Capital One and Discover are officially one company after Capital One’s $35 billion acquisition of Discover closed May 18. The deal was initiated in February 2024, when Capital One announced its plans to acquire Discover.

Despite the deal closing last week, don’t expect any changes to hit your cards right away. Capital One said while it plans to strengthen the Discover network, Capital One cards will continue to use Visa and Mastercard. However, that may change down the line.

Experts are split on whether this merger will benefit cardholders. Capital One is the third-largest credit card company, and Discover is one of only four credit card networks, along with American Express, Visa and Mastercard. Some experts worry this could lead to less competition among credit card companies, pushing up prices for people.

But the merger could also give Discover the financial backing it needs to really compete with Visa and Mastercard. Some policymakers suggest the two companies have a duopoly on the credit card network market. More competition could lead to lower swipe fees — fees charged to merchants to facilitate card payments — which could then be passed along to cardholders.

What’s next for Capital One credit cardholders?

In an FAQ Capital One shared with CNET, the company states it will continue to use the Visa and Mastercard networks while it puts money toward strengthening Discover’s payment network, which currently has a lower acceptance rate overseas than Visa and Mastercard. So, your Capital One credit cards may one day run on the Discover network, but it likely won’t happen anytime soon. If this happens, your card’s acceptance rates, perks and rewards may change.

In an April news release, Capital One said no changes will come immediately. If any changes do occur, your card issuer will alert you ahead of time so just watch for communications. 

Will Discover credit cardholders see changes?

Discover emailed existing cardholders earlier this week, letting them know that their cards are now a part of Capital One. 

The email said that customers could still log into their credit card account at Discover.com and that their rewards, accounts numbers and benefits would remain the same, for now. 

The only real change in the short-term is to the cardholder agreement. This contract has been updated to reflect an agreement between the account holder and Capital One, rather than Discover.

What does the future hold for Capital One and Discover credit cards?

In JD Power’s annual customer satisfaction study of card issuers, Discover and Capital One rank highly in customer service so customers shouldn’t expect any new hardships now that the deal has closed. It’s possible these two credit card brands may merge their cards and benefits or change existing perks but that’s all speculation.

There’s nothing that existing Capital One and Discover cardholders need to do right now. Your cards will continue to work as they have and any changes will be communicated to you before they take effect.