest card issuers in the
United States. Its payments businesses consist of the Discover
Network, with millions of merchant and cash access locations, and
PULSE, one of the nation's leading ATM/debit networks. For more
information, visit www.discoverfinancial.com.
CONTACT: Discover Financial Services
Jon Drummond
Corporate Public Relations
224-405-1888
SOURCE: Discover Financial Services