topic Re: Capital One's $35 billion deal for Discover clears US DOJ hurdle, NYT reports Reuters April 3, 2 in General Credit Topics

Capital One's $35 billion deal for Discover clears US DOJ hurdle, NYT reports Reuters April 3, 2025

TrapLine — Sat, 05 Apr 2025 14:40:08 GMT

April 3 (Reuters) - Capital One Financial Corp (COF.N), opens new tab got the greenlight from the Justice Department for its proposed $35 billion acquisition of Discover Financial Services (DFS.N) , opens new tab , the New York Times reported on Thursday.

The approval came after the DOJ told other regulators looking into the acquisition that it does not see sufficient competition concerns to block the deal, the report said. The Office of the Comptroller of the Currency (OCC) and the Federal Reserve will review the merger with input from the DOJ.

Note: The deal still faces additional antitrust scrutiny from state attorneys general in New York and California.

Also, reported on "doctorofcredit" ...

Re: Capital One's $35 billion deal for Discover clears US DOJ hurdle, NYT reports Reuters April 3, 2

Jnbmom — Sat, 05 Apr 2025 14:37:16 GMT

😩

Re: Capital One's $35 billion deal for Discover clears US DOJ hurdle, NYT reports Reuters April 3, 2

TrapLine — Sat, 05 Apr 2025 15:05:07 GMT

Earlier in this large venture many of us wondered and even suggested we may say goodbye to our old friend Discover Bank.

For myself, had a Discover Card back to 1986 (several owners back). It will be hard to let go! Also, had Capital One back to 2000 or before. Yes, there were differences and they each had some separate markets and some overlap. Discover was always noted for their outstanding customer service and the CSRs were empowered to do some things for us.

Dropped Capital One do to bucketing and lack of better cards (back in the day 2008). Times have changed with Capital One, they do offer upscale cards today. Time will tell how a combination of the two financials will work, it may be better than what exists today?

What is not mentioned anywhere is there is a need to find a savior for Discover Bank as they were under performing as well as facing a bleak future unless some financial could acquire them and give them the boost they so badly require financially.

Now as a former true Diners Club member, I go back to the elite staus of their cards and program of the times. The eliteness got lost in the shuffle. Also, they had their own worldwide processing network which has been chopped up and really needs to find a common financial to run it and take it back to the once unified Global Status it enjoyed.

So ... just maybe Capital One can do that. It is obvious BMO Banks has no inclination to do anything since they run Diners Club Cards on the MasterCard network (can you imagine?).

Well, there is a slight hope that both (Capital One Financial/Discover Bank) could bring us a new future and a potential new unified global network system worldwide for Discover/Capital One?

Otherwise ... I will have to bid ado to my old friend of Discover Bank.

Re: Capital One's $35 billion deal for Discover clears US DOJ hurdle, NYT reports Reuters April 3, 2

gabbygail — Sun, 06 Apr 2025 20:18:06 GMT

Aww. Bummer. I guess I will be cutting up my Discover card now after 20+ years. Discover had great customer service , Capital One has terrible customer service.

And closing my Discover checking and savings now too. 😔

Oh well. Life goes on.

Re: Capital One's $35 billion deal for Discover clears US DOJ hurdle, NYT reports Reuters April 3, 2

firefox100 — Sun, 06 Apr 2025 20:41:50 GMT

Hold your hat, I know that we are not to talk politics it has been in the news that Capital one is being sued by Trump because they had closed bunch of trump's family accounts and said they did not want to do business with trump family after Jan 6. They even have closed the checking of trump's youngest son Barren. Who knows if the deal will go through, I hope it does not go through Discover is so nice to deal with compared to Capital one. It is not deal for the comfuners we need more competition not less in creditcard and lending world.

Re: Capital One's $35 billion deal for Discover clears US DOJ hurdle, NYT reports Reuters April 3, 2

AndySoCal — Sun, 06 Apr 2025 21:00:15 GMT

I echo the thoughts of others regarding the customer service of the two banks. As stated in my other posts I will not do business with Capital One. My Discover card I received in September of 1990 will be closed. I have found and have the replacement for the Discover Card. The credit card is from Langley Credit Union the card has some nice benefits as well.

