Capital One to acquire Discover®

Good for consumers.
Good for small businesses.
Good for communities.

This opportunity brings together two mission-driven companies with proven track records of delivering best-in-class products and experiences for consumers.

Capital One and Discover have a shared heritage of challenging the status quo and helping customers succeed. Since its founding, Capital One has been guided by a belief that no consumers should be prevented from accessing credit nor be locked out of the financial system. And today, we remain committed to serving American consumers across the credit spectrum.

Capital One was the first national bank to eliminate overdraft fees and provide the service for free. Discover has been a pioneer of cash back rewards with a legacy of award-winning customer service and exceptional customer advocacy. Together, these two companies are excited to drive innovation, increase competition in banking and payments, and serve customers with ingenuity and humanity.

Watch Capital One's founder share our vision for the combined company

Rich Fairbank, Capital One’s Founder & CEO, shares how the combination of Capital One and Discover will provide significant benefits for the two companies and their customers. Joining forces will enable greater competition with the largest U.S. banks and global payments networks. Together, Capital One and Discover can deliver exceptional banking products and experiences for customers while increasing the value of the network for merchants and consumers.

Announcing our
community benefits plan

Our historic community benefits plan, which was developed as part of our proposed acquisition of Discover Financial Services, totals more than $265 billion in lending, investing and philanthropy over five years. This plan is more than twice as large as any other community commitment developed in connection with a bank acquisition.

Details about our plan
Photograph illustrating a small business owner sitting in a workshop, handling his finances with a Capital One Quicksilver card.

Here for consumers and small businesses

Focusing on our customers
  • Offering widespread access to low-fee credit cards, no-fee bank accounts and new products with industry-leading rewards and features for consumers
  • Providing ways to lower fraud and innovate through the Discover network
  • Scaling seamless, consumer-friendly digital and in-person experiences across a national network of branches and cafés
A young man and woman giving a talk at a Capital One Cafe

Committed to communities

Making a positive difference
  • Bringing benefits to the customers, communities and employees of both companies
  • Increasing overall lending, investment and other services to underserved communities, including those in low- and moderate-income (LMI) neighborhoods, rural areas, and communities of color
  • Building on Capital One’s long-standing track record of "Outstanding" Community Reinvestment Act performance since 2007, and as a consistent top provider of community development lending among all banks since 2015, with $4.75 billion in national community development loans in 2023 alone
About our Community Benefits Plan
A woman checking out at a store using her Discover card via Apple Pay

Uniquely pro-competition

Bringing more competition into the payments industry
  • Injecting more competition in the payments network space, which is dominated by Visa and Mastercard today
  • Strengthening the Discover network, which today accounts for less than 4% of total credit card purchase volume, with Visa, Mastercard and American Express accounting for the remaining 96%
  • Leveraging scale and industry leading capabilities to enhance the competitive position of the Discover network and pass additional efficiencies on to customers, small businesses and merchants in the form of improved products and services

Frequently asked questions

Your questions, answered.

I’m an existing customer, what will change for me?

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Will this result in branch closures?

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How long will this process take?

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Does this deal make Capital One the largest credit card company?

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Does this deal create another payments giant?

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Sharing in similar histories,
values, and missions.

Both companies were created with a drive to take on the centuries-old financial industry and have grown by challenging conventional thinking while keeping their mission to help customers build a better financial future at the core of their business.

Capital One

Investor Relations:
Danielle Dietz: danielle.dietz@capitalone.com
Jeff Norris: jeff.norris@capitalone.com

Media Relations:
Sie Soheili: sie.soheili@capitalone.com
Carlisle Campbell: carlisle.campbell@capitalone.com

Visit the Capital One newsroom

Discover

Investor Relations:
Erin Stieber: erinstieber@discover.com

Media Relations:
Matthew Towson: matthewtowson@discover.com

Visit the Discover newsroom

Resources

Additional information about the acquisition

Capital One and Discover Approve Capital One's Proposed Aquisition of Discover

Capital One Receives Approval of Delaware State Bank Commissioner for Acquisition of Discover Financial Services

Capital One and Discover Announce Special Meetings of Stockholders to Be Held on February 18, 2025

Community Benefits Plan Press Release

Community Benefits Plan Overview

Deal Announcement Press Release

Investor Presentation

Application

More information can be found in Capital One’s application to acquire Discover, which is available on the Federal Reserve website.