DFS Launches New Cashback Account - Analyst Blog

By
A A A

Recently, Discover Financial Services ( DFS ) 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 its network.

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 considering are Visa Inc. ( V ), Total System Services, Inc. ( TSS ) and Encore Capital Group, Inc. ( ECPG ). All these companies carry a Zacks Rank #2 (Buy).



DISCOVER FIN SV (DFS): Free Stock Analysis Report

ENCORE CAP GRP (ECPG): Free Stock Analysis Report

TOTAL SYS SVC (TSS): Free Stock Analysis Report

VISA INC-A (V): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Business , Stocks

Referenced Stocks: DFS , ECPG , TSS , V

Zacks.com

Zacks.com

More from Zacks.com:

Related Videos

Stocks

Referenced

67%
100%
100%
64%

Most Active by Volume

85,117,424
  • $6.78 ▲ 11.88%
77,261,676
  • $17.53 ▲ 1.56%
61,066,548
  • $6.90 ▲ 2.99%
56,847,440
  • $112.65 ▲ 2.96%
52,788,366
  • $7.78 ▲ 1.83%
50,761,400
  • $25.14 ▲ 2.91%
47,781,237
  • $45.35 ▲ 10.18%
45,664,909
  • $7.17 ▲ 2.14%
As of 12/18/2014, 04:15 PM


Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com