Capital One just bought Discover. Here’s what it means for their customers.
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Capital One just bought Discover. Here’s what it means for their customers.
Capital One has acquired Discover Financial, becoming the sixth-largest bank in the US by asset size. The deal was approved by regulators last month, despite pushback from top Democrats and consumer advocates. The merger could open up physical bank access for Discover customers. Some Democrats have warned of higher fees for merchants and risks to low-income customers and those with poor credit scores.”These are not two traditional banks — they are credit card giants,” an ICLE group wrote in a July white paper. “A bigger company means access to more data on more and more competitive products,” they wrote. “The ability to capture more and capture more competitive data may also permit the larger company to offer more innovative products,” the ICLE wrote in the white paper, which was published by the International Center for Law & Economics (ICLE) The ICLE also wrote that the merger could end the Visa and MasterCard “duopoly” that has been in place since the 1990s.
Source: Businessinsider.com | Read full article
What the Capital One-Discover Merger Means for Your Bank Account
Capital One and Discover are expected to finalize their merger on May 18. Capital One account holders may get cashback debit cards and other rewards, experts say. Both banks offer free checking accounts with no minimum balance requirements. Both offer high-yield savings accounts and certificates of deposit that earn competitive rates. The combined bank will have a network of more than 80,000 ATMs and 16,000 cash deposit locations, while Discover customers have access to more than 60,000ATMs and more than 50 cafes.. The deal would give Capital One control of a sizable portion of the sub-prime credit card market, which would give it more access to low-income consumers and those with poor credit scores. It would make the combined bank the sixth-largest U.S. bank by asset size, with more than $1.2 trillion in assets. It was approved by federal regulators earlier this year despite opposition from consumer advocates and some top Democrats, who cited concerns about reduced competition, financial stability and potential harm.
Source: Usnews.com | Read full article
What the Capital One-Discover Merger Could Mean for Bank Accounts
Capital One’s deal to buy Discover has been approved by regulators. Once the merger occurs on May 18, the two digital banks will form the sixth-largest U.S. bank based on customer deposits. The banks have similar strengths and features across all three types of deposit accounts: checking and savings accounts and certificates of deposit. The notable differences include Discover’S payments network, compared to Capital One’s participation in the Mastercard debit network, and Capital One”s branch network.“I anticipate that the combined company, Capital One and Discover, will help accelerate innovation in commercial and consumer banking,” says Michael Imerman, teaching assistant professor of finance at University of California, Irvine. “I see Capital One as one of the most innovative banks in the world,’’ he says, “and the merger may strengthen the bank.” “Capital One will provide customers with comprehensive information regarding relevant conversion activities well in advance of any future change,” Capital One says.
Source: Nerdwallet.com | Read full article
The Capital One-Discover Merger Has Been Approved. What Should Cardholders Expect?
The Federal Reserve Board approved Capital One’s application to acquire Discover Financial Services. Some Democrats and consumer advocates have opposed the merger, arguing that it will reduce competition and harm consumers. Other experts see more promise in the combination, which could lead Capital One to offer rewards debit cards and enhance fraud protection. If you’re a customer of either financial institution (or you’re considering becoming one), you should keep an eye on credit card costs, debit card rewards and possible payment network changes in the wake of the merger. The merger is expected to be complete on May 18, 2024, according to Capital One, which plans to transition its debit cards to the Discover network. The combination will make Capital One the largest credit card issuer in the U.S. and give Discover a larger portion of the credit card market. It could also lead to an expansion of rewards offerings at Capital One and a possible return of rewards cards for debit cardholders at Discover. The deal was first announced in February 2024.
Source: Money.usnews.com | Read full article
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Source: https://www.businessinsider.com/what-discover-capital-one-merger-means-for-customers-products-2025-5
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