topic Re: Capital one 360 checking debit network. in Credit in the News

Capital one 360 checking debit network.

returnofthemack — Mon, 28 Jul 2025 01:37:10 GMT

Capital One 360 checking account debit card network changing to discover? Anyone else get this via email?

Re: Capital one 360 checking debit network.

Varsity_Lu — Mon, 28 Jul 2025 04:12:06 GMT

Welp, so much for using it in Europe for cash. That's the main reason I got it. If it's on Disco, I'm out.

Re: Capital one 360 checking debit network.

TrapLine — Mon, 28 Jul 2025 07:19:28 GMT

@Varsity_Lu wrote:
Welp, so much for using it in Europe for cash. That's the main reason I got it. If it's on Disco, I'm out.

Com'mon now, you still have Fidelity Investment Debit Card(s) and they are known to be top shelf

Re: Capital one 360 checking debit network.

zerofire — Mon, 28 Jul 2025 09:29:07 GMT

It was well known that Capital One wanted to cut costs by switching to its own network. The first cards that they wanted to move were the Debit cards. The way I see it the lower you are the sooner you will be transferred over. The biggest issue will be having the printing houses make all the new cards. If Capital One rushes it they will swamp the printers and there will not be enough blank stock resulting in increased costs. I can certainly imagine they will switch everything up to a Platinum to Discover. They probably will push up to the Quicksilver too. If they are smart they will include up to the Venture and Saver cards as well. If they are cruel they will throw the Venture X on to the pile and let the world burn. This will be fun to watch at least.

Re: Capital one 360 checking debit network.

Varsity_Lu — Mon, 28 Jul 2025 11:01:48 GMT

@TrapLine wrote:
@Varsity_Lu wrote:
Welp, so much for using it in Europe for cash. That's the main reason I got it. If it's on Disco, I'm out.
Com'mon now, you still have Fidelity Investment Debit Card(s) and they are known to be top shelf

I know, but I was holding out hope that it would only be new debit cards, not converting old ones. I hope they don't move Savor. Platty and Quicky I'm ok with, but their higher end cards hopefully will be saved from the Disco net.

And you are correct about my Fidelity CMA debit. I've had 360 for much longer as I've only been with Fidelity less than a year. 360 has been a great account for me both domestically and internationally. I just feel like this switch is a step backwards for travelers.

Re: Capital one 360 checking debit network.

TrapLine — Mon, 28 Jul 2025 12:25:23 GMT

@Varsity_Lu

There is a potential bright spot in the step backwards.

Writings from the back room included Capital One looking to bring the Discover/Diners Club Processing Network together worldwide. It appeared that the consumer may end up with more International access that could compete with the Visa, Master Card, and the American Express Processing Networks.

Going on, Capital One acquired Discover FInancial for the card side of the business but, there was an even bigger reason. Capital One sees a financial gain by owning and operating the Discover/Diners Club Processing Network where they can pay themselves for card processing and market to other financials an option for debit and credit processing, potentially using a sharper pencil.

Sizable challenge and if some one was to do it, my money is on Capital One. It is obvious BMO was not up to the challenge by taking their very limited Diners Club cards to the Master Card Network (yes this is a major big complaint - BMO can go away as far as I am concerned).

In my past life of 1972, I had a real Diners Club account (many years) on the Diners Club Processing Network and it worked world wide. Yes, I still am bitter as I liked what the card account offered and a little bit elite.

Re: Capital one 360 checking debit network.

AndrewF — Tue, 29 Jul 2025 04:07:37 GMT

@zerofire wrote:
It was well known that Capital One wanted to cut costs by switching to its own network. The first cards that they wanted to move were the Debit cards. The way I see it the lower you are the sooner you will be transferred over. The biggest issue will be having the printing houses make all the new cards. If Capital One rushes it they will swamp the printers and there will not be enough blank stock resulting in increased costs. I can certainly imagine they will switch everything up to a Platinum to Discover. They probably will push up to the Quicksilver too. If they are smart they will include up to the Venture and Saver cards as well. If they are cruel they will throw the Venture X on to the pile and let the world burn. This will be fun to watch at least.

Venture X is unlikely to move to Discover. People are not going to pay $395 a year for a travel credit card that can only be reliably used in North America.

Re: Capital one 360 checking debit network.

zerofire — Wed, 30 Jul 2025 09:01:51 GMT

@TrapLine wrote:
@Varsity_Lu

There is a potential bright spot in the step backwards.

Writings from the back room included Capital One looking to bring the Discover/Diners Club Processing Network together worldwide. It appeared that the consumer may end up with more International access that could compete with the Visa, Master Card, and the American Express Processing Networks.

