According to a recent article on Kiplinger, Capital One Financial Corporation was in the process of acquiring Discover Financial Services in a $35.3 billion deal, which is expected to change the credit card landscape.

According to a survey conducted by Cardrates.com, 78% of American adults were unaware of the Capital One-Discover merger before its approval, with 66% sharing that they believed the merger wouldn’t impact their credit card usage. Since the deal was finalized on May 18, 2025, it’s worth examining how it could impact you and your financial situation.

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Here are three ways the merger could impact your finances, according to banking experts.

1. Your Daily Banking Could Change

“This could create a stronger value proposition on debit cards for consumers,” said Tony DeSanctis, a banking expert and senior director at Cornerstone Advisors. “The newly formed Capital One is not subject to the same restrictions on debit rewards as other banks and credit unions. This could lead to a more compelling offering for checking and debit products for the average American consumer.”

Since Discover is one of the few lenders that offers a cash back debit card, consumers can change their approach to daily banking. With Capital One transitioning its debit card to the Discover credit card network, consumers can earn 1% cash back on up to $3,000 in debit card purchases per month.

You may find yourself with a new checking account setup that improves your finances. With a cash back debit card, you may even decide to use your checking account to cover bills and expenses over a credit card.

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2. Your Credit Card Usage Habits May Have to Change

“Consumers need to be aware of changes that are going on with their credit card issuers,” remarked Bobbi Rebell, a CFP and personal finance expert at CardRates.com. “The changing landscape not only can impact the terms of their credit, but there may be new benefits for borrowers that could be worth exploring.”

The merger could impact credit card interest rates and fees, as well as the potential rewards. It’s likely that consumers may not accept these terms if fees rise or interest rates go up, and start looking to other lenders. If your credit card habits are based on rewards or certain perks, you may need to adjust your approach if the terms change. However, if the terms don’t change, then you may not make any modifications to your approach.