Credit Cards’ Bright Future on Display at Discover Financial Services
These numbers; and the 27.77% profit margin reported on September, show that Discover’s decision to concentrate on providing basic credit card services and good customer service is paying off.
By ignoring flashy gimmicks and avowing entanglements with retailers; such as American Express (NYSE: AXP) messy relationship with Costco, Discover has been able to maintain steady market share. It has also accumulated a lot of street cred and good will along the way.
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