Discover Financial Services
) launched a new direct banking product - Discover Cashback
CheckingSM - a checking account offering cashback rewards. The
account offers 10 cents of cashback for every payment transaction
through debit card, online payment or check. The amount is
automatically added to the Discover card Cashback Bonus balance
of the accountholder after every transaction.
Additionally, Cashback Checking account offers various
benefits such as no monthly fees, no minimum balance requirement,
no charges for checks or replacement cards and no fees for
transactions at 415,000 ATMs in the U.S. Moreover, an app
allowing accountholders to deposit checks, pay bills and locate
ATMs using their smartphones enhances the ease of access.
The Cashback Checking account also offers round-the-clock
customer service from a dedicated U.S.-based team. It also offers
protection in the form of no fraud liability from unauthorized
transactions along with bill pay protection.
However, the account is currently available to select
customers and will be opened to all customers eventually. The
company is planning the complete roll out by 2014.
Since its inception, Discover Financial has grown to become
one of the largest card issuers in the U.S. and a leading
innovator in the credit card industry. Moreover, the company
regularly forms alliances to boost card acceptances and expand
The new Discover It card, launched in Jan 2013, offers the
advantage of no annual fees or charges for over-limit, foreign
transactions or pay-by-phone facility, while at the same time
offers the rewards and benefits of other Discover cards.
Discover Financial currently carries a Zacks Rank #3 (Hold).
Other companies in the financial sector that are worth
Total System Services, Inc.
Encore Capital Group, Inc.
). All these companies carry a Zacks Rank #2 (Buy).
DISCOVER FIN SV (DFS): Free Stock Analysis
ENCORE CAP GRP (ECPG): Free Stock Analysis
TOTAL SYS SVC (TSS): Free Stock Analysis
VISA INC-A (V): Free Stock Analysis Report
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