"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