Home | Capital One & Discover

About the acquisition

Good for consumers.
Good for small businesses.
Good for communities.

This deal brings together two mission-driven companies with proven track records of delivering best-in-class products for consumers.

Whether it’s Capital One’s origins as the first card issuer to offer products to the credit invisible and eliminate overdraft fees, or Discover’s legacy as the pioneer of cash back rewards, we are excited to build on our uniquely innovative and pro-consumer backgrounds to drive innovation and competition in the payments space.

Community benefits

Announcing our
community benefits plan

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.

Details about our plan

Good for consumers and small businesses

Focusing on our customers

Accelerating access to new products, features and capabilities that drive additional value
Providing ways to lower fraud, increase acceptance, and innovate through technology
Continuing to elevate the customer experience and - given the direct merchant relationships - reduce friction that leads to a poor customer experience

Committed to communities

Making a positive difference

Bringing together two companies with superior track records of investing in the communities in which we live and operate
Supporting growth in underserved communities and advancing socioeconomic mobility by closing gaps in equity and opportunity, including affordable housing, digital access, financial well-being, and workforce development
Building on Capital One’s long-standing track record of "Outstanding" Community Reinvestment Act performance since 2007, and a consistent top provider of community development lending among all banks since 2015

Uniquely pro-competition

Leveling the field

Challenging network competition on Wall Street through Virginia and Illinois challenger banks
Strengthening the Discover network, which today accounts for 4% of purchases, with Visa, Mastercard and American Express accounting for the remaining 96%
Raising the bar as to what information and services the network provides merchants and consumers

Frequently asked questions

Your questions, answered.

At this time, we don’t expect any changes for customers with Capital One or Discover card products as a result of this acquisition. While we are still evaluating exactly how the two banking portfolios will work together, at this time we do not expect meaningful changes. Through this combination, credit, banking and small business customers can continue to expect award winning customer experiences along with new products, features and capabilities, and enhanced fraud protection 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 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, representing 4% of purchases, 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.

In the news

Positioned to deliver for consumers, small businesses, and merchants

WSJ

Capital One is buying Discover Financial for $35 Billion

Read the article

CNBC

Former SEC Chairman Jay Clayton: The inability of banks to consolidate has been a negative

Watch the video

Bloomberg

How Capital One’s $35 Billion Discover Merger Could Affect Consumers

PDF 3 MB Read the article

Our story

We're combining our similar
history, values, and mission

Capital One and Discover 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.