What’s in your wallet? Capital One is making a $35 billion bet that the answer will soon be: more of its credit cards.
The bank announced Monday evening it is acquiring Discover Financial Services (DFS) in a $35.3 billion all-stock deal. If approved by regulators and shareholders, Capital One’s (COF) acquisition will create the biggest US credit card company by loan volume.
So what does that mean for you?
For now, not a lot. Given that the deal isn’t expected to be finalized until late 2024 or early 2025, Discover and Capital One customers shouldn’t anticipate any immediate changes.
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