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America is on the cusp of a new biggest credit card company. Here's what it could mean for you

·1 min

What’s in your wallet? Capital One is acquiring Discover Financial Services in a $35.3 billion all-stock deal, aiming to create the biggest US credit card company by loan volume. While the deal isn’t expected to be finalized until late 2024 or early 2025, customers of both companies should not anticipate immediate changes. However, Capital One plans to switch all its debit cards from Mastercard to the Discover network in the coming years. This would allow Capital One customers to use their Discover cards in more places, earn more rewards, and potentially result in lower processing fees for merchants.