Going on, Capital One acquired Discover FInancial for the card side of the business but, there was an even bigger reason. Capital One sees a financial gain by owning and operating the Discover/Diners Club Processing Network where they can pay themselves for card processing and market to other financials an option for debit and credit processing, potentially using a sharper pencil.

Sizable challenge and if some one was to do it, my money is on Capital One. It is obvious BMO was not up to the challenge by taking their very limited Diners Club cards to the Master Card Network (yes this is a major big complaint - BMO can go away as far as I am concerned).

In my past life of 1972, I had a real Diners Club account (many years) on the Diners Club Processing Network and it worked world wide. Yes, I still am bitter as I liked what the card account offered and a little bit elite.

Discover has expanded the network internationally via agreement already. Lots of regional networks like JCB(Japan), RuPay(India), and UnionPay(China) accept Discover as a passthru card. The only time it does not work is when the terminal is not updated or is misconfigured. As for BMO they are just there to take up regional space. Lots of regional products are meh. I think Capital One will aim to cut costs by switching as many cards to Discover that they can get away with.

@AndrewF wrote:
@zerofire wrote:
It was well known that Capital One wanted to cut costs by switching to its own network. The first cards that they wanted to move were the Debit cards. The way I see it the lower you are the sooner you will be transferred over. The biggest issue will be having the printing houses make all the new cards. If Capital One rushes it they will swamp the printers and there will not be enough blank stock resulting in increased costs. I can certainly imagine they will switch everything up to a Platinum to Discover. They probably will push up to the Quicksilver too. If they are smart they will include up to the Venture and Saver cards as well. If they are cruel they will throw the Venture X on to the pile and let the world burn. This will be fun to watch at least.
Venture X is unlikely to move to Discover. People are not going to pay $395 a year for a travel credit card that can only be reliably used in North America.

While I am sure you believe this the reality that Capital One is looking at is probably something else. No doubt the transfer will not be that fast since there are so many cards to transfer over. In the end I have a hard time seeing the Venture X continuing to pay Visa for services. At minimum Capital One will wait a bit and switch it to MasterCard as a World Legend card. If not then they probably will force it to Discover as every other network has high category cards. Discover is the only network that as far as I have seen does not dip its toes into high value individuals. The Capital One+Discover combination is going to have a massive shakeup soon(Next 1~3yr). They are just waiting for the dust to settle and people to forget what they promissed.

Re: Capital one 360 checking debit network.

TrapLine — Wed, 30 Jul 2025 13:39:14 GMT

@zerofire

For those who do not recall or ever knew, Discover Bank used to issue a true upper tier card titled the Discover "Black Card" (not one you can order from their collection of a 120+ cards). It was for those consumers that would spend $40,000 a year or more in purchases. Why people didn't know? It was almost a secret and may have been by 'invitation' only based on spending habits (recall is limited here).

Now, it was a long time back. Looked into it as I knew about it. Could not justify the spend requirement. Truly it was supposed to be aimed at the higher range of Discover Card spenders. What they did in the end, which was not a real long stretch in our financial world, was to do a conversion to the regular Discover Cards of the time and leave the upper tier card market.

Never really read why but, suspect they did not have enough Discover Card high range spenders in the consumer market to make it worth the investment. As has been mentioned, Discover Cards are aimed more for the regular consuming public of today.

Re: Capital one 360 checking debit network.

AndrewF — Wed, 30 Jul 2025 22:30:30 GMT

@TrapLine wrote:
@zerofire

For those who do not recall or ever knew, Discover Bank used to issue a true upper tier card titled the Discover "Black Card" (not one you can order from their collection of a 120+ cards). It was for those consumers that would spend $40,000 a year or more in purchases. Why people didn't know? It was almost a secret and may have been by 'invitation' only based on spending habits (recall is limited here).

Now, it was a long time back. Looked into it as I knew about it. Could not justify the spend requirement. Truly it was supposed to be aimed at the higher range of Discover Card spenders. What they did in the end, which was not a real long stretch in our financial world, was to do a conversion to the regular Discover Cards of the time and leave the upper tier card market.

Never really read why but, suspect they did not have enough Discover Card high range spenders in the consumer market to make it worth the investment. As has been mentioned, Discover Cards are aimed more for the regular consuming public of today.

Discover's big problem is that it's easy to get them with low credit scores, so people just starting out or who exited bankruptcy recently get them because they're not nearly as bad as some of the other options.

Discover relies on people who are likely to run a fairly large balance on the card and pay a lot of interest, but if you default they're one of the most guaranteed banks to sue you. They don't even usually wait and sell it to anyone, just sue.

