Wal-Mart Discover Credit Card Launched

[jeffrey]

Wal-Mart and Discover have officially launched their new co-branded credit card in their attempt to challenge the credit card dominance of Visa and MasterCard. This is the first challenge against Visa and Mastercard for Discover since the US Supreme Court let stand an antitrust ruling last October that forced Visa and MasterCard to stop preventing their member banks from issuing rival cards. It's also Wal-Mart's latest effort to branch into non-retail sectors.

The Supreme Court decision made it possible for Discover and American Express to start searching for partners to issue their cards. Discover Credit Services began issuing the new Wal-Mart Discover credit card on Tuesday.




The new credit card offers the following benefits:

** 9.9% APR
** 1% cash back on purchases
** No annual fees
** Special financing offers
** Choice of payment due date
** $0 fraud liability
** 3¢ per gallon gas discount (where available)
** Make in-store payments at any Wal-Mart or SAM'S CLUB register
** $20 cash at time of purchase
** Purchase prepaid phone minutes for 5¢ per minute