Is Capital One acquiring Discover?

How much will capital one pay for discover, why is capital one acquiring discover.

  • How does the deal impact customers?

Capital One plans to acquire Discover — here's what that could mean for credit card and banking customers

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  • Capital One plans to acquire Discover in an all-stock deal valued at $35.3 billion, pending approval.
  • The deal would integrate the issuers' payment networks, but banking accounts could remain the same.
  • The deal isn't expected to close until late 2024 or early 2025.

Insider Today

On Monday, Capital One Financial announced its plans to buy Discover Financial Services . The online financial institution has entered an agreement to acquire Discover in an all-stock deal valued at $35.3 billion. 

Here's what you need to know about the deal and what it could mean for current Capital One and Discover customers.

The two companies have entered an agreement for Capital One to acquire Discover . The deal still needs to be approved by banking regulators as well as shareholders of each institution.

If it is all approved, the deal could close in late 2024 or early 2025. 

If the deal goes through, Capital One will buy Discover in an all-stock transaction valued at $35.3 billion. According to a press release , Discover shareholders will get 1.0192 Capital One shares for each Discover share. 

One of the primary reasons for the acquisition is to build a competitive global payments network.

Capital One credit cards are part of the Visa and Mastercard credit card networks. Meanwhile, Discover has its own network.

"What it means is that Capital One — if it does buy Discover — is going to be able to integrate not just in the network of merchants that can accept Discover cards, but also play with things like interchange fees and bonuses and rewards," says Simon Blanchard, associate professor at Georgetown University's McDonough School of Business ."One way to think about this is that it's making Capital One plus Discover look a lot more like Amex than it used to."

The acquisition would also allow the two companies to combine their credit card businesses and scale banking services.

The two financial institutions notably share similar features when it comes to their bank accounts. Capital One and Discover as some of the best online banks because of features like high savings account rates, zero monthly service fees, and zero overdraft fees.

How would a Capital One/Discover merger impact customers?

The deal isn't expected to close until late 2024 or early 2025, so there likely won't be any immediate changes for customers.

The Wall Street Journal reports that Capital One is planning to switch some of its credit cards to the Discover network. Capital One may also keep the Discover brand on the cards and network, according to the Journal. 

Currently, it is uncertain whether Capital One or Discover bank accounts will have any changes.

"I don't expect the competitive deposit rates to change. I think that's part of their brand, to offer high-yield online savings . I think that's going to stay the same," says Alvin Carlos, CFA, CFP, and managing partner of District Capital Management . 

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