Morgan Stanley 2001 Annual Report Download - page 24

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CREDIT SERVICES
Morgan Stanley’s flagship Discover®Card is mar-
keted in the United States with no annual fee and a
Cashback Bonus®award. With more than 50 million
Cardmembers and nearly $50 billion in consumer
loans, Discover Card is one of the largest issuers
of general purpose credit cards in the U.S. The
Discover Card is accepted on the Discover Business
Services Network, the largest independent credit
card network in the U.S., with approximately 4 million
merchant and cash access locations.
Discover Card offers various products and financial
services, including Discover Platinum and Discover
Gold cards, affinity cards, CD and money market
accounts, installment loans, home mortgages and
credit insurance coverage. Today, 24 percent of our
active Cardmembers have at least one additional
Discover Card-branded product.
Discover Card has quickly become a leading card
company on the Internet (Discovercard.com), with
more than 7 million Cardmembers registered at the
Discover Card Account Center.
Our efforts to expand our credit card business over-
seas have been equally successful as the Morgan
Stanley MasterCard,
®introduced in the U.K. in 1999,
reached over $1.5 billion in consumer loans in 2001.
CREDIT SERVICES INCOME AFTER TAXES
(Dollars in Millions)
*Excludes cumulative effect
of accounting change.
**Excludes gain on sale of business.
2001
2000
1999
1998
677
545
458
*261
2001
2000
1999
1998
725
*702
676
**571