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One of the biggest financial developments of the past year has been Capital One’s bid to acquire Discover. The $35.3 billion all-stock deal will (more than likely) significantly reshape the credit card and digital banking industry.
The regulatory process unfolded over the past few months, and on May 18, 2025, the merger was officially approved. Discover Bank is now part of Capital One.
Naturally, this raises plenty of questions about what comes next for credit cards, payment networks, and banking services. And the combined company has started to share some details. Here's what we know so far and what we don't.
Here’s What We Know about 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.

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 FAQ page published by Discover covers many of the most common topics, and we’ll review some of the most important card-related takeaways below:
- The Discover brand will live on. The Discover name, card design, and customer service experience are not going away.
- Your Discover account still works as usual. You can continue using your card, manage your account online or through the app, earn rewards, and enjoy the same benefits as before.
- Capital One benefits do not apply to your Discover account. At least for now, you do not get any Capital One benefits with your Discover account.
- You can still apply for new Discover cards. Discover hasn't closed applications for any of its cards in the wake of the merger.
- Balance transfers between the two are no longer allowed. Balance transfers from Discover to Capital One (and vice versa) are no longer allowed.
- Security and privacy protections remain in place. Discover continues to offer $0 fraud liability, credit score access, and identity alerts.
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 when it comes to Capital One’s long-term plans for the Discover brand.
While Discover credit cards and bank accounts will continue to function as usual, Capital One has not yet shared whether it will eventually rebrand products, migrate accounts, or make broader changes to how Discover operates. Things could change in the future, or they might not really change at all.
Plus, one of the biggest open questions is whether Discover cards will remain on the Discover payment network or move to Mastercard or Visa. There is also uncertainty about whether Capital One will retain Discover’s separate banking and servicing infrastructure or fully integrate it into its own systems. For now, customers can continue using their Discover products as they did before the merger, but this may change in the future. 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. And as the combination really gets underway, we'll be sure to keep you updated on how it unfolds.
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