Our vision is to be
the most rewarding
relationship consumers
and businesses have
with a fi nancial services
company. We help
people spend smarter,
manage debt better
and save more so they
achieve a brighter
fi nancial future.
DISCOV E R F I NANCIAL SERVICES
SUMMARY ANNUAL REPORT 2007
DISCOVER FINANCIAL SERVICES (NYSE: DFS) is a leading credit card
issuer and electronic payment services company with one of the most
recognized brands in U.S. fi nancial services. Discover is one of the
largest card issuers in the United States. The company pioneered cash
rewards and remains the industry leader with a broad range of
rewards cards, including the Discover More Card (Cashback Bonus
for all purchases), Discover Open Road Card (enhanced rewards for
gasoline/automotive purchases), Miles by Discover Card (travel
rewards), Discover Business Card (additional rewards for business
purchases), and Discover Motiva Card (rewards for on-time payments).
Discover also owns and operates the Discover Network, with millions
of merchant and cash access locations, and PULSE Network, one of
the nation’s leading ATM/debit networks. Discover also operates
the Goldfish credit card business in the United Kingdom (under
contract to be sold to Barclays Bank PLC in 2008).
DISCOVER’S BUSINESS SEGMENTS
U.S. Card: Discover Card offers a number of consumer and
business credit cards. The segment has $48 billion in managed
loans and $90 billion of annual spending. Our card products
enable cardmembers to earn meaningful rewards quickly and easily,
while giving them more account control and information to use
credit smarter. The U.S. Card segment also includes Discover Bank,
which offers personal loans, student loans, gift cards, certifi cates of
deposit and money market accounts. Discover Card acceptance and
connectivity are provided by our Discover Network.
Third-Party Payments: Discover’s Third-Party Payments segment
consists of PULSE Network and Discover Network activities with
issuers other than Discover Bank. PULSE Network is one of the
nation’s leading electronic funds transfer networks. It serves more
than 4,500 banks, credit unions and savings institutions across the
country, and links cardholders with more than 265,000 ATMs, as
well as point-of-sale terminals at retail locations nationwide. Discover
Network is a comprehensive and secure payments network that
markets and supports a full range of credit, debit and prepaid cards.
Discover Network also provides customer-centric tools and programs
designed to help issuers, acquirers and merchants drive loyalty,
increase transaction volume and run their businesses more effectively.
International Card : Discover operates Goldfi sh, issuer of one of the
United Kingdom’s leading rewards credit cards. This segment will
be reported as a discontinued operation beginning with the fi rst
quarter of 2008.
U.S. CARD MANAGED LOANS
[ IN BILLIONS ]
$44.4 $45.8
$48.2
2007 TOTAL NETWORK VOLUME*= $185.5 BILLION
[ IN BILLIONS ]
Discover Network
(U.S. Card)
Discover Network
(Third-Party)
PULSE
$93.8
$5.5
$86.2
2005 2006 2007
* Includes credit, debit and prepaid volume
Discover.
A Different
Kind of Financial
Services
Company.
0
9
6
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6
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7
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7
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6
Discover Financial Services became an independent,
public company in 2007, but the company’s roots
go back to 1986 when the Discover Card was fi rst
introduced, making Discover a new public company
with a 22-year history of success.
Discover is the only credit card issuer that operates
its own U.S. payments networks with both credit and
debit functionality. Our unique business model gives
Discover advantages over other credit card issuers
and network operators because we have a broad
spectrum of products and maintain direct relationships
with consumers, major merchants, merchant acquirers
and other fi nancial institutions.
Those relationships—and our experience as both
a credit card issuer and network operator— give us
insight into the needs of consumers and businesses,
and put us in excellent position to help them achieve
their goals with an array of fi nancial products and
8
5
services, today and in the future.
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0
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0
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2
U.S. CARD NET SALES VOLUME [ $ IN BILLIONS ]
To Our Shareholders,
n 1986, Discover pioneered cash rewards and
no annual fee credit cards, and also established the
fi rst successful new credit card network in decades.
Today, Discover has one of the most recognized
brands in U.S. fi nancial services, is one of the largest
card issuers, and operates two large and fast-growing
payments networks.
On June 30, 2007, Discover became a public company
as a result of our spin-off from Morgan Stanley, and we
look forward to building upon Discover’s proud heritage
and many strengths to take advantage of new opportunities
in the fi nancial services industry.
