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Press release from Business Wire

Discover Expands Rewards Redemption Options for Online Purchases

<p class='bwalignc'> <i><b>Summer Heats Up As Discover Delivers Red-Hot Summer Rewards Offering 5% Cashback Bonus® on Gas, Movie Theatres and Theme Parks</b></i> </p>

Wednesday, July 25, 2012

Discover Expands Rewards Redemption Options for Online Purchases11:41 EDT Wednesday, July 25, 2012 RIVERWOODS, Ill. (Business Wire) -- Redeeming Cashback Bonus for Discover cardmembers just got even easier as the company today announced it has joined together with RewardsPay, Inc. a consumer payment service, to provide cardmembers the ability to use Cashback Bonus to make online purchases for Apple iTunes®, Facebook codes® and at Disney's Club Penguin. “Giving Discover cardmembers the ability to pay for purchases directly with their Cashback Bonus is a simple, straightforward way for us to enhance their redemption experience,” said Dana Traci, vice president of rewards at Discover. “As we have seen with our successful Amazon partnership, where Discover cardmembers can pay with Cashback Bonus at point-of-sale on Amazon.com, consumers appreciate the ability to spend their Cashback Bonus on items they want at any time, offering them even greater control of how they choose to use their rewards.” Coinciding with the new redemption option, Discover also kicked off the hot days of summer with a new set of rotating quarterly 5% categories. From July 1 – September 30, 2012, Discover cardmembers can earn 5% Cashback Bonus on up to $1,500 in gas, movie theatres and theme parks by simply enrolling online through the Discover Account Center, or calling 1-800-DISCOVER (347-2683). Once they reach the 5% spending limit, cardmembers still automatically receive up to 1% CashbackBonus on all other purchases. Additionally, as the 2012-2013 school year quickly approaches, Discover cardmembers also can enjoy extra savings on back-to-school purchases made through ShopDiscover, the exclusive online shopping portal featuring more than 200 top retailers. Discover is leveraging its merchant partnerships to increase Cashback Bonus savings from July 19 – September 5, 2012 to help families save more on items such as clothing, shoes and school supplies. A selection of online retailers increasing Cashback Bonus during the back-to-school promotion include: Target.com – 10% Cashback Bonus (up from 5%) Kohls.com – 10% Cashback Bonus (up from 5%) The Container Store – 10% Cashback Bonus (up from 5%) Shoes.com – 20% Cashback Bonus (up from 15%) “Back-to-school season can have a significant impact on the budget, especially for families with multiple children returning to school,” added Traci. “We're focused on providing our cardmembers with the most value during this busy time by increasing Cashback Bonus amounts with our merchants during the height of school shopping.” For a complete list of merchants offering between 5% - 20% Cashback Bonus, please visit ShopDiscover.com. For Discover cardmembers interested in paying for online purchases with Cashback Bonus at select online retailers, please visit discover.com/PaywithCBB. For more information about Discover's Cashback Bonus program, please visit www.discover.com. Signing up each time is free and easy, and cardmembers earn 5% on up to the amount specified in each quarterly program. Cardmembers earn a full 1% Cashback Bonus after they spend $3000 in annual purchases, and .25% on the first $3,000 in purchases. 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 home loans, private student loans, personal loans, online savings accounts, certificates of deposit and money market accounts through its direct banking business. 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. Media ContactKatie HenryDiscover224-405-4437kathrynhenry@discover.comorLaura GingissDiscover224-405-0185lauragingiss@discover.com