Discover to buy Diners Club for $165 mil.

Crain's Chicago Business, April 7, 2008 — Credit card issuer Discover Financial Services said Monday it will buy Diners Club International from Citigroup Inc. for $165 million.

The acquisition is a move to increase Discover's global acceptance and electronic payments network.

"We expect this acquisition to significantly improve our competitive position by giving us global reach and accelerating growth in our payments network revenues," David Nelms, Discover's chief executive, said in a statement.

Discover Needs Plastic Surgery

Fears of a consumer slowdown have hurt its stock, but the credit-card issuer's big problem is its image

BusinessWeek, November 29, 2007 — Discover Financial Services (DFS) couldn't have picked a worse time to become an independent company. The credit-card issuer, which was spun off from Morgan Stanley (MS) on June 30, collided head-on with a credit crunch and mounting fears about a slowdown in consumer spending. In five months the stock has sunk more than 40%.

Discover Uncovers the Secret: Rewarding Loyal Customers Works†

Brandweek, May 1, 2007 — t’s been a busy spring for Discover. In the last two months, the Riverwoods, Ill., company has re-branded its platinum card, rolled out a new card for small business owners, one for WNBA fans, another for people who mostly use the card for automotive purchases and yet another that actually rewards cardholders who may not carry a balance. Oddly, the aim of all this isn’t to attract new customers as it is to reward the very loyal ones the company already has.