I am proud of Discover’s many accomplishments in 2007,
including the following:
Achieved U.S. Card pretax profi t of $1.5 billion and
Third-Party Payments pretax profi t of $37 million;
Grew U.S. credit card sales by 4% to $90.3 billion
and total U.S. managed loans by 5% to $48.2 billion;
Continued strong credit results, achieving a managed
U.S. credit card charge-off rate of 3.84%;
Increased third-party volume on our debit and credit
networks by 25% to $91.7 billion; and
Made signifi cant progress on our new business model to
expand merchant acceptance of Discover Network cards.
2 DISCOVER FINANCIAL SERVICES SUMMARY ANNUAL REPORT 2007
“
Every action and
interaction at Discover
is guided by our values:
Doing the right thing,
Innovation,
Simplicity,
Collaboration,
Openness,
Volunteerism,
Enthusiasm and
Respect.
”
David Nelms
Chief Executive Officer
In total, Discover reported net income of $589 million,
or $1.23 per share, including a non-cash impairment
charge of $279 million after tax related to the
company’s International Card business. Without the
charge, net income would have been $868 million,
or $1.81 per share.
While our dedicated U.K. employees achieved important
progress in our Goldfi sh business, the funding and
operating environment there continues to be a challenge.
Accordingly, on February 7, 2008, Discover announced
an agreement for Barclays Bank PLC to acquire Discover’s
U.K. credit card business. The transaction frees up
capital, enhances Discover’s net income, and brings even
sharper focus to our profi table and growing U.S. Card and
Third-Party Payments businesses. The sale is expected to
close in our second quarter.
Looking ahead, I am very optimistic about Discover’s
future as a public company. Our U.S. Card business has
high margins with strong cash fl ows and numerous
strengths, including an established brand, leadership
positions in rewards and customer service, and sophisticated
marketing and risk management programs. We also have
opportunities to offer additional fi nancial services that
leverage our brand, capabilities and large customer base.
DISCOVER FINANCIAL SERVICES SUMMARY ANNUAL REPORT 2007 3
In our payments business, we have achieved strong and
accelerating volume growth in both debit and third-party
credit, which we believe signifi cantly increases future growth
opportunities for Discover. In addition, Discover has a strong
balance sheet with established sources of liquidity, and we
have a senior management team of experienced leaders.
As I write, concerns about the U.S. economy and U.S.
consumer credit quality continue to rise. Over the last fi ve
years, Discover has enhanced its credit policies and practices,
tightened underwriting standards, enhanced account
management efforts, and leveraged state-of-the-art databases
and analytic tools to provide for a strong credit foundation.
In 2007, our U.S. Card business achieved its lowest managed
30+ days delinquency rate in more than 15 years—an
important indication of strong credit quality. Given our
established cardmember base (80% of our U.S. loans are
on accounts that have been open for fi ve years or more),
we are well positioned to maintain profi tability through
the current credit cycle and to continue prudent growth.
In 2008, Discover will focus on the following priorities:
growing U.S. Card loans, earning a good return on
those loans, maintaining our strong credit foundation,
growing our payments business, broadening acceptance
and increasing effi ciency.
4 DISCOVER FINANCIAL SERVICES SUMMARY ANNUAL REPORT 2007
“
We are very proud
of Discover’s position
as an industry leader
in cash rewards and
customer service.
”
Roger Hochschild
President and Chief Operating Officer
“
Our emphasis on
credit quality is
part of responsible
lending and it
contributes to
Discover’s solid
fi nancial results.
”
Roy Guthrie
Chief Financial Officer
2007 was a landmark year for Discover, and I would like
to acknowledge those who helped make it possible:
Our customers: We are fortunate to have cardmembers
who are extremely loyal to the Discover brand, and
network partners who value collaboration and innovation.
Our employees: Their commitment and “customer-first”
attitude helped make Discover successful in the past,
and they are the key to our success in the future.
Our new Board of Directors, led by our Chairman,
Dennis D. Dammerman: We are very pleased to have
attracted such a highly qualifi ed group of individuals to
serve on our board. Their experience and guidance will
be of signifi cant value to Discover as we continue to grow
our business as an independent company.
