Launched in 1986, Discover credit cards have topped the J.D. Power customer satisfaction survey in 5 of the past 6 years. Watch the full video here to see how Discover established itself as the card of the American middle class:
., it has established itself as the preferable option for the masses because of its attention to customer service and convenience.
This is the story of the unusual road Discover took to get there, including its humble beginnings as a part of Sears Roebuck and longtime battles with Visa and Mastercard. "We might be more like Toyota and American Express may be more like Mercedes," Discover CEO Roger Hochschild told CNBC. "Any income can drive and buy a Toyota."Sears launched the Discover card in 1986, with options that at the time were considered quite innovative, including cash-back rewards and no annual fees. However, it struggled to get a foothold under the retailer. In 1993, Dean Witter, Discover & Co. spun off from Sears and later merged with Morgan Stanley in 1997.
In 2004, Discover filed a lawsuit seeking damages against MasterCard and Visa claiming that the networks had harmed its business with their exclusionary policies.
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