My initial take: I’m optimistic this means I’ll only get spammed for credit cards half as much.
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I don’t see this happening under a Biden administration.
I could see this being expedited under a Trump administration if the resulting bank somehow avoided being subject to New York state financial regulations.
On the other hand, maybe I’ll get less good credit card offers to churn for points…
My impression is that capital one is mostly consumer banking
Whereas discover is mostly consumer lending/credit card
I actually have zero idea, this is just what TV commercials have lead me to believe
Anyways I think it should pass
I used to have a brokerage account with capital one, which got sold to E*Trade, which got sold to Morgan Stanley. I smashed the transfer button on that account when Robinhood offered me 1% on transferred account balances
Found this online, reporting on credit card purchase volume by card issuer:
The source underlying that chart appears to have just published an updated set of rankings, but I’m not willing to pay to subscribe to see them.
As I understand it, the real value behind acquiring Discover is that it has its own payments network, opening the door to a bunch of transaction fee in come to whomever owns it. It’s obviously not as big as the MC/Visa behemoth, but…
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I heard those two places had completely opposite work cultures. I wonder how they’ll work together.
I guess with Capital One being the more ruthless of the two, they will probably push out all the nice people.
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Oh sure, go ahead, make this all about you and your selfish wants.
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That was a huge problem with HSBC and HFC. Wonder if Capital One will end up having buyer’s remorse like HSBC did after its 2003 acquisition?