From Yahoo Finance: 2025-04-18 12:25:00

Regulators approve the $35 billion merger between Capital One and Discover Financial services, expected to be completed on May 18. Discover fined $100 million for overcharging interchange fees from 2007-2023, now repaying affected customers. Capital One commits to compliance as a condition of approval.

The deal joins two major credit card companies with similar customer bases seeking cash back or modest travel rewards. Discover’s payment network gains a significant credit card partner, potentially becoming a strong competitor in the industry dominated by Visa, Mastercard, AmEx, and Chase. Shareholders approved the merger in February.

Read more: Capital One $35 billion purchase of Discover Financial gets regulatory approvals