Update 10/25/24: Deal won’t close this year.
Capital One will buy Discover Financial Services, WSJ reports. The bank will keep the Discover brand. The massive merger will combine two of the largest credit card issuers in the US.
Capital One uses Visa and Mastercard for most of its cards. They plans to switch some of their cards to the Discover network, and continue using Visa and Mastercard for others.
Now, what’s on my mind: will Discover start doing 3-pulls for credit card applications? 🙂 In all likelihood, it will be many years until there are any changes to how either bank operates. It remains to be seen if this will affect credit card or bank signup bonuses in the longer term.
Im wondering if they will revive Diners Club into the mix for their premium cards.
This merger is still up in the air. May not even pass legal challenges.
Is it wise to apply for a discover it card now, or after the merger..
Ugh, they’re going to ruin Discover just like T-Mobile ruined Sprint.
Ruined Sprint? Ha.
Competition is good for the market said no one ever
*Oligopoly is good for the consumer said no one ever
Will I be able to transfer my Discover cash back to Venture points?
Theyre about to run Discover into the ground.
I will be mad if Discover customer service gets rolled into C1’s current customer service model.
Will 5% at Walmart on an everyday basis be wedged in there somehow…
More churning and no lifetime restriction on their savings, maybe?
Swipe Fee$.
It may take a while for C1 to move their credit cards to the Discover network, but I believe that C1 will eventually transfer all of their cards to the Discover network. Amex is very profitable because of the swipe fees they receive from having their own network and not having Visa or MC collect those fees. I do not believe that C1 purchased Discover for their percentage of the market, it was for Discover’s processing network which will allow them to collect the swipe fees.