Capital One completes $35 billion purchase of Discover

Capital One finalized its $35.3 billion purchase of Discover on Sunday, completing a credit card mega-merger announced more than a year ago.

Nothing will immediately change for Discover customers, according to a press release issued Sunday by Capital One.

In fact, people with Capital One credit cards will likely see the earliest impacts. Previously, Capital One has partnered with Visa and Mastercard, which are almost universally accepted.

However, those cards are expected to switch to Discover. Though Discover has expanded its reach, particularly in the U.S., it is still not accepted in all the places that take Visa and Mastercard.

“At this time, Capital One and Discover customer accounts and banking relationships remain unchanged,” Capital One said in a press release. “Customers will be provided with comprehensive information in advance of any forthcoming changes.”

Capital One and Discover announced the deal in February 2024, with Capital One purchasing all outstanding shares of Discover stock for a slight premium.

According to Capital One, the deal was approved by federal regulators in April 2025. It’s possible the purchase would have faced greater scrutiny under former President Joe Biden’s administration, which fought several mega-mergers in different industries.

“Through the efforts of thousands of associates across Capital One and Discover, we are well-positioned to continue our quest to change banking for good for millions of customers,” Capital One founder and CEO Richard Fairbank said in a statement.