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  • “Luminous Brilliance: The Artistry of Zibo Liuli” Opens This October at POLY MGM MUSEUM in Macau

  • Gov’t rolls out 10-week spending drive with three stackable voucher types

  • Uber’s numbers climb, but users see little change

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  • DSEDJ will implement AI-based education across all school stages

  • Property firm busted for selling foreign worker quotas in RMB1 million scheme

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Home›Business›Capital One to buy Discover for $35 billion in deal combining major US credit card companies
The Buzz

Capital One to buy Discover for $35 billion in deal combining major US credit card companies

By -
Wednesday, February 21, 2024
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Capital One Financial said it will buy Discover Financial Services for $35 billion, in a deal that would bring together two of the nation’s credit card companies as well as potentially shake up the payments industry, which is largely dominated by Visa and Mastercard.

Under the terms of the all-stock transaction, Discover Financial shareholders will receive Capital One shares valued at nearly $140. That’s a significant premium to the $110.49 that Discover shares closed at Friday.

The deal marries two of the largest credit card companies that aren’t banks first, like JPMorgan Chase and Citigroup, with the notable exception of American Express.

It also brings together two companies whose customers are largely similar: often Americans who are looking for cash back or modest travel rewards, compared to the premium credit cards dominated by AmEx, Citi and Chase.

“This marketplace that’s dominated by the big players is going to shrink a little bit more now,” said Matt Schulz, chief credit card analyst at LendingTree.

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    Friday, September 18, 2026 – edition no. 5039

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