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Press release from Business Wire

Discover's Cashback Bonus® Redemption Continues to Trend Upward

<p class='bwalignc'> <i><b>Company Enhances 2012 Cashback Bonus</b></i><sup><b>®</b></sup><b><i> Program</i></b> </p>

Tuesday, January 31, 2012

Discover's Cashback Bonus® Redemption Continues to Trend Upward10:26 EST Tuesday, January 31, 2012 RIVERWOODS, Ill. (Business Wire) -- Discover cardmembers redeeming their Cashback Bonus®rewardscontinued to trend upward in 2011, with the company citing a 20 percent increase over 2010. Both online and mobile redemptions also grew in popularity as 73 percent of cardmembers redeemed this way in 2011. Online shopping sales for Discover's exclusive online shopping portal, ShopDiscover, also increased at a pace significantly above industry averages. ShopDiscover sales increased 64 percent compared to last year and site traffic was up 41 percent as cardmembers flocked to receive an additional 5-20% Cashback Bonus at top online retailers. The total Cashback Bonus awarded to cardmembers who shopped on ShopDiscover was up 62 percent compared to last year. “Not only did cardmembers respond favorably to the extra Cashback Bonus that more than 70 top retailers offered during the holiday season, but they also appreciated the various enhancements we made throughout the year to ShopDiscover, such as adding merchant coupons and site functionality,” said Dana Traci, vice president of rewards and product management at Discover. “As for increased redemption, cardmembers clearly are seeing there's great value in redeeming their Cashback Bonus, whether it be for partner gift cards, merchandise, statement credits or on Amazon.com.” Building on the momentum of 2011, Discover recently revealed its 2012 5% Cashback Bonus calendar with new merchant categories, giving cardmembers the potential to earn up to $75 of additional Cashback Bonus for the first and second quarter of 2012. Through March 31, Discover cardmembers can sign up to earn 5% Cashback Bonus on up to $1,500 in gas, movie and museum purchases. They'll have that same opportunity from April through June on purchases made at restaurants and movie theaters. After reaching the $1,500 spending limit for each quarter, cardmembers will still automatically earn up to 1% Cashback Bonus every time they use their cards. For nearly seven years, Discover's 5% Cashback Bonus program has consistently provided cardmembers with the opportunity to earn 5% Cashback Bonus in rotating categories throughout the year. Categories are chosen based on consumer shopping patterns to provide the most relevant and valuable rewards opportunities. Merchant categories for the second half of 2012 include gas, movies and theme parks for third quarter, and movies, department, electronic and toy stores for fourth quarter. To learn more about Discover's Cashback Bonus program, please visit Discover.com or call 1-800-DISCOVER. 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 operates the Discover card, America's cash rewards pioneer, and offers personal and student loans, online savings accounts, certificates of deposit and money market accounts through its Discover Bank subsidiary. Its payment businesses consist of 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.discoverfinancial.com. DiscoverLaura Gingiss, 224-405-0185lauragingiss@discover.comorKatie Henry, 224-405-4437kathrynhenry@discover.com