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June
12, 2006
Discover
Launches Business Credit Card
Discover Financial Services is launching its first Discover
Card for businesses today. The Discover Business Card is the
latest entrant into the small business credit card market, an
area with no clear market leader, and a market that all issuers
see as bursting
with potential. The Discover Business Card offers many of
the same features as Discover's personal credit cards, but adds
small-business-specific features such as PurchaseChecks, which
business owners can use for purchases that could not normally
be made with a credit card. The Discover Business Card is also
touting credit lines up to $50,000 and a business-specific take
on its Cashback Bonus program.
The
Discover Business Card's rewards for business owners include
a 5% Cashback Bonus on office supplies, 2% Cashback Bonus on
gas and up to 1% Cashback Bonus on all other purchases.
According
to David W. Nelms, Chairman and Chief Executive Officer of Discover
Financial Services, credit card penetration among small businesses
is estimated at 35 percent, with only 10 percent of small business
actually using cards for business spending.
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