Discover Announces New Industry-Leading Rewards for Cashback Checking

Checking Customers will Earn 1 percent Cash Back on Qualifying Debit Card Purchases

Discover announces the launch of a new and innovative rewards program for its Cashback Checking product where customers can earn cash back for making everyday debit card purchases. Discover Cashback Checking® customers now earn 1 percent cash back on up to $3,000 in qualifying debit card purchases each month.1 The new rewards program is one of the many distinctive features that set this product apart in the industry, including no monthly fees, no minimum balances and access to no-fee ATMs in the U.S.

“We know customers are looking for something truly different, which is why we created a checking account that not only rewards customers with cash back when they use their own money, but also helps them save by not charging any fees,” said Arijit Roy, vice president of Deposits at Discover. “Discover Cashback Checking was developed with the same great features and benefits for which our company is known, such as award winning, 100% U.S.-based customer service and the peace of mind knowing we take proactive steps to safeguard your money and information.”

Customers can redeem their Checking Cashback Bonus via a credit to their Cashback Checking account or transfer it to a Discover credit card Cashback Bonus account.

In addition to the new rewards structure, in which customers earn 1 percent cash back on up to $3,000 in qualifying debit card purchases each month, the product also offers:

• 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

The Discover Cashback Checking product is now available to everyone. Previously, only Discover cardmembers, personal loan customers and deposit account customers were eligible for a Discover Cashback Checking account.

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

For more information about Discover Cashback Checking, or to open an account, visit www.discover.com/online-banking/checking

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 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 more than 185 countries and territories. For more information, visit www.discover.com/company.

1 ATM transactions, the purchase of money orders or cash equivalents, cash-over portions of point-of-sale transactions, and Peer-to-Peer (P2P) payments are not eligible for cashback 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 cashback rewards.

View source version on businesswire.com: http://www.businesswire.com/news/home/20180220005712/en/

Discover Financial ServicesRobert Weiss, [e-mail]@Discover_News