Editing Discover Card (section)

== Business developments ==
[[File:Discover it card.jpeg|thumb|right|''Discover it'', the flagship credit card issued by [[Discover Financial Services]]]]
In October 2004, the [[Supreme Court of the United States]] chose not to review a ruling in Discover's favor that challenged exclusionary policies of Visa and MasterCard, stating that MasterCard and Visa were violating antitrust regulations. Before this ruling, Visa and MasterCard would not allow banks to issue a Discover or American Express card if they issued a Visa or MasterCard. Within days of the court ruling, Discover filed a lawsuit in federal court seeking damages from Visa and MasterCard.

Shortly after the 2004 Supreme Court ruling, Discover struck its first deal to have its cards issued by another financial institution, [[GE Consumer Finance]], which began to issue credit cards for retailer [[Walmart]] and its wholesale warehouse stores, [[Sam's Club]].<ref>Kingson, Jennifer A. [https://www.nytimes.com/2005/03/26/business/credit-card-issuers-adjust-to-open-field.html "Credit Card Issuers Adjust to Open Field"], ''The New York Times'', March 26, 2005.</ref> Transactions were processed on the Discover Network. Sam's Club exclusively accepted Discover for many years; since November 2006, it has also accepted MasterCard for purchases. In April 2014, Walmart announced that they were ending their relationship with Discover and would begin converting all Discover-branded cards to [[Mastercard]] beginning in June 2014.<ref>{{cite web|url=http://www.stltoday.com/business/local/wal-mart-taps-mastercard-for-store-branded-credit-card/article_e7120541-6a86-51f0-96ca-077d5099f363.html|title=Wal-Mart taps MasterCard for store-branded credit card|author=Lee Enterprises|work=stltoday.com|date=April 5, 2014 }}</ref>

[[HSBC]] has issued Discover-branded credit cards processed through the Discover Network since its acquisition of card issuer Metris in late 2005. Metris had originally signed an agreement with Discover in September 2005, three months prior to the HSBC acquisition.

In September 2012, Discover was ordered to pay over $200 million in fines and customer reimbursements to settle accusations by U.S. federal regulators that it had engaged in deceptive telemarketing tactics.<ref>{{cite web|url=http://www.consumerfinance.gov/newsroom/discover-consent-order/|title=Federal Deposit Insurance Corporation and Consumer Financial Protection Bureau Order Discover to Pay $200 Million Consumer Refund for Deceptive Marketing|work=Consumer Financial Protection Bureau|date=September 24, 2012 }}</ref>

=== Acquisition by Capital One ===
On February 19, 2024, [[Capital One]] announced that it would acquire Discover Financial Services in an all-stock transaction valued at $35.3 billion.<ref>{{Cite web |last1=Kim |first1=Hakyung |last2=Wang |first2=Christine |date=2024-02-19 |title=Capital One to acquire Discover Financial Services in $35.3 billion all-stock deal |url=https://www.cnbc.com/2024/02/19/capital-one-acquiring-discover-financial-services-report-says.html |access-date=2024-02-22 |website=CNBC |language=en}}</ref> If the deal is approved by regulators, the combined company will become the largest credit card issuer in the U.S.<ref>{{Cite news |last1=Nerkar |first1=Santul |last2=Flitter |first2=Emily |date=2024-02-20 |title=What to Know About Capital One's Proposed Acquisition of Discover |url=https://www.nytimes.com/2024/02/20/business/capital-one-discover-what-to-know.html |access-date=2024-02-22 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> The deal has faced scrutiny from antitrust experts.<ref>{{Cite web |date=2024-03-22 |title=Antitrust issues take center stage in Capital One-Discover deal |url=https://www.americanbanker.com/news/antitrust-issues-take-center-stage-in-capital-one-discover-deal |access-date=2024-06-28 |website=American Banker |language=en}}</ref><ref>{{Cite web |title=DOJ examines Capital One-Discover deal's competitive angle |url=https://www.bankingdive.com/news/doj-capital-one-discover-deal-competition-antitrust-federal-reserve-occ-fairbank/714453/ |access-date=2024-06-28 |website=Banking Dive |language=en-US}}</ref>