The people who pay their bills in full every month and build credit, eventually qualify for better cards at other banks and outgrow Discover, and they become people like me and my husband who both have Discover cards, but from years ago, and only keep them because of category spend.

When all your best customers move on and all that are left are people who don't have much money and frequently need to be sued to collect, you sort of have a problem. So I'm not surprised Discover ended up for sale. Their growth prospects were limited, especially since the market for student loans is not as lucrative as it once was.

Capital One shut down Discover home loans right away? Why? Well, the housing market looks terrible and with few signs of improving in the short to medium term. If it ever improves, Capital One could choose to get back in, but right now 15% of all homes under contract are falling through, and sellers are ending up taking disappointing sale prices and moving on without realizing the "equity" they thought they had grown.

Re: Capital one 360 checking debit network.

TrapLine — Wed, 30 Jul 2025 23:57:57 GMT

@AndrewF

You pretty well hit it for Discover Financial. They have been stale in their card offerings and did not take up innovation in products. Essentially a 1:1 rewards ratio. Did have some good balance transfers but, I would doubt that would make them a living. You mentioned home loans and student loans as markets that are not roaring today and it sure looks dim for near future and for a product of Discover Financial.

Another factor was Discover Financial had the Diners Club/Discover Network and that appeared to offer a potential opportunity but the various owners never seemed interested in capitalizing on the network concept. Best I say, Discover has had opportunities and with several owners few seemed to have the appetite to really get out and stretch in the name of Discover Financial. Maybe they did not recognize, appreciate or care to seek a real market for Discover products (there last significant CEO was terminated in August 2023). Really is a shame.

Likely, as you mentioned the Discover products certainly are good for new to credit and rebuilders but where does it go from there? Once our credit profiles mature, we seek other cards that may better fit our spending patterns and Discover products fall by the wayside. Did take advantage of their Checking, Savings and Investments for a time but, found they were slow in moving money around (too many days to effect a transfer of funds) so I sought out other financials that embraced the FastFed programs and left Discover.

So far I have held on to the Discover product but, unless Capital One does something significant, it will be closed. Do not need it anymore.

There are a few old timers around that remember the high points of the Diners Club and it robust elite offerings (charge card) for the times (along with the network that was pretty much world-wide). There was also a separate product of Carte Blanche Card that competed with Diners Club and American Express. Managed to use all three products for many years as charge cards.

Re: Capital one 360 checking debit network.

Realist — Thu, 31 Jul 2025 05:05:40 GMT

I haven't received this memo yet, but I'm good with whatever they need to do.

We not too long ago acquired the bank bonuses for Capital One, so the accounts are still lingering as open. No fees. They were on the list to close out anyways, for future reconsideration.

Interesting.

Re: Capital one 360 checking debit network.

Zoostation1 — Sat, 02 Aug 2025 19:04:20 GMT

I don't have C1 for checking so the move to Discover won't affect me, but definitely was expected. I thought it would take a little longer or maybe start with new accounts first though. I definitely see Platinum and secured cards going to the Discover network as very likely. I'm less confident but still think it's likely all QS variants go to Discover as well. I could possibly see Savor going and maybe Venture One as well, but also see a possibility of the "for good credit" no sub versions going while the standard with sub versions stay on MC. I don't really see the personal VX leaving Visa yet (even with MC launching World Legend) given that it wasn't long ago that the business VX moved from MC to Visa (it was interesting at the time cause regular Venture went from Visa to MC but business VX went from MC to Visa simultaneously).

@TrapLine Regarding credit profiles maturing and moving on, I think they were relying on people keeping Discover in their regular usage and weren't getting enough of those. My Dad is about the only one I know with a long and strong, thick profile history that uses Discover regularly. He's had his for 32yrs and already had a solid history when he started with them, but that's not the norm. One of the main reasons he's kept it though is the domestic customer service (we'll see how long that lasts). I do also find it interesting that his card was never formally converted from Discover More to Discover It Cashback. It's got the same rotating categories but statements still have the old name. Now if only they would allow PCs again so I could get out of this crap It Chrome card and make it useful. I know a few people were able to recently, but no luck thus far. I may end up closing it at some point if they don't.

Re: Capital one 360 checking debit network.

Pppoolboy — Mon, 06 Oct 2025 20:11:21 GMT

Easy to move the debit cards over because they're used by about two dozen people. I've had C1 checking and savings accounts for years but have never once used the debit card for anything. They can work out the bugs before moving millions of people on the credit cards. Agreed that I hope Savor does NOT move to Discover.