With the help of Discover’s dedicated employees and strong
leadership, and with an eye toward fulfi lling our vision of being
the most rewarding relationship consumers and businesses
have with a fi nancial services company, I am confi dent
we can make progress on each of our priorities in 2008 and
be successful in our fi rst full year as a public company.
David Nelms
Chief Executive Offi cer
DISCOVER FINANCIAL SERVICES SUMMARY ANNUAL REPORT 2007 5
More Rewarding Relationships.
Discover is a leader when it comes to cash rewards in the credit
card industry. In fact, since the launch of the Discover Card in 1986,
Discover Cardmembers have earned more than $7 billion in
Cashback Bonus. And the rewards of a relationship with Discover
don’t stop there. Consumers and businesses also reap rewards in terms
of no annual fees, competitive interest rates, superior customer service,
an award-winning Web site, valuable offers from retail partners and
complete fraud protection.
6 DISCOVER FINANCIAL SERVICES SUMMARY ANNUAL REPORT 2007
D I S C O V E R C A R D , P. O . B O X 1 5 1 5 6 W I L M I N G T O N D E 1 9 8 5 0 - 5 1 5 6 U S A
D I S C O V
W O R K
E T W O R K
N E T W O R K D I S C O V E R ® N E T W
R K D I S C O V E R ® N E T W O R K D I S C
W O R K D I S C O V E R ® N E T W O R K D
S C O V E R ® N E T W O R K
N E T W O R K
O V E R ® N E T W O R K D I S C O V E R ® N E
D I S C O
D I S C
K D I
“It’s so much fun to see our rewards pile up as
the year goes on and think about the great
things we can get.”
Ed L.
Bronx, New York
®
More ways to earn
Cashback Bonus than ever before.
Throughout its history, Discover has been a leading innovator
and driver of change in the credit card industry. Our pioneering
accomplishments include the introduction of the fi rst cash reward
program, known as Cashback Bonus. The Discover Card also was
the fi rst no-fee cash reward card to offer unlimited rewards, and
Discover was one of the earliest companies to offer 24/7 customer
service and secure account numbers for online purchases.
REWARDS THE WAY
YOU WANT THEM
CASHBACK BONUS
In more than 15 popular
categories that change each season
AUTOMATIC REWARDS
Up to 1% Cashback
Bonus on everyday purchases,
automatically
SHOP DISCOVER
5% to 20% Cashback
Bonus through our exclusive
online shopping site
MAXIMUM REDEMPTION
Increase, even double,
rewards when you redeem
for gift cards from
our brand-name partners
DISCOVER FINANCIAL SERVICES SUMMARY ANNUAL REPORT 2007 7
Innovative
Products.
Smart
Customers.
Discover has a history of providing innovative
products and services. Leveraging our heritage
of strong issuer and network capabilities,
brand position and innovative rewards solutions,
we offer rewards on every purchase, unique
cash access at the point of purchase and
advanced fraud protection—making Discover
the right fi nancial services company for
smart customers.
D I S C O V E R C A R D , P. O . B O X 1 5 1 5 6 W I L M I N G T O N D E 1 9 8 5 0 - 5 1 5 6 U S A
R K D I S C O V E R ® N E T W O R K D I S C
D I S C O V E R ® N E T W
D I S C O V
W O R K D I S C O V E R ® N E T W O R K D
S C O V E R ® N E T W O R K
N E T W O R K
O V E R ® N E T W O R K D I S C O V E R ® N E
W O R K
D I S C O
E T W O R K
D I S C
N E T W O R K
K D I
“Last year I stopped using cash all together and went
to only using my Discover Card. It’s a great way
to track where my money is going and build my
Cashback Bonus quickly.”
Kelley C.
Ashburn, Virginia
®
8 DISCOVER FINANCIAL SERVICES SUMMARY ANNUAL REPORT 2007
Giving consumers the credit
they deserve with products
that fi t their lifestyles.
Kiplinger’s, MONEY ® and others have recognized certain card
offers from Discover Card as being among the best in a broad range
of categories—including cash rewards, travel, gasoline/automotive,
business and gift cards. And the Discover Motiva Card has been
singled out as one of the best new credit card products for 2008.
