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Purpose Solutions, LLC to Launch New Credit Card on Discover® Network
November 02, 2005
Atlanta, Georgia and Riverwoods, Illinois – November
1, 2005 – Purpose Solutions, LLC will launch a
new credit card program on the Discover®
Network under a definitive agreement announced
today. The card, which is expected to be available
in December, will be issued by Purpose Solutions
through the First Bank of Delaware (OTCBB: FBOD).
Purpose Solutions is a subsidiary of
CompuCredit Corporation (NASDAQ: CCRT) and Discover
Network is part of Discover Financial Services
LLC, a business unit of Morgan Stanley (NYSE:
MWD). CompuCredit is the 17th-largest general-purpose
credit card issuer in the U.S.
The Purpose
Solutions card program is another significant
credit card program to be issued on the Discover
Network this year.
“We are happy to
be issuing on the Discover Network, which will
provide additional functionality with its unique
authorization system and infrastructure,” said
Jay Giesen, executive vice president of retail
services for Purpose Solutions.
“We are
pleased to have the Purpose Solutions’ new card
program issued on the Discover Network,” said
Harit Talwar, executive vice president of Discover
Financial Services LLC. “This new credit card
will further our transformation to a broad-based
payments network supporting multiple issuers and
products while bringing choice and value to merchants,
issuers and consumers.”
About
Purpose Solutions, LLC
Purpose Solutions,
LLC is a subsidiary of CompuCredit Corporation.
CompuCredit is a specialty finance company and
marketer of branded credit cards and related financial
services. CompuCredit provides these services
to consumers who are underserved by traditional
financial institutions. Through corporate and
affinity contributions focused on the underserved
and un-banked communities, CompuCredit also uses
its financial resources and volunteer efforts
to address the numerous challenges affecting its
customers. For more information about CompuCredit,
visit www.CompuCredit.com.
About Discover Financial Services
Discover Financial Services LLC, a business
unit of Morgan Stanley (NYSE: MWD), operates the
Discover Card with more than 50 million Cardmembers,
the Discover Network with more than 4 million
merchant and cash access locations and the PULSE
ATM/Debit network currently serving over 4,100
banks, credit unions and savings institutions.
For more information, visit, www.discovercard.com,
www.discovernetwork.com,
or www.pulse-eft.com.
About First Bank of Delaware
First Bank of Delaware is a full-service,
state-chartered commercial bank, whose deposits
are insured by the Federal Deposit Insurance Corporation
(FDIC). The Bank provides diversified financial
products through two locations in New Castle County,
Delaware and additionally offers a variety of
loan and card products nationally, to the underbanked.
For more information about First Bank of Delaware,
visit www.fbdel.com.
CONTACTS:
Jay Putnam
Purpose
Solutions, LLC
770-206-6364
Jennifer
Kang-Born
Discover Financial Services
224-405-2347
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