Update 4/4/25: It cleared DoJ scrutiny, per Reuters
Update 3/18/25: Looks like this will be blocked by DoJ.
DOJ Staff Finds Deal Would Be Anticompetitive in Subprime Sector DOJ staff has determined that Capital One’s proposed $35.3 billion acquisition of Discover Financial would harm competition in the subprime sector, sources familiar with the matter said.
Update 2/11/25: Capital One & Discover have agreed to an extension until May 19, 2025 due to ongoing litigation and need to secure regulatory approvals.
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.
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.
One thing that’s mentioned in recent news stories, but doesn’t seem to have been mentioned here, is that even if it’s approved at the federal level, there are at least a couple states that my try to block it.
So it’s nowhere near a done deal yet until all of the legal challenges are done with.
Both Conveniently and inconveniently I just got a late payment appearing on my credit report last month for 30 days late on a small charge that fell thru the cracks for my discover card. Historically I’ve heard discover does not remove late marks if you ask them and I’ve also heard capitol 1 was the most laid back in doing this. Wonder if their policy will change with this.. was my first ever missed payment for anything :/
Noooooooooooooooooooooooooooooooooooo!!!!!!!
Snip, snap! Snip, snap! Snip, snap!
I hate Crapital One. I’m closing my Discover account.
That sounds silly to do until you know whether the merger will REALLY take place (there are still some state efforts to try to thwart it), and until you know what EFFECTS of the merger will be if it does happen.
How do you know that Discover won’t stay the same for you DESPITE the merger???
The terms of merger may be that Discover has more power in some areas than Capital One does. You can’t know that ahead of time.
He knows. He just knows.
Hopefully we will see some competition in the Visa/MC duopoly. As far as international acceptance of Discover, it’s actually better than AMEX – and I don’t see people saying AMEX is bad for international travel. Discover acceptance is only going to get better with the backing of Capital One.
AMEX is bad for international travel
I don’t necessarily agree with that. While it may be accepted in less places, the big plus with both AMEX and Discover is that you don’t have to deal with the plague that is DCC (Dynamic Currency Conversion). Neither AMEX or Discover engage in this nonsense.
Amex is bad everywhere, not just for international travel. Even vendors hate it.
Traditionally vendors have hated Amex because it was more expensive. I’m not sure if that’s still true. I know one vendor who dropped Amex because they backed a cardholder who didn’t want to pay for services rendered.
Not enough outrage here. Pump it up snowflakes!
is mayonnaise an instrument?
Bummer that Cap1 and Discover are merging. Both have their plus and minus. Those that don’t like it can vent their grievances with fist in air, Karen scream into the abyss and dye your hair blue. Plenty of places to fish.
Not that kind but still understand this is not good
What are the odds that only the pluses from each remain after the merger is complete?
Capital One is buying. That company is run by computers so zero chance.
per Reuters per New York Times…… Reuters is no more Reuters. It’s like the Nikola of newspaper
So, I guess this is the end of the $2 balance waivers? This is awful; I just got into the game of abusing that!
Let’s hope not!
Same. But I would guess it would go from $2 to $1?