NEWS: Capital One BUYING Discover?! (Bloomberg says it might be happening THIS WEEK)
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- Опубліковано 18 лют 2024
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Beware if you work for Discover. I worked for HSBC when they bought us in 2012. Crapital One told us how great it was going to be. Then on the first day of our employment in May 2012, surprise you are all laid off.
I love Discover, all US based customer service. Unlike other banks use foreign call centers
I hope not. There's a drastic difference between the superb customer service at Discover and the constant complaints I hear about Capital One.
I got a discover it student card a few months ago. Had to talk to customer support and submit proof of school enrollment. They were really nice and helpful.
Discover is also a payment network. This would allow C1 to have Visa or MasterCard and Discover could be secondary if the new credit card competition act passes. This would save c1 money and a possible revenue stream of other banks use it.
good point
I don’t like banks merging.
I don’t like the sound of this. Capital One doesn’t have any 5% rotating category cards and that’s the reason I have a Discover card. I have a feeling that they’re going to change the Discover It card to something far less beneficial to me.
How will this effect the other Discover banking services? not just the credit cards.
Not liking this news at all. Discover has been great to me for years. I'm jumping ship if this happens.
same! My whole portfolio is with them, I’ll be devastated if Discover ceased to exist
I agree, I don't like Capital One.
Don't be illogical. Capital One rules Discover. Always had. With the acquisition, Discover card holders will get more benefits not less.
Capital ones cards are better than discover
Well… there goes discover’s onshore phone support
not a bad idea. I carry discover and capone small biz and visa...
Great content as always, thanks Adam!!!
Ha! I got two cards with Capital One and if they take over Discover I'll have 3. 😀 I figured that Discover was having some problems when they recently started selling a protection service to their cardholders. That I'm not buying bcuz protection is supposed to come with the card.
I love Discover!!
Hopefully, Capital One keeps the Discover name for the credit card identity.
I have two Discover cards and three Capital One cards, curious how this will affect all that. I’m near my end journey with both so as long as my accounts remain intact I’ll be happy.
Discover has the best customer service. I don't think is good for the consumer.
Ugh...well just another case of good customer service going in the toilet! Discover being the highest rated in great customer service turning into Capital One which is one of the worst customer service credit companies. I sure hope this does NOT happen! 😠
A sub-prime monopoly!
So! This means that soon, Discover customer service will be overseas - SMH. Wonder if this means Capital One/Discover will compete with Chase or Amex? Any thoughts?
This messes a lot with my future plans. I’ve been meaning to take advantage of discover’s 0% APR promotions in the future
Oh No.
Oooh I wonder if this will allow us to product change the Discover It card to a Capital One card 🤔
WSJ has an article out that says a deal is happening. I may need to look at adding a card from another lender if it goes through for diversification so 80% of my cards aren't with one lender.
Will my card look different say capital one with a discover logo
I love having them for banking/credit card and would hate to lose them.
Sounds like a Capital idea.
This will be a big shakeup. I hope they keep the Discover IT as is.
My husband works in IT dept in DISCOVER. He is on H1B Visa. We are very very scared
Discover is one of those account I wish they changed and upgrade there products
its already confirmed C1 is acquiring discover
I won’t close my discover card just for the fact of age. But I’m moving my savings out and probably won’t use the card much.
Cap1 has a great savings account. No fees and 4.35% interest.
Wow!
I don’t think there changing much
The discover cards will just have
Capital one in the corner of them
And capital one might eventually
Get rid of the platinum card and
New customers can start out with
The discover it card with higher limits and more perks soon and
People with capital one business cards can switch to a discover
Business card so it won’t be
Reporting to there personal credit
I love Discover and I hate Capital One !
I'm with you, I even open a bank account with Capital One and hoping to get a better relationship and they still keep denying credit. I have a 760 with less then 10% utilization.
Capitol one is a good credit card company,. I been dealing with them for years.
I hope this takes Capital One out of the hunt for Apple Card.
Discover is also it's own payment channel, the other 3 being American Express, MasterCard and Visa.
Capital One would have their hands full.
Aww man, Im so disappointed to hear this 😩
I got my Discover back in 1999 while in college. It's my oldest card, but I'm going to close it if I get switched to Capital One. 😢
Same for me. Discover in 1997. Cap1 is a horrible company
@@MiamiDreamsI have had a Capital One account since they bought ING Direct’s US operations in 2011. Between my banking and credit cards I may have contacted their customer service about five times. How often do people call customer service?
@@mikecumbo7531 I’m speaking of their general service to customers. Cap1 is for college kids and people with bad credit. Their organization is horrible.
@@MiamiDreams The Venture X is for people in college or bad credit? The Savor One? Wtf are you talking about? That's what most people consider Discover cards to be. You're backwards.
