Good for consumers.
Good for small businesses.
Good for communities.
This opportunity brings together two mission-driven companies with proven track records of delivering best-in-class products and experiences for consumers.
Capital One and Discover have a shared heritage of challenging the status quo and helping customers succeed. Since its founding, Capital One has been guided by a belief that no consumers should be prevented from accessing credit nor be locked out of the financial system. And today, we remain committed to serving American consumers across the credit spectrum.
Capital One was the first national bank to eliminate overdraft fees and provide the service for free. Discover has been a pioneer of cash back rewards with a legacy of award-winning customer service and exceptional customer advocacy. Together, these two companies are excited to drive innovation, increase competition in banking and payments, and serve customers with ingenuity and humanity.
Watch Capital One's founder share our vision for the combined company
Our historic community benefits plan, which was developed as part of our proposed acquisition of Discover Financial Services, totals more than $265 billion in lending, investing and philanthropy over five years. This plan is more than twice as large as any other community commitment developed in connection with a bank acquisition.
We have a deep history of making a positive impact in the community
“For years now, I’ve worked directly with Capital One to promote the credit builder loans and secured credit cards. These loans give the unbanked and underbanked an opportunity to establish credit for the first time or re-establish credit. Capital One also demonstrates their commitment by funding programs that assist LMI customers who would otherwise never walk into a financial institution.”
“Capital One has been instrumental in our success. In 2018 Capital One donated a former school building to the project, and this has been renovated for use by The Teen Warehouse. The Teen Warehouse opened in 2020, and would not be serving the number of youth it serves today without this contribution. In our experience Capital One has been a strong community partner, helping to make Wilmington and Delaware a better place to live.”
“Your support of our efforts to educate potential home buyers and provide pre- and post-purchase counseling has resulted in the creation of 3,386 homebuyers and 4,440 mortgage-ready families. Because Tejano Center serves a predominantly Hispanic, heavily first-generation demographic, these outcomes mean families are establishing themselves and their children, creating wealth, and building stability.”
“Their involvement with HGW goes beyond providing funding for our STEAM programming and Reach for the Stars Gala as they established the Capital One Coders program in 2018. Through this partnership, Capital One provided Horizons middle school students with a web design module once a week for four consecutive weeks during the summer program. Over the course of the module, students worked with Capital One associates to develop their own website while learning the basics of HTML, CSS, and JavaScript.”
“Since 2007, Capital One Bank has been a steadfast supporter of The Women's Resource, investing over $850,000 to help us grow and make a meaningful impact in the community. Their support goes beyond financial contributions; they have provided leadership and guidance to ensure the growth and sustainability of our programs through board and committee memberships.”
“I was delighted to hear about Capital One’s record of community investments and how that aligns with that of Discover. Capital One remains committed to Discover’s vision for bringing quality jobs to Chicago’s South Side and supporting organizations like ours whose work is critical to improving the fabric of our local communities.”
Focusing on our customers
Making a positive difference
Bringing more competition into the payments industry
Your questions, answered.
Capital One intends to continue to offer Discover credit card products as Discover-branded cards alongside the other consumer cards currently offered by Capital One. We intend to preserve the Discover brand, with the Discover issuer brand joining the Capital One brand family.
Credit, banking and small business customers can continue to expect award-winning customer experiences along with new products, features and capabilities, enhanced fraud protection, and a reduction in unnecessary transaction declines over time.
We don’t anticipate any changes to Capital One’s existing branches or Cafes, or to Discover’s single bank branch in Greenwood, Delaware, as a result of this acquisition.
The acquisition is subject to regulatory and shareholder approvals and is expected to close in late 2024 or early 2025.
The credit card market will remain intensely competitive after the transaction. While the combined Capital One-Discover will be a leading credit card issuer, the company will continue to face many significant competitors.
Capital One is currently the third largest credit card issuer in terms of credit card purchase volume, and we will remain in third place behind Chase and American Express after the deal.
Purchase volume is a meaningful indicator of size as it represents the value of transactions made on Capital One’s credit cards.
No. There are currently four U.S.-based payment networks, of which Discover is the smallest, accounting for less than 4% of total credit card purchase volume, with Visa, Mastercard and American Express accounting for the remaining 96%.
This acquisition will add scale and investment to the Discover network, strengthening the Discover network and making it a more credible alternative to Visa, Mastercard and American Express to the benefit of consumers and merchants.
Positioned to deliver for consumers, small businesses, and merchants
Delaware Online
WSJ
Sharing in similar histories,
values, and missions.
Both companies were created with a drive to take on the centuries-old financial industry and have grown by challenging conventional thinking while keeping their mission to help customers build a better financial future at the core of their business.
Investor Relations:
Danielle Dietz: [email protected]
Jeff Norris: [email protected]
Media Relations:
Sie Soheili: [email protected]
Carlisle Campbell: [email protected]
Investor Relations:
Erin Stieber: [email protected]
Media Relations:
Matthew Towson: [email protected]
Additional information about the acquisition
PDF 237 KB
Read the overviewMore information can be found in Capital One’s application to acquire Discover, which is available on the Federal Reserve website.