Capital One's $35 Billion Discover Acquisition Is Set to Close on Sunday. Here's What That Means for You

CNET/Getty Images Capital One's deal to acquire Discover closes Sunday, May 18. The acquisition was cleared by federal regulators last month, so the two credit card giants are slated to merge. "The combination of our two great companies will increase competition in payment networks [and] offer a wider range of products to our customers," Michael Shepherd, interim CEO and president of Discover, said in an April press release. In February 2024, Capital One announced its plans to purchase Discover for $35.3 billion. Some experts have argued that the merger isn't good news for consumers, since Capital One is the third-largest credit card company, and Discover is one of only four credit card networks. That could mean less competition among credit card companies, leading to higher prices and fees. On the other hand, the deal could give Discover the additional backing it needs to compete with Visa and Mastercard, which some policymakers say have a duopoly on the credit card network market ... Read full article.