I wish it would still exist as a different entity but under Capitol One as the parent company. This way would allow those who already love and enjoy our time with discover can still have that, though it's easier said than done. The legacy of Discover has been overall decent, and it saddens me that the name and recognition will just become another capital one card, devoid of identity. I think it would be nice to seem them both change and become "Discover One" or even "Discover Capital" if they're to become the same company. Just some way for Discover to live on would be nice... not to mention i dont know if i can stay with them after the merger if they kill off discover's lovely 24/7 US based support; doenst help that this is one of the last remains of what Sears was to the world... soon too will it join its Creator. 😔
I will definitely cancel my card if this happen!
NOOOOOOOOO so sad 😢
@3:45 now that was unexpected! Very funny nonetheless..
I do local credit cards
Capital One sucks. I'll Discover a new card.
If buying Disco's customer service department is the goal it would catapult CapOne's reputation. If CapOne can save money by buying their own payment network maybe rewards get better. Let's be real though, the best possible outcome is if CapOne gets enough new customers they might open a few more cafés
It's all about the cafes 🙂
So should I buy Discover Financial Services stock now??
too late, trading will be halted
I think you should try anyways. I just threw in just 1 stock into Discover. I'm just starting stocks so I'm working with mostly fractions through SoFi, and that was earlier today.
To late.
Do you anticipate this helping both companies or hurting them? I can see them losing customers due to Cap one’s terrible customer service. But I can also see this helping Discover getting more customers overall. Hopefully they keep Discover as a separate branch under the capital one umbrella and just utilize them as a way to expand card types.
My guess would be the Discover It gets added as a new Cap One card and the rest of Discover's cards go away, but the fact that Discover has the card processing side that competes with Visa and Mastercard means the Discover name could stick around. All just guesses, though.
Noooooo please
So is this my back-door into Capitol One Miles? Until further notice, I will keep all my Discover cash back in hope it might turn into Capitol One Miles One day 😅
Wonder how they will handle the product/account transition for all us Discover It cardholders if this goes through. Will probably end up with another Quicksilver card to throw in the sock drawer 😂
I read they plan to keep the Discover cards, and may transition more Capital One cards onto the Discover payment network.
Now having their own payment network cap one can pay less fees to MasterCard and visa and actually expand the range of discover .
Could this be the end of the Discover payment network?
Cap One cards might become Discover cards instead of Mastercards actually.
I would have to dump my discover immediately
THIS IS AWFUL! I LOVE DISCOVER❤ I do not like this at all😡
JPMorgan Chase tried to buy Discover but chose not to as Discover was not interested. Plus it would likely not be approved by regulators.
Let’s hope the same happens with this potential merger.
What about Discover employees? 😮
They will be homeless soon.
They might become capital one employees now
How about layoffs . My husband is in technology division of DFS . He is on H1B Visa. We are pretty much scared
@@anwesings yeah I’m nervous too. Single mom and this had been a dream job!
courage guys
This cannot happen! This is why we need an effective congress. We have to stop monopolies from forming. We used to say no you can’t do this. Now we allow companies to purchase their competition so they can make things less competitive for consumers.
Because, of course, there are no other credit card companies left to compete with Capital One?
@@RandyMichigan yeah ok pal. Small thinkers need not respond. Apparently you don’t understand market share nor market place. Capital One and Discover compete for the same customer base. Sub prime borrowers. Were you listening at all to what Adam was saying? Do you need me to spell it out to you? Ok I will. Should Visa buy Mastercard? There are other payment networks so why can’t Visa buy Mastercard? You see the less choice you have the more you have to pay for things. When companies don’t have to compete for your dollar, your one dollar is going to now cost you five dollars.
@@357twilson You don't need to get all butt hurt because you were wrong. Try enjoying life! Lol
No Cap fr fr 🧢
wtf this would be really weird.
Chase your money.what a name for a bank😮
Oh no
Crap I hope not. Discover has great customer service. Cap1 not so much.
Its been confirmed its a done deal. Capital One to buy Discover Financial in $35.3 bln all-stock deal
😢
That’s actually funny, I was wondering if you’d report about this or if it was too much of an unofficial story to present it.
It's too big to pass up 🙂
My kid graduated December 2023. I wondered why he got 9 different discover offers from early November thru end January .. was considering getting now he’s glad he didn’t
He got a real job 2 weeks ago, and got new accounts and a visa at the bank where he’s had savings since he was 5.
A lot of people starting out with Credit, such as college students tend to go with Discover. Their rewards systems are pretty generous and American based Customer service. They also have a great secured card where you can earn rewards while building credit plus it can graduate in several months if used responsibly (pending account review). Forgot to mention that Discover is also generous in giving out credit limit increases.
Well, I don’t really like the sound of this for the simple fact that I’m in the process of trying to acquire the Capital One duo and I already have the venture X and I’m waiting for six months before I get to capital one saver one and so if Capital One buys out Discover, that would mean I already have two Capital One cards, and they might deny me for a third. Please have them hold off on doing this until the end of the year at the earliest😂
I'll let them know to hold up until you are ready 😀
It’s a myth that Cap1 has a 2 card maximum. Not even sure how that myth started. I’ve had 3 before but closed one afterwards.
what cards do you have?@@Chosen1PR
@@Chosen1PR I have 3 with them as well. It's not a hard rule, but because they have told so many people no after 2 cards it's gained a lot of traction among people. 2 sub-prime cards is a hard limit however (Platinum, QS1, or any of the secured cards). No other cards (including the no sub for good credit versions) count as sub-prime prime. If you PC from a sub-prime card to a regular rewards card, while it may be bucketed still, it won't count as a sub-prime either.
