Capital One is Buying Discover Financial?

[Horseshoez]

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@Thorin809 wrote:

Hopefully this doesn't tank their customer service.  I'm relatively low maintenance.  I just need good rates on my HYSA/money market and my money market checks to be on time.

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Not much of a difference between the Discover HYSA and the CapOne HYSA; this is from the Discover web site:

That said, I'm not sure what the difference in how interest is compounded/paid would impact the accounts.

[Hansolojr]

"The bank [Capital One] plans to switch at least some of its cards to the Discover network, while continuing to use Visa and Mastercard on others. Those larger networks have more merchant acceptance abroad than Discover does.
Capital One also plans to maintain the Discover brand on the cards and network -- assuming regulators sign off and the deal is consummated."

[swankytiger]

in the current regulatory enviroment, I dont see how this gets approved.  This is much more of a consolodation than Spirit/Jetblue.

Also even domestically, Discover has worse acceptance than AMEX, and even worse acceptance abroad.

[Scottisthename]

Wall Street Journal breaking Cap One to buy Discover in all stock deal to be announced as soon as Tuesday 

https://www.wsj.com/finance/capital-one-is-buying-discover-financial-sources-say-a7c43dd2?st=8pntmz1...

I think this news will remove them from the Apple Card hunt for sure that looks more and more like Sychronny to me. CapOne Discover cards in 2024 if regulators approve didn't see that coming.

[Jeffster1]

Good grief. Ughh...

[AndySoCal]

Thank you for the information.   I thought that after closing my Walmart /Capital One card  I would be Capital One free. Now this happens. I was in the process of leaving Discover banking wise the potential annoucement will accelerate that process. I do not like Captial One  their customer service is below par. If you search the internet with the key words Capital One fined.   In the results the reason for the fine is valid how bank can put themselves in a position where they would be fined for that I do not understand. I will be transferring most of the proceeds from Discover to a credit union.

[Hansolojr]

Will have an easier time to get approved than domestic airline mergers - creates a stronger competitor to MC/V, both of whom have been regulatory targets for a while now.

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@swankytiger wrote:

in the current regulatory enviroment, I dont see how this gets approved.  This is much more of a consolodation than Spirit/Jetblue.

Also even domestically, Discover has worse acceptance than AMEX, and even worse acceptance abroad.

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[UncleB]

[Shmike]

I have to get my decent credit limits ASAP

https://www.reuters.com/markets/deals/capital-one-considers-acquisition-discover-financial-bloomberg...

[DXness]

If the deal gets approved, I hope Capital One keeps its better cards off the Discover network...when I had the IT, that card was extremely decline-happy, especially at gas stations, main street stores, and train stations.  I also used a Discover debit card during the 7 year CO penalty period when I ruined my credit and that was equally decline-happy.  What's the point of a card if you can't use it?

On the flip side, my Savor One on the MC network has never declined a purchase.  Despite being outclassed by higher earning cards now, it's what I pull first when I travel somewhere and it would suck to lose that solidness.

There is a potentially-overlooked positive to the deal - assuming Capital One sells Discover accounts as securities the way it does for its own offerings, you could get back in with Discover significantly faster.  They're one of the accounts I lost and they still won't take me back, when even the likes of Citi have taken me back.