Capital One Set to Acquire Discover Bank

February 20, 2024

It’s hard to know which way it would go, but there will certainly be a lot of attention paid to this deal because of the money and magnitude of the companies involved.

Matt Schulz, chief credit analyst at LendingTree, regarding Capitol One’s announcement that they plan to acquire Discover.

What To Know: In a $35.3 billion deal, Capital One Financial plans to acquire Discover Financial Services in late 2024 or early 2025, combining two of the U.S.’ largest credit card companies. It would form the biggest credit card lender in the country, thus making the pool of players smaller. The merger news comes as Americans have a record credit card balance of $1.13 trillion in the final quarter of 2023.

According to First Citizens Bank, “In most cases, bank mergers don’t end up having much impact on customer’s day-to-day banking,” and states, “Just because your bank has merged with another doesn’t mean you have to look for a new bank. In most cases, there will be plenty of consistency between the bank you’re used to and the new one.”

Read More:

Capital One to acquire Discover Financial Services in $35.3 billion all-stock deal (CNBC)

Read about the deal

by Sarah Pinkerton, based in Paris