Discover To Process New Wal-MartCard
CHICAGO - (01/24/05) -- Discover Financial, fresh off itsacquisition of PULSE EFT, unveiled the first of a planned series ofspecial label card deals last week with announcement of aco-branded credit card for Wal-Mart Stores Inc. The Wal-MartDiscover card, issued in conjunction with GE Consumer Finance, willcarry no annual fee and offer cardholders up to 1% back from GE onall purchases. Discover executives said the deal is the first ofmany the new PULSE owner plans with banks, credit unions, GE andothers to issue cards over its network. The deal comes a week afterDiscover, a unit of Morgan Stanley, finalized its acquisition ofPULSE, an electronic funds transfer network for 4,100 financialinstitution, including 1,700 credit unions. The deal was also madepossible by last year's court decision ending exclusive issuingarrangements that Visa and MasterCard had with issuinginstitutions.