Discover Financial Sees Card Spending Decline as Consumers Remain ‘Cautious'

Discover Financial Services reported second-quarter results that indicated consumers are turning to debit transactions, while the company’s card sales slipped year on year.CFO John Greene said on the Thursday (July 18) earnings call that Discover card sales were down 3% from the prior year. Supplemental materials from Discover indicate that Discover’s credit card sales volumes were $53.4 billion in the most recent quarter. The company’s PULSE volumes were up 18%, driven by an increase in debit transaction v ...