Profile

Discover Financial Services is an American financial services company that owns and operates Discover Bank, which offers checking and savings accounts, personal loans, home equity loans, student loans and credit cards. It also owns and operates the Discover and Pulse networks, and owns Diners Club International. Discover Card is the third largest credit card brand in the United States, when measured by cards in force, with nearly 50 million cardholders. Discover is currently headquartered in the Chicago suburb of Riverwoods, Illinois. Sears introduced the Discover credit card in 1985 in conjunction with real estate franchise Coldwell, Banker & Company and brokerage firm Dean Witter Reynolds. Altogether, these companies operated under the banner Sears Financial Network. In 1993, Sears sold off its financial services branch with Dean Witter Reynolds in charge of Discover. This independent company was called Dean Witter, Discover & Co. In 1997, Dean Witter, Discover & Co. merged with investment banking house Morgan Stanley to become Morgan Stanley Dean Witter, Discover & Co. In 1999, this company rebranded itself as Discover Financial Services, Inc.