Capital One Begins Migrating Discover Accounts — Here's What Discover Cardholders Need to Do Now

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One of the biggest financial developments of the decade has been Capital One’s acquisition of Discover. The $35.3 billion all-stock deal is on track to significantly reshape the credit card and digital banking industry.

The regulatory process unfolded over the past few years, with the merger officially approved on May 18, 2025. But finally, this week, the Discover cardholders are seeing their accounts moved over to the Capital One website.

Here's exactly what to expect and what it means for your rewards, payments, cash back, and more.

Timeline of Capital One’s Merger With Discover

Capital One and Discover first announced plans to merge in early 2024, with Capital One set to acquire Discover in an all-stock deal valued at $35.3 billion. Over the following months, the merger progressed through the regulatory process, clearing key milestones, including approval from the Delaware State Bank Commissioner in December 2024.

It also passed broader governmental scrutiny when the U.S. Department of Justice declined to challenge the deal in April 2025. On May 18, 2025, the merger was officially approved, and Discover Bank is now part of Capital One. A little over a year later, on July 27, 2026, Discover accounts began migrating to Capital One, though this process will last through 2027.

In the wake of the merger, the banks have begun addressing some of the big questions consumers have about Discover cards, banking services, and more. This Capital One page covers many of the most common topics, and we’ll review some of the most important card-related takeaways below. You can also find a full list of FAQs on a dedicated page.

The most important thing to know is that Capital One began migrating Discover accounts to Capital One on July 27, 2026. However, Capital One has made it clear that migrations will happen in waves, so you'll need to look out for an email or letter in the mail with individual account information.

Credit: Nathan Dumlao/Unsplash

How to Set Up Your Discover Account in Capital One

Now that the migration is officially underway, let's take a look at the process for setting up your Discover account in Capital One.

When you log in to the Discover website, you'll be presented with a pop-up informing you that you're now being moved over to the Capital One website. If you already have cards with Capital One, or a Capital One login, you'll see your username populate here:

Screenshot of Discover

Next, you'll be asked to confirm that all of your contact information (phone numbers and email address) is correct.

If you already activated your 5% bonus on the Discover card, you'll get a confirmation, along with the amount of your rewards balance. Your quarterly bonus category will stay the same.

Screenshot of Capital One

Once you log in, you should see your Discover card listed alongside any Capital One accounts. In my case, my checking account appears along with the two Capital One cards that I have. You'll also notice that it lists the amount of rewards points you have next to the cash rewards that you have. This is a pretty clear indication that you won't be able to convert your Discover cash back to Capital One miles.

Screenshot of Capital One

Once you log in to your rewards account, you'll see many redemption options available to you. The gift cards option is still there, which is the one I used almost exclusively when I redeemed my cash back with Discover.

Screenshot of Capital One

One of the best features of redeeming for gift cards was the ability to get a bonus or discount. Luckily, these are still there. You can get anywhere from 5% to 20% off gift cards redeemed through the portal.

Screenshot of Capital One

Once your card is officially set up in Capital One, you will manage it exclusively in the Capital One app or on the Capital One website. If you have any issues, you'll contact Capital One, not Discover.

What We Know about Capital One’s Merger With Discover

Here's a high-level overview of the plans for Capital One's merger with Discover:

• The Discover brand will live on. The Discover name, card design, and customer service experience are not going away.
• You may need to set up an account on Capital One. When your account is ready, Capital One will notify you with instructions on how to set up a Capital One online account. You will no longer be able to view or manage your account on Discover.com or in the Discover app. Note that if you have multiple accounts, they might be ready to manage through Capital One at different times. If you already have a Capital One account, the transition will be seamless and smooth.
• You can keep your current card. You won't get a new card from Capital One (unless you were already due for a new card because it was set to expire). The exception: Discover it Business cardmembers will receive new cards.
• Your account terms are largely the same. You should receive new account terms in the mail that will outline your APR, but most members will have no change to their ongoing APR. Your due date should also remain the same, but you'll be notified if there is a change due to technical issues.
• Your rewards will stay the same. Capital One will continue to offer rotating 5% cash back categories and the Discover it Cash Back Match. However, you'll also be able to earn 5% cash back or 5X miles on hotels, rental cars, vacation rentals, and activities through Capital One Travel.
• Access new redemption options. Your redemption methods will largely stay the same. However, miles-earning Discover cards will be able to apply rewards to gift card purchases, and cash rewards-earning cards will be able to use rewards to offset eligible purchases. Gift cards have a new minimum redemption amount of $25.
• You will receive new benefits through Capital One. Discover cardholders will have access to Capital One Travel, Capital One Entertainment, and Capital One Offers. You'll also be able to access a virtual card number through Capital One, and authorized users will get additional access to track their spending. You'll earn up to 15% cash back through Capital One Offers, and up to 5% cash back on Capital One Travel and Capital One Entertainment purchases.
• Balance transfers between the two are no longer allowed. Balance transfers from Discover to Capital One (and vice versa) are no longer allowed.
• You can still apply for new Discover cards. Discover hasn't closed applications for any of its cards in the wake of the merger.
• Security and privacy protections remain in place. Discover continues to offer $0 fraud liability, credit score access, and identity alerts.
• Account preferences should transition over. If you've enrolled in paperless billing, scheduled payments, or you've already enrolled in your 5% bonus category, these should automatically transition to Capital One without the need to re-enroll.

Related: Best 0% APR Intro Balance Transfer Offers With No Annual Fee

What We Still Don't Know

Now that the merger is official and many of our initial questions have been answered, there is still plenty we don't know, especially regarding Capital One’s long-term plans for the Discover brand. We know that accounts are being moved over to Capital One, but we don't know whether Capital One will eventually rebrand products or make broader changes to how Discover operates. Things could change in the future, or they might not really change at all.

We also still don't know if you will be able to product change from a Discover card to a Capital One card that earns the same type of rewards. Plus, one of the biggest open questions is whether Discover cards will remain on the Discover payment network or move to Mastercard or Visa. We don't think this will happen, especially considering some Capital One card accounts now operate on the Discover network, but we'll have to wait and see how things develop.

Related: Capital One Credit Cards: Best-Ever Offers and When You Should Apply

Final Thoughts

The Capital One–Discover merger is one of the most significant financial developments in recent memory. It has the potential to reshape not just the credit card industry but also the payment network landscape in the U.S.

However, we now know that Discover accounts have begun to migrate to Capital One as of July 27, 2026. This migration is happening in phases, as some members of the AwardWallet team have still yet to transition while others are already set up in Capital One.

Keep an eye out for additional information from Capital One as the merger progresses, but we will be sure to keep you updated on how it unfolds.