Consumer Payment Card News

Wal-Mart Discover

The first Discover card issued by an outside firm was officially launched this week with the release of the “Wal-Mart Discover” card. The new card features three cents a gallon off gasoline at more than 700 Wal-Mart stores, and up to 1% cash back on purchases. The no annual fee card also features a variable interest rate as low as 9.87%. The card is issued by GE Consumer Finance under a private label card contract that runs through 2009. Separate from its partnership with GECF, Wal-Mart has rolled out basic money services at low-ball prices. These basic services include paycheck cashing for $3, money orders for 46 cents, and money transfers to Mexico for under $10. In addition, independent financial institutions are providing retail banking services to Wal-Mart customers in branches in nearly 1,000 stores. For more information visit: “http://www.walmart.com”:http://www.walmart.com

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