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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 OFM+JLAmmof4jdRbsp69NkXCA70VUXUjIieqxASbKaCA1ihtIvJ8qa1GerYlERNa
 /KXeWsEoFNN/Yhf10ikR/Q==

<SEC-DOCUMENT>0001181431-07-044665.txt : 20070705
<SEC-HEADER>0001181431-07-044665.hdr.sgml : 20070704
<ACCEPTANCE-DATETIME>20070705192848
ACCESSION NUMBER:		0001181431-07-044665
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070702
FILED AS OF DATE:		20070705
DATE AS OF CHANGE:		20070705

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Discover Financial Services
		CENTRAL INDEX KEY:			0001393612
		STANDARD INDUSTRIAL CLASSIFICATION:	PERSONAL CREDIT INSTITUTIONS [6141]
		IRS NUMBER:				362517428
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	BUSINESS ADDRESS:	
		STREET 1:		2500 LAKE COOK ROAD
		CITY:			RIVERWOODS
		STATE:			IL
		ZIP:			60015
		BUSINESS PHONE:		224-405-0900

	MAIL ADDRESS:	
		STREET 1:		2500 LAKE COOK ROAD
		CITY:			RIVERWOODS
		STATE:			IL
		ZIP:			60015

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ARONIN JEFFREY S
		CENTRAL INDEX KEY:			0001062364

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33378
		FILM NUMBER:		07966009

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		6046595006

	MAIL ADDRESS:	
		STREET 1:		1515 WEST 22ND STREET
		STREET 2:		SUITE 1210
		CITY:			OAK BROOK
		STATE:			IL
		ZIP:			60523
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd165148.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-07-02</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001393612</issuerCik>
        <issuerName>Discover Financial Services</issuerName>
        <issuerTradingSymbol>DFS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001062364</rptOwnerCik>
            <rptOwnerName>ARONIN JEFFREY S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2500 LAKE COOK ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>RIVERWOODS</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60015</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-07-02</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>12563</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>12563</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Restricted stock units that are convertible into shares of common stock at a ratio of 1 to 1.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Simon B. Halfin as Attorney-in-Fact for Jeffrey S. Aronin</signatureName>
        <signatureDate>2007-07-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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