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Take that! Wal-Mart partners with Discover for new card

January 20, 2005

USA Today: In the latest challenge to the Visa and MasterCard dominance of the American credit card market, Discover Financial Services and Wal-Mart are teaming up to issue a new credit card to customers of the world's largest retailer.

It is Discover's first major card deal since the U.S. Supreme Court last October let stand an antitrust ruling that forced Visa and MasterCard to stop preventing their member banks from issuing rival cards. That made it possible for Discover and American Express to begin seeking American partners to issue their cards.

American Express last year announced its first deals, with specialty card issuer MBNA and Citibank, a unit of Citigroup.

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