Dean Witter, Discover & Co. is hailing a federal court decision last week as a major victory in its battle to gain membership in a bank credit card association.

But the two bank-owned associations, MasterCard International and Visa U.S.A., along with some independent experts, are advising Dean Witter to put the champagne back on the shelf.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.