Re: Capital One's $35 billion deal for Discover clears US DOJ hurdle, NYT reports Reuters April 3, 2

masscredit — Mon, 07 Apr 2025 21:18:57 GMT

I had a Discover card that was IIB. They don't want to look at me now. How does that work when they are bought by another bank? I also had a few Cap1 accounts that were IIB but they show me tons of luv now.

Re: Capital One's $35 billion deal for Discover clears US DOJ hurdle, NYT reports Reuters April 3, 2

sccredit — Mon, 07 Apr 2025 21:48:15 GMT

They wouldn't look at me for 7 years. The day after the original account fell off my report they approved me for a new card with a $10k limit.

Re: Capital One's $35 billion deal for Discover clears US DOJ hurdle, NYT reports Reuters April 3, 2

AndySoCal — Mon, 07 Apr 2025 21:53:30 GMT

Was the Discover card in the same BK as the Capital One cards? If so you should have anything to worry about.

Re: Capital One's $35 billion deal for Discover clears US DOJ hurdle, NYT reports Reuters April 3, 2

masscredit — Mon, 07 Apr 2025 22:30:41 GMT

@AndySoCal wrote:
Was the Discover card in the same BK as the Capital One cards? If so you should have anything to worry about.

Yes it was. Coming up on 3 years since DC.

Re: Capital One's $35 billion deal for Discover clears US DOJ hurdle, NYT reports Reuters April 3, 2

TrapLine — Tue, 08 Apr 2025 00:42:45 GMT

@firefox100

Wow! Your information has not been shared widely yet. Oh ... this could be really interesting?

The rath of government ... !

Re: Capital One's $35 billion deal for Discover clears US DOJ hurdle, NYT reports Reuters April 3, 2

TrapLine — Tue, 08 Apr 2025 00:56:22 GMT

Fellow MyFicoers

There is a very common line of posting in this thread. We all have a long term relationships with Discover Bank and appreciated their products and services over time. For myself, Discover helped me with BTs that I was able to use for work on my residential dwelling unit. They were always willing to find a way.

As to Capital One, I ended up with eight accounts due to their acquiring other financials back in 2008 when the world of financials was in a major dust up. Problem was at the time, I did not have one Cap1 card with a CL higher than $1400 and they would not budge. So, as I acquired other cards I closed all eight Cap1 accounts. Today, I might have been able to move into their more upscale cards with good CLs. But, no need now.

If by some fate they Cap1/Discover were able to really offer a global DIners/Discover Network and maybe even offered upscale Diners Club Cards (much like the Platinum American Express Card) I could consider pursuing such a catch? Oh yeah, my credit scores are way better now than back in 2008.

Re: Capital One's $35 billion deal for Discover clears US DOJ hurdle, NYT reports Reuters April 3, 2

Memyself — Wed, 30 Apr 2025 11:49:18 GMT

BMO OH NO! I put my card into their atm ate my debit card. Went into bank asking what to do They responded as follows: "oh that's not ours we just rent the space to them" "Sorry nothing we can do"

Re: Capital One's $35 billion deal for Discover clears US DOJ hurdle, NYT reports Reuters April 3, 2

Memyself — Wed, 30 Apr 2025 11:50:51 GMT

Agree with you I don't like capitol one and I love discover. Time for BALANCE TRANSFER

Re: Capital One's $35 billion deal for Discover clears US DOJ hurdle, NYT reports Reuters April 3, 2

Memyself — Wed, 30 Apr 2025 11:52:22 GMT

Yes I heard about that and MELANIA said B OF A DEBANKED HER.

Re: Capital One's $35 billion deal for Discover clears US DOJ hurdle, NYT reports Reuters April 3, 2

Memyself — Thu, 01 May 2025 18:47:59 GMT

Forgot to mention I looked up the law about a bank misrepresenting who is providing the atm services when the bank name says BMO but it is not BMO THAT is running the business. It is TOTALLY LEGAL FOR THEM TO MISREPRESENT WHO YOU ARE DELING WITH. HARD TO BELIEVE BUT TRUE