DISCOVER
MORE CARD
Maximum Cash
Rewards for All
Your Purchases
DISCOVER
OPEN ROAD CARD
Save at the
Pump and
Everywhere Else
DISCOVER
MOTIVA CARD
Cash Rewards
for On-Time
Payments
MILES BY
DISCOVER CARD
Flexible Miles
and Unrestricted
Travel
DISCOVER
BUSINESS CARD
Cash Rewards
for All Business
Purchases
DISCOVER FINANCIAL SERVICES SUMMARY ANNUAL REPORT 2007 9
Beyond
Customer
Expectations.
One of the biggest rewards of a relationship
with Discover is superior customer service.
Discover employees at call centers across the
United States welcome calls as opportunities
to get to know Discover Cardmembers,
merchants and fi nancial institutions better
and to share information about the benefi ts
of Discover products and services. As a
result, Discover received the 2007 World Class
Customer Satisfaction Award for call center
satisfaction as measured by the Service Quality
D I S C O V E R C A R D , P. O . B O X 1 5 1 5 6 W I L M I N G T O N D E 1 9 8 5 0 - 5 1 5 6 U S A
D I S C O V
W O R K
E T W O R K
N E T W O R K D I S C O V E R ® N E T W
R K D I S C O V E R ® N E T W O R K D I S C
O V E R ® N E T W O R K D I S C O V E R ® N E
W O R K D I S C O V E R ® N E T W O R K D
S C O V E R ® N E T W O R K
N E T W O R K
D I S C O
D I S C
K D I
“We’ve received wonderful and friendly service
from Discover Card. Thank you for your
dedication to pleasing your customer.”
Kurt M.
Santa Maria, California
®
10 DISCOVER FINANCIAL SERVICES SUMMARY ANNUAL REPORT 2007
Measurement Group, and has ranked #1 in
customer loyalty among leading credit card
brands in the Brand Keys Customer Loyalty
Engagement Index report for 10 years in a row.
Discover Network Relationship Managers
bring that same level of commitment to our
merchants, fi nancial institutions and partners.
Utah
West Valley
Salt Lake City
Sandy
Arizona
Phoenix
Illinois
Riverwoods
Tennessee
Memphis
Committed to delivering the best
customer service in America.
Texas
Houston
Ohio
New Albany
Delaware
Dover
New Castle
Greenwood
DISCOVER BUSINESS CENTERS
In addition to our headquarters
in Riverwoods, IL, Discover
operates business centers across
the United States—each with
its own specialized functions.
DISCOVER CALL CENTERS
Discover’s highly skilled
customer service agents, all
based in the United States, are
measured on their ability to
provide useful information to
the customer and on how the
customer rates the experience.
DISCOVER FINANCIAL SERVICES SUMMARY ANNUAL REPORT 2007 11
Leading Payments Networks.
Discover owns and operates two payments networks: Discover Network,
a comprehensive payments network that supports multiple card products,
merchants, acquirers and issuers; and PULSE Network, one of the
leading ATM/debit networks. Together, these two networks support
billions of fi nancial transactions each year, giving consumers more
ways to pay and helping the business partners of Discover Network
and PULSE Network grow and operate their businesses more effectively.
12 DISCOVER FINANCIAL SERVICES SUMMARY ANNUAL REPORT 2007
D I S C O V E R C A R D , P. O . B O X 1 5 1 5 6 W I L M I N G T O N D E 1 9 8 5 0 - 5 1 5 6 U S A
D I S C O V
W O R K
E T W O R K
N E T W O R K D I S C O V E R ® N E T W
R K D I S C O V E R ® N E T W O R K D I S C
W O R K D I S C O V E R ® N E T W O R K D
S C O V E R ® N E T W O R K
N E T W O R K
O V E R ® N E T W O R K D I S C O V E R ® N E
D I S C O
D I S C
K D I
“As the largest HVAC/R wholesaler in the Southeast,
we’ve always been happy to accept Discover Card.
Now it’s integrated with other cards, which means one
contact person and one statement. It’s great!”
Cathie Lanser, C.C. Dickson Co.
Rock Hill, South Carolina
®
PULSE NETWORK is one of
the nation’s leading electronic
funds transfer networks.
It serves more than 4,500
banks, credit unions and
savings institutions across
®
the United States.
The network links
cardholders with more than
265,000 ATMs, as well as
POS terminals at retail
locations nationwide.
Billions of fi nancial
transactions each year.
