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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 will (more than likely) significantly reshape the credit card and digital banking industry.
The regulatory process unfolded a little over a year ago, and on May 18, 2025, the merger was officially approved. Discover Bank is now part of Capital One. Naturally, this raised plenty of questions about what comes next for credit cards, payment networks, and banking services.
Now, we are finally getting more details about how Capital One will migrate Discover accounts. Here's what we know so far — and the questions that still remain unanswered.
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 page, published by Capital One, 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 will begin migrating Discover accounts to Capital One on July 27, 2026. However, Capital One has made it clear that not all accounts will migrate on the same day, so you'll need to look out for an email or letter in the mail with individual account information.
Here's what else we know:
- The Discover brand will live on. The Discover name, card design, and customer service experience are not going away.
- You will 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.
- 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, but you'll now have access to gift card redemptions and the ability to use rewards to offset eligible purchases.
- 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.
- 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.
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 will be migrated to Capital One in the near future, 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 whether the cash back or miles you earn as a Discover cardholder can be converted to Capital One Miles if you are a cardholder of a miles-earning card. Or 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 will begin to migrate to Capital One on July 27. 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.
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Capital One also has a lot of store credit card offerings. I could see them trying to muscle prioritizing a Discover card preference on those stores by issuing those as Discover and giving applicants an option to pick either MasterCard or Discover as the payment network for some higher end cards like the X series
As a long time C1 customer both VX and banking, moving my banking to discover network was a non starter for me because of intl travel. Switched my debit and savings to another bank. Discover network is less supported than Amex overseas, getting money from an ATM or using my debit card for small travel purchases is now an obstacle.
If they do the same with VentureX, I’d have to close the account for the same reason.
Of course they will consolidate a lot of overhead and share much of the same management. Also, I wouldn’t be surprised if they eventually moved all of Discover to the Capital One platforms. Mergers have to make sense as being accretive from a financial standpoint. I’ve been involved in many acquisitions and mergers and the first thing you do is look for redundancy and associated cost savings.
My prediction: Capital One Venture X credit card will become the Capital One Discover X credit card. Same or similar features and benefits but will be put onto the Discover network.
This is sort of a “don’t hold your breath” moment. The current administration is very pro business and probably will allow the merger to continue. But actual merger will not be something great for consumers. I can see the Discover payments network being closed unless C1 finds an easy way to use it for all their cards. Which would not be easy because all C1 cards would have to be reissued with new account numbers, which is hard on cardholders. Not even considering the costs. If this happens it will be at least another year before it affects consumers.
Agreed. That’s why we were particularly interested that this report came out when it did. We figured the current DOJ wouldn’t stand in the way of this merger.
No chance that Capital One might see acquiring their own payment network in the Discover merger as possibly providing a competitive advantage over other cards using the Visa / MC networks? Not to mention the added competition would politically defuse any perceived need for the “Credit Card Competition Act”?
Another question involves a third rewards (transferrable travel rewards points) credit card brand – owned by Discover – Diners Club International, whose USA domestic card business was sold to BMO at the time Discover bought the global business from Citibank. Will Capital One be trying to work something out with BMO to bring Diners Club USA back together with Diners Club International and re-open applications to USA residents? Reminds me of when Hilton and Hilton International were sold into 2 different companies – and years later came back together..