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Discover Introduces New Resources To Help Consumers Better Understand Credit

February 22, 2010

"Straight Talk" Articles and Video Explain Credit Card Terms and CARD Act Changes in Easy-to-Understand Language

RIVERWOODS, Ill., Feb 22, 2010 (BUSINESS WIRE) -- Discover Financial Services (NYSE: DFS) today announced the launch of "Straight Talk," an online video and series of articles designed to help consumers more easily understand how credit cards work, including changes from the Credit Card Accountability Responsibility and Disclosure (CARD) Act, which went into effect today. Discover "Straight Talk" is part of the company's long-standing commitment to providing products, services and resources that help its cardmembers spend smarter, manage debt better and save more.

The "Straight Talk" series consists of articles that explain in clear terms how credit card companies determine annual percentage rates (APRs) and credit card limits, why fees are charged, and what changes consumers can expect to see as a result of CARD Act. The online video explains changes to fees, payment allocation and APRs resulting from the legislation and offers tips to help consumers manage their finances.

"Over the years, we've listened to our cardmembers and know that they want 'straight talk' from their credit card company and our goal is to provide that to them," said Carlos Minetti, executive vice president of Cardmember Services and Consumer Banking at Discover. "These online resources will help them better understand credit, while empowering them to achieve brighter financial futures."

The "Straight Talk" video and articles can be found on Discover's Financial Education Resources page: http://www.discoverfinancial.com/financialeducation/straighttalk.shtml

In addition to the new video and articles, Discover offers a variety of tools and resources to help cardmembers manage their credit:

Free Online Tools that Help Cardmembers Make Smart Financial Decisions

  • The Spend Analyzer: The Spend Analyzer offers cardmembers a clear, visual way to track and compare their card spending so they can make informed spending choices.
  • The Paydown Planner: The Paydown Planner helps cardmembers create a simple plan to pay down their balance.
  • The Purchase Planner: The Purchase Planner helps cardmembers understand how a large purchase may affect their account.
  • Email Alerts and Reminders: Email alerts and reminders help cardmembers make payments on time, avoid unnecessary fees and stay safely within their credit line.

Online Resources to Educate and Inform

  • Financial Education: This online resource, found at www.discoverfinancial.com, helps cardmembers understand the basics of credit management with clear and easy-to-understand articles.
  • Student Center: Discover's Student Center, located at www.discover.com/student-center, is dedicated to providing students with tools and resources to better manage and understand credit.
  • DebitFacts.org: This online resource provides guidance on managing money through debit card usage.

Services and Resources that Help Cardmembers Manage Difficulties with Payments

  • Payment Programs: Discover has special payment programs to help cardmembers who are experiencing financial difficulties and need help bringing their account up to date. Last year, Discover assisted more than one million cardmembers who were experiencing financial hardship.
  • Customer Service that Puts Cardmembers First: Cardmembers having trouble keeping up with their payments can reach a knowledgeable customer service representative on the phone typically within 60 seconds, 24 hours a day, seven days a week.
  • Debt Management and Credit Counseling Agencies: Discover supports www.helpwithmycredit.org, an industry effort to assist and educate people struggling to make their payments, as well as the National Foundation for Credit Counseling, the nation's largest and longest-serving national nonprofit credit counseling network.

About Discover

Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company operates the Discover card, America's cash rewards pioneer, and offers personal and student loans, online savings accounts, certificates of deposit and money market accounts through its Discover Bank subsidiary. Its payment businesses consist of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. For more information, visit www.discoverfinancial.com.

SOURCE: Discover Financial Services

Laura Gingiss
Discover
224-405-0185
lauragingiss@discover.com