I cannot wait to pay off my Capital One card and close the account.
Adam,
Wow is all i have to say. Cap One is strict with hard inquiries and with how many accounts you can have. oh boy this would throw a monkey wrench in the mix. Uggh.
ya not happy about this. oh well lets see what happens next.
Exciting news! I don’t own any capital one account, I started with Discover great move
Caoital One is not very customer friendly !!
Capital one sucks ...hope it doesn't happen. Ty for the info
Capital one blows big time!
I hate to have to close my discover.
Can you explain why it blows?
@@etielrinconhe doesn’t know….
3:45 😂
Hope federal regulators block the sale.
Just making less competition and C1 trying to become a monopoly and they will eventually raise or invent some stupid fees for Discover cards and accounts.
Current cardholders will get no benefit, bank merging and trailing interest practices should be illegal.
Don’t forget about the layoffs as well!!!!
How tf could Cap1 become a monopoly when they'd still only be 5th by mkt cap and nowhere close to Chase as a bank still?
@@carltonbanks5470 they’re reducing competition but to each its own I guess, you know the saying too big to fail but sometimes it’s also too big to regulate.
@@geoffp1 Yes even with the "reduced competition" Cap1 still doesn't compare to the behemoths and nowhere near becoming a monopoly. You need to study the market before you type these things.
@@carltonbanks5470 Noted thanks guy. This is UA-cam just relax, everyone can have an opinion.
This is terrible news.
WTF Discover
🤣
If Discover cash back could be converted into Venture miles like other Capital One cards, I think that would put it closer to the level of the CFF, and make it worth getting for points focused people.
No. And the Venture card is junk.
@@MiamiDreams the Venture X is pretty good though. And being able to transfer the 5% back into Avios, Aeroplan, or any of the other transfer partners would be nice.
😢😢😢😢😢😢😢😢
Will Discover still exist as an independent entity even if this merger materialises
No but they won't disappear either.
Captial one is the best in the game right now. About time.
Jumping ship if this happens. Discover is a lot better than capital one
lol to where? chase? just as bad. Discover went (as of now ) out business for a reason. Didn't keep up with compliance standards. So at the end of the day, you have to play ball with the options available
You should add back in debt and compare total Enterprise value. Otherwise by comparing only stock value you are not taking into acct how each company is financed differently equity vs. debt.
These are banks not auto makers or oil companies.
😆. One step closer to a One 🌎 government. Mark of the beast
😮🤦🏾♂️🤓🙏🏾📚
Capitol one is a good credit card
Cap1 is a horrible company. What a disaster if they buy Discover. Say goodbye to good customer service!
I doubt the regulators will approve the merger.
I was thinking the same thing
Capital One is my worst card by far! Whatever they do doesn’t affect me because I can acquire any card I want!
Good grief I hope Discover doesn't switch to Cap One's idiotic receive a check or statement credit redemptions and their inflexible due dates. If they do, I'll just get the Chase Flex and sock away the Discover it.
Not the news I was expecting. Who will get the Goldman Sachs portfolio if these 2 self eliminate?
Capital One is acquiring 60% of Discover. What do you mean self eliminate?
I have 10 CCs never had
never care for Discover.
2 non minor players.😛
I have a CD with discover what’s going to happen with that lol
nothing. it’ll take a year or two before this gets approved
As long as capital one doesn’t change anything about the discover cards I’m ok with it. But if they turn the cash back into statement credits like the rest of capital ones cash back cards I’m never touching my discover card again
Idk what capital one card you have but cash back is CASH BACK….
Lots of ignorance about Cap One all over these comments. You get cash back from Cap one cards through the website. It's Amex with the statement credit thing.
I’ve read Cap One is only buying the student loan business.
I think someone else is buying the student loan business from a prior deal with Discover but not Cap One.
Yeah Bloomberg would never tell a lie !
Bloomberg reports news not opinions
Looks like I might be in with Cap1 again. ¯\_(ツ)_/¯
All you simps for Discover needn't worry. You'll get more benefits than less are the odds. Discover card is a teir one starter card Capitol One is teir #2 now #3 So much so Chase competes with Capitol One. Relax. What's in your wallet?
How is Capital One going to buy Discover? Discover hasn’t been struggling and has been thriving as bank, at least I think.
All stock payment
2 woke companies. This is a good fit. 29.9 percent interest on your credit card.
Woke?
What? Have you been smoking something?
You guy’s didn’t “discover” sucks. lol
Capital One is set to purchase Discover for $35.3 billion. Go get em Capital One!
2 woke companies. A good marriage