-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 GWQ6HL4yDEiqOo6oy/gph0iQleh8NWL5nddmNvnJfyTjILMnecaGzHQ03+p5vXe1
 gPpFpsB/DpopLW5e2c23Kw==

<SEC-DOCUMENT>0001181431-10-054190.txt : 20101109
<SEC-HEADER>0001181431-10-054190.hdr.sgml : 20101109
<ACCEPTANCE-DATETIME>20101109095827
ACCESSION NUMBER:		0001181431-10-054190
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101105
FILED AS OF DATE:		20101109
DATE AS OF CHANGE:		20101109

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Panzarino James V
		CENTRAL INDEX KEY:			0001401324

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33378
		FILM NUMBER:		101174656

	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>rrd290446.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-11-05</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001401324</rptOwnerCik>
            <rptOwnerName>Panzarino James V</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>EVP,Chief Credit Risk Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-11-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>761</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>189120</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>632.77</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By ESOP</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The shares represent a portion of the reporting person's salary, net withholdings and deductions, for the most recent pay period and were issued under the Company's Amended and Restated 2007 Omnibus Incentive Plan.  For more information, please see the Current Report on Form 8-K which was filed by the Company on December 11, 2009.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Simon Halfin as Attorney-in-Fact for James V. Panzarino</signatureName>
        <signatureDate>2010-11-09</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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