Discover 2009 Annual Report Download - page 2

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Becoming the leading direct banking
and payments company.
Direct Banking (FORMERLY U.S. CARD)
Discover® is one of the largest credit card issuers in the United States, with $51 billion in managed loans1
and $91 billion in sales volume. Discover card transactions are processed on the Discover network.
The Direct Banking segment also includes other consumer products and services, such as personal loans, student
loans, prepaid cards and deposit products.
Payment Services (FORMERLY THIRD-PARTY PAYMENTS)
The Payment Services segment consists of PULSE®, one of the nation’s leading ATM/debit networks; Diners Club
International®, a global payments network; and our third-party issuing business, which includes credit,
debit and prepaid cards issued by third parties on the Discover network.
1 Financial information presented on a managed basis in this Annual Report assumes that loans that have been securitized were not sold and
presents financial information on these loans in a manner similar to the way financial information on loans that have not been sold is presented.
For more information, and a detailed reconciliation, please refer to “Management’s Discussion and Analysis of Financial Condition and Results
of Operations—GAAP to Managed Data Reconciliations” in the accompanying Annual Report on Form 10-K.