As for Diner's Club, that was OG Awesome and I'd love to see it come back. BMO absolutely trashed the brand and bungled everything about it. I'd definitely get one if it looked like

Re: Capital one 360 checking debit network.

Varsity_Lu — Mon, 06 Oct 2025 22:56:12 GMT

@Pppoolboy wrote:
Easy to move the debit cards over because they're used by about two dozen people. I've had C1 checking and savings accounts for years but have never once used the debit card for anything.

You must not travel overseas much. Most travelers use Schwab or Cap One 360 debit cards for cash in Europe. Well, Fidelity now recently that they reimburse fees. That's one of the main selling points for Cap One 360 and why guys like Rick Steves recommend it for travel. Lots of people use their debit cards

Re: Capital one 360 checking debit network.

crystal626 — Wed, 08 Oct 2025 21:30:55 GMT

@Pppoolboy wrote:
Easy to move the debit cards over because they're used by about two dozen people. I've had C1 checking and savings accounts for years but have never once used the debit card for anything. They can work out the bugs before moving millions of people on the credit cards. Agreed that I hope Savor does NOT move to Discover.

As for Diner's Club, that was OG Awesome and I'd love to see it come back. BMO absolutely trashed the brand and bungled everything about it. I'd definitely get one if it looked like

I think you seriously underestimate how many people use debit cards. Every time someone puts a poll on the creditcards subreddit about what cards people are seeing in their businesses, debit cards are never far behind credit cards. A lot of people who have rewards cards are starting to use debit cards again thanks to businesses charging fees to take credit cards too.

Re: Capital one 360 checking debit network.

FicoMike0 — Wed, 08 Oct 2025 23:27:54 GMT

I recently had the fee for credit card issue come up. First time I ever used my navy debit card. I thawed it and it worked fine.

Re: Capital one 360 checking debit network.

crystal626 — Thu, 09 Oct 2025 00:10:10 GMT

@FicoMike0 wrote:
I recently had the fee for credit card issue come up. First time I ever used my navy debit card. I thawed it and it worked fine.

I'm going to resist going back to debit cards as long as I can but places around me are starting to charge fees too.

Re: Capital one 360 checking debit network.

TrapLine — Thu, 09 Oct 2025 08:31:21 GMT

@crystal626 wrote:
@FicoMike0 wrote:
I recently had the fee for credit card issue come up. First time I ever used my navy debit card. I thawed it and it worked fine.

I'm going to resist going back to debit cards as long as I can but places around me are starting to charge fees too.

Affirm your findings that different businesses are adding 3.99% to the transaction (my geo area they have gotten together throught the Chambers of Commerce). Ford Dealers in my area added it. A meat shop added, gas stations and so on, and the rewards cards are not always fitting the usage pattern leaving me at a loss on the transaction. Our governmental units have all added a transaction fee where they use the actual transaction fee so it was lower than the general market. My insurances are adding a flat $2.00 or $4.00 a month for Debit or Credit. The one thing that does not get mentioned is the use of Debit Cards has big risks to one's personal banking funds. Talk with people around me that all have been hacked (includes me). So we may want to consider vendor and site (online ever dangerous).

Re: Capital one 360 checking debit network.

crystal626 — Thu, 09 Oct 2025 17:02:24 GMT

@TrapLine wrote:
@crystal626 wrote:
@FicoMike0 wrote:
I recently had the fee for credit card issue come up. First time I ever used my navy debit card. I thawed it and it worked fine.

I'm going to resist going back to debit cards as long as I can but places around me are starting to charge fees too.
Affirm your findings that different businesses are adding 3.99% to the transaction (my geo area they have gotten together throught the Chambers of Commerce). Ford Dealers in my area added it. A meat shop added, gas stations and so on, and the rewards cards are not always fitting the usage pattern leaving me at a loss on the transaction. Our governmental units have all added a transaction fee where they use the actual transaction fee so it was lower than the general market. My insurances are adding a flat $2.00 or $4.00 a month for Debit or Credit. The one thing that does not get mentioned is the use of Debit Cards has big risks to one's personal banking funds. Talk with people around me that all have been hacked (includes me). So we may want to consider vendor and site (online ever dangerous).

Yeah if I go back to using debit cards I'll probably use Privacy.com with my Navy Federal debit card online and use my DCU card for in person purchases. DCU has a card control app that allows you to specify what kinds of transactions you want to allow so I would block everything except in person. Neither of these are my primary accounts so I would just transfer a small amount for those purchases.

There would be one silver lining I guess... I would spend less money. Credit cards let me make impulse buys that I don't have to pay back until the following month. Those impulse buys would just go away rather than me changing my budget to saving less each month.