Discover is adding to its suite of commercial card products.
Its newest offering, the Discover It Business credit card, was announced in a press release Wednesday (Sept. 12). Discover is zeroing in on cash back rewards for its corporate customers, offering unlimited 1.5 percent cash back on purchases as well as Cashback Match, which sees Discover match the cash-back value of transactions made in the first year.
Additional features of the new card include Social Security alerts, which notify cardholders if Discover finds their Social Security numbers on “risky websites,” as well as free access to their FICO Credit Scores. The Discover It Business card does not charge foreign transaction fees or a late fee on the first payment. Users are able to freeze their accounts on the Discover mobile app, the company noted.
In its announcement, Discover cited research from a survey the company commissioned last year, conducted by C+R Research, which found expense management as a top concern for small business owners in the U.S.
Transactions made using the card can be automatically added into small business financial management platforms like QuickBooks, Quicken and Excel, Discover said, while business owners and managers can set spending limits for employees.
“The Discover It Business card is a smart, simple and rewarding credit card that puts all the features and benefits that Discover cardmembers love and rely on in the hands of business owners,” said Discover Vice President of Marketing Andrew Hopkins in a statement. “We’re looking forward to providing Discover’s unparalleled customer experience — from rewards to security and customer service — to business owners so they can focus on the things that matter most, like serving their customers and growing their businesses.”
The new commercial card solution was announced just weeks after Discover named Roger Hochschild as its new chief executive. Hochschild, currently the company’s president and COO, will take up the position in October to replace current chief executive David Nelms.