Market Overview

Discover Adds Freeze ItSM Feature, Auto Cash Back Redemption to Savings and New Debit Card Design to Discover Cashback Debit Accounts

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Discover is introducing more features and debuting a new debit card
design for the Discover Cashback Debit product. Customers of Discover
Cashback Debit, previously known as Discover Cashback Checking, will now
be able to temporarily freeze their debit card, automatically transfer
their earned cash back to their eligible savings account and pay using a
stylish new card.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180808005417/en/

New debit card from Discover Cashback Debit (Photo: Business Wire)

New debit card from Discover Cashback Debit (Photo: Business Wire)

"We are continually looking for ways to tailor our products to our
customers' wants and needs and provide them features that will help them
conveniently save more," said Arijit Roy, vice president of Deposits at
Discover. "Cashback Debit already comes with no monthly fees while
providing cash back for everyday purchases. The addition of auto
redemption to savings is yet another way we are continuing to make
saving easier for our customers."

New features will include:

  • Freeze it feature: Temporarily freeze your debit card to prevent new
    purchases and ATM transactions1
  • Auto Redemption to Savings: We'll automatically deposit your Debit
    Card Cashback Bonus into an eligible Discover Savings account each
    month,2 allowing you to grow your savings with a high
    interest rate
  • A new card design that stands out in a wallet

These features will join the already great Discover Cashback Debit
account that features

  • 1% cash back on up to $3,000 in qualifying debit card purchases each
    month3
  • First Fee Forgiveness4 which automatically waives the first
    eligible fee when it occurs each calendar year, with no action
    required by the customer.
  • No monthly fees, including no minimum opening deposit or balance
    requirement
  • No-fee access to over 60,000 Allpoint® and MoneyPass®
    ATMs in the U.S.
  • 24/7 customer service from a 100% U.S.-based customer service team
  • Secure online and mobile access for easy account management, such as
    depositing checks and viewing account activity
  • No-fee online bill pay

Discover Cashback Debit accounts are FDIC-insured to the maximum allowed
by law and all new debit cards are enabled with chip technology,
providing additional security at store terminals and ATMs.

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 issues
the Discover card, America's cash rewards pioneer, and offers private
student loans, personal loans, home equity loans, checking and savings
accounts and certificates of deposit through its direct banking
business. It operates the Discover Global Network comprised 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 190
countries and territories. For more information, visit www.discover.com/company.

Discover Bank, Member FDIC

1When you freeze your debit card, Discover will not authorize
new purchases, or ATM transactions with that frozen debit card. Most
other account activity will continue as normal, including previously
scheduled and recurring transactions, internal and external transfers,
deposits, online bill payments from the Discover Account Center,
returns, credits, dispute adjustments, reward redemptions, and checks
paid.

2 You must enroll to obtain Discover's Auto Redemption of
Cashback Bonus to Savings. You must designate one eligible Discover
savings account into which Discover will automatically deposit any
earned Cashback Bonus on a monthly basis, and such deposit is not
reversible.

ATM transactions, the purchase of money orders or
other cash equivalents, cash over portions of point-of-sale
transactions, Peer-to-Peer (P2P) payments, and loan payments or account
funding made with your debit card are not eligible for cash back
rewards. In addition, purchases made using third-party payment accounts
(services such as Venmo® and PayPal™, who also provide P2P payments) may
not be eligible for cash back rewards.

4In each calendar year (January 1 through December 31), the
first eligible fee charged to your Cashback Debit Account will be
automatically waived and credited to your account. Insufficient Funds
and Stop Payment fees are eligible for the first fee forgiveness
program. Wire transfer fees are not eligible, and will not be waived
even if they are the first fee on an account in a calendar year.

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