America is on the cusp of a new biggest credit card company. Here’s what it could mean for you
CNN
What’s in your wallet? Capital One is making a $35 billion bet that the answer will soon be: more of its credit cards.
What’s in your wallet? Capital One is making a $35 billion bet that the answer will soon be: more of its credit cards. The bank announced Monday evening it is acquiring Discover Financial Services (DFS) in a $35.3 billion all-stock deal. If approved by regulators and shareholders, Capital One’s (COF) acquisition will create the biggest US credit card company by loan volume. So what does that mean for you? For now, not a lot. Given that the deal isn’t expected to be finalized until late 2024 or early 2025, Discover and Capital One customers shouldn’t anticipate any immediate changes. And antitrust regulators could push that deadline even further out: The Biden administration has established a strong anti-merger stance by attempting to block consolidation of corporate giants, from tech companies to airlines. But, down the road, there could be significant transformations.
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