DISCOVER NETWORK markets
and supports a comprehensive
suite of credit, debit and
prepaid cards,
including network
support for Discover Card.
Discover’s unique approach to
building strong relationships
allows us to connect partners
and create mutually benefi cial
programs that help our
acquirers, merchants and
issuers increase loyalty and
build their businesses.
INTERNATIONAL ACCEPTANCE
Discover Network offers
acceptance at millions of
merchant and cash access
locations throughout the
United States, Canada, Mexico
and the Caribbean. We are
also opening new doors for
Discover Network Cardholders
through reciprocal acceptance
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agreements with
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in China and
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DISCOVER FINANCIAL SERVICES SUMMARY ANNUAL REPORT 2007 13
A MORE REWARDING WAY TO WORK.
Ask any Discover employee what they like about the
company, and the fi rst answer is almost always “the people.”
They are responsible for the company’s strong brand, high
customer satisfaction and loyalty ratings, and reputation
as a leading fi nancial services company. Our focus on the
customer made Discover successful in the past, and we look
forward to building even more rewarding relationships
with consumers and businesses in the future.
14 DISCOVER FINANCIAL SERVICES SUMMARY ANNUAL REPORT 2007
COMMITMENT TO OUR COMMUNITIES.
Volunteerism is one of our company’s values, and we are very
proud of the Discover employees who participate in employee
giving and volunteer programs to strengthen the communities
where we live and work.
Last year, Discover and its employees contributed more than
$6 million to charitable organizations through company
contributions and individual gifts. In addition, our employees
donated more than 30,000 hours of their time to non-profi t
organizations in their communities through volunteer efforts.
DISCOVER’S VALUES.
The Discover Values play an important role in defi ning the
culture at Discover. Each of the Discover Values represents
a core belief about performance for the organization collectively
and for each of our employees.
At Discover, we believe in and we practice:
D oing the right thing
I nnovation
S implicity
C ollaboration
Openness
Volunteerism
Enthusiasm
R espect
DISCOVER FINANCIAL SERVICES SUMMARY ANNUAL REPORT 2007 15
FINANCIAL HIGHLIGHTS
(1)
(Millions, except per share amounts and employees)
Net revenues
Net income
Diluted earnings per common share (2)
Return on equity
Cash dividends declared per common share
CONSOLIDATED
2007
CONSOLIDATED
2006
$
$
$
$
5,052
589
1.23
10%
0.06
$
$
$
5,057
1,077
2.26
20%
–
Weighted average shares outstanding (fully diluted, 000s)
478,879
477,236
Total assets
Shareholders’ equity
Managed loans (3)
Total network volume
Managed credit card interest yield (3)
Managed credit card net principal charge-off rate (3)
Managed credit card delinquency rate (over 30 days) (3)
Number of employees
$
$
$
$
37,376
5,599
52,554
$
$
$
29,067
5,775
50,446
185,511
$ 163,016
12.44%
4.08%
3.73%
12,800
12.36%
4.08%
3.50%
14,000
CONSOLIDATED
NET INCOME
($ millions)
DILUTED
EARNINGS PER
COMMON SHARE (2)
RETURN
ON EQUITY
NET INCOME
($ millions)
DILUTED
EARNINGS PER
COMMON SHARE (2)
RETURN
ON EQUITY
PRO FORMA EXCLUDING INTERNATIONAL CARD SEGMENT (4)
$1,077
$2.26
$578
$589
$1.21
$1.23
13%
20%
10%
$1,133
$974
$2.37
$2.03
21%
17%
$600
$1.26
14%
2005
2006
2007
2005
2006
2007
2005
2006
2007
2005
2006
2007
2005
2006
2007
2005
2006
2007
(1) Financial results in 2005 and 2006 include the impact of changes in U.S. bankruptcy regulations that took effect in late 2005.
(2) Diluted EPS for 2005 and 2006 are calculated based on the 477,235,927 shares of common stock distributed by Morgan Stanley on July 2, 2007.
(3) Financial information presented on a managed basis in this Summary Annual Report assumes that loans that have been securitized were not sold and presents
fi nancial information on these loans in a manner similar to the way fi nancial information on loans that have not been sold is presented. For more information,
and a detailed reconciliation, please refer to the accompanying document titled “Financial Annual Report.”
(4 ) Refl ects pro forma results excluding the International Card segment as reported in company fi lings and using estimated tax rates for the periods indicated.
