Market Overview

Discover Cashback Debit Customers Can Now Add Their Card to Apple Pay

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Earn 1% on Qualifying Purchases while using Apple Pay

Discover
Cashback Debit
customers are now able to add their Cashback Debit
card to Apple Pay® and earn 1% cashback on eligible
transactions. Apple Pay is an easy, secure and private way to make
payments in participating stores, apps and websites.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20181011005140/en/

Discover Cashback Debit on Apple Pay® (Photo: Business Wire)

Discover Cashback Debit on Apple Pay® (Photo: Business Wire)

"Enabling Apple Pay for Discover Cashback Debit is a key step to ensure
our customers are able to use their checking account in channels of
their choice, including their mobile devices," said Arijit Roy, vice
president of Deposits at Discover. "Our customers now have one more way
to earn rewards as they use their Cashback Debit card for purchases."

While using a Discover Cashback Debit card with Apple Pay, customers
will continue to receive 1% cashback on up to $3,000 in qualifying debit
card purchases each month1 and have access to all of the
benefits that come with the Discover Cashback Debit account including:

  • First Fee Forgiveness2 which automatically waives the first
    eligible fee when it occurs each calendar year, with no action
    required by the customer
  • Freeze it℠ feature: Temporarily freeze your debit card to prevent new
    purchases and ATM transactions3
  • No monthly fees, including no minimum opening deposit or balance
    requirement
  • 24/7 customer service from a 100% U.S.-based customer service team
  • No-fee online bill pay

How to Add a Discover Cashback Debit card to Apple Pay

Apple Pay is easy to set up for Discover Cashback Debit customers with
Apple devices. On your iPhone, simply go to the Wallet app to add your
Discover Cashback Debit card. To make Cashback Debit your default card,
tap and hold your Discover debit card and drag it to the front of your
card stack in Wallet.

Security and privacy is at the core of Apple Pay. When you use a credit
or debit card with Apple Pay, the actual card numbers are not stored on
the device, nor on Apple servers. Instead, a unique Device Account
Number is assigned, encrypted and securely stored in the Secure Element
on your device. Each transaction is authorized with a one-time unique
dynamic security code.

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

ATM transactions, the purchase of money orders or
other cash equivalents, cash over portions of point-of-sale
transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), 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.

2In 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.

3When 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.

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