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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,
 UrdnZ+CR0Z1urlZ5rgHVYb1tD2g49Szj78Pj4YtBb6W1Sjhbjd1otEpJRmmD/WIK
 jVbKYbw+Dy0e6nCRKiZRQA==

<SEC-DOCUMENT>0001181431-09-017211.txt : 20090325
<SEC-HEADER>0001181431-09-017211.hdr.sgml : 20090325
<ACCEPTANCE-DATETIME>20090325103610
ACCESSION NUMBER:		0001181431-09-017211
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090323
FILED AS OF DATE:		20090325
DATE AS OF CHANGE:		20090325

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Minetti Carlos
		CENTRAL INDEX KEY:			0001401335

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33378
		FILM NUMBER:		09703055

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

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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd238179.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2009-03-23</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001401335</rptOwnerCik>
            <rptOwnerName>Minetti Carlos</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>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Executive Vice President</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2009-03-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>190610</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>6.07</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>404416.42</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>756.95</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By ESOP</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $5.94 to $6.16, inclusive. The reporting person undertakes to provide to Discover Financial Services, any security holder of Discover Financial Services, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (1) to this Form 4.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Simon Halfin as Attorney-in-Fact for Carlos Minetti</signatureName>
        <signatureDate>2009-03-25</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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