For more information, and a detailed reconciliation, please refer to the accompanying document titled “Financial Annual Report.”
16 DISCOVER FINANCIAL SERVICES SUMMARY ANNUAL REPORT 2007
BOARD OF DIRECTORS
EXECUTIVE OFFICERS
Dennis D. Dammerman
Dennis D. Dammerman
Chairman, Discover Financial
Services. Retired Vice Chairman,
General Electric Company
Jeffrey S. Aronin
Jeffrey S. Aronin
President and CEO,
Ovation Pharmaceuticals, Inc.
Mary K. Bush
Mary K. Bush
President, Bush International
David W. Nelms
David W. Nelms [1]
Chief Executive Offi cer
Roger C. Hochschild
Roger C. Hochschild [2]
President and Chief
Operating Offi cer
Roy A. Guthrie
Roy A. Guthrie [3]
Executive Vice President,
Chief Financial Offi cer
Gregory C. Case
Gregory C. Case
President and CEO, Aon
Robert M. Devlin
Robert M. Devlin
Chairman, Curragh
Capital Partners
Kathryn McNamara Corley [4]
Kathryn McNamara Corley
Senior Vice President,
General Counsel and Secretary
Margaret H. Georgiadis
Margaret H. Georgiadis [5]
Executive Vice President,
Chief Marketing Offi cer
Philip A. Laskawy
Philip A. Laskawy
Retired Chairman and CEO,
Ernst & Young LLP
Charlotte M. Hogg
Charlotte M. Hogg [ NOT SHOWN ]
Senior Vice President,
International
Michael H. Moskow
Michael H. Moskow
Retired CEO, Federal
Reserve Bank of Chicago
David W. Nelms
David W. Nelms
CEO, Discover
Financial Services
Michael L. Rankowitz
Michael L. Rankowitz
Retired, senior advisor to
Morgan Stanley
E. Follin Smith
E. Follin Smith
Retired Executive Vice President,
CFO and CAO,
Constellation Energy Group
Lawrence A. Weinbach
Lawrence A. Weinbach
Partner, Yankee Hill
Capital Management LLC
Carlos Minetti
Carlos Minetti [6]
Executive Vice President,
Cardmember Services and
Consumer Banking
Diane E. Offereins
Diane E. Offereins [7]
Executive Vice President,
Chief Technology Offi cer
James V. Panzarino
James V. Panzarino [8]
Senior Vice President,
Chief Credit Risk Offi cer
Harit Talwar [9]
Harit Talwar
Executive Vice President,
Discover Network
PRIMARY INVESTOR CONTACT
Investor Relations
Investor Relations
Phone: 1-224-405-4555
Phone: 1-224-405-4555
investorrelations@discover.com
investorrelations@discover.com
TRANSFER AGENT
Mellon Investor Services LLC
Mellon Investor Services LLC
200 W. Monroe Street
200 W. Monroe Street
Suite 1590
Suite 1590
Chicago, IL 60606
Chicago, IL 60606
Phone: 1-866-258-6590
Phone: 1-866-258-6590
Corporate Web site:
Corporate Web site:
www.melloninvestor.com/ISD
www.melloninvestor.com/ISD
ANNUAL SHAREHOLDERS’ MEETING
The 2008 Annual Meeting of
The 2008 Annual Meeting of
Shareholders of Discover
Shareholders of Discover
Financial Services will be held
Financial Services will be held
on Thursday, April 10, 2008,
on Thursday, April 10, 2008,
at 9:00
CT at the
at 9:00 amam CT at the
company’s headquarters at
company’s headquarters at
2500 Lake Cook Road,
2500 Lake Cook Road,
Riverwoods, IL 60015.
Riverwoods, IL 60015.
Cashback Bonus, , More, More,
Discover, Cashback Bonus
Discover,
Motiva, Open Road, PULSE and
Motiva, Open Road, PULSE and
the other trademarks, logos and
the other trademarks, logos and
service marks used in this Summary
service marks used in this Summary
Annual Report are the trademarks
Annual Report are the trademarks
of Discover Financial Services or
of Discover Financial Services or
their respective third-party owners.
their respective third-party owners.
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2500 Lake Cook Road
Riverwoods, IL 60015
www.discoverfi nancial.com
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