Twice as Many Consumers Support the Capital One–Discover Merger Than Oppose It

Capital One finalized its long-awaited $35.3 billion acquisition of Discover on May 18, 2025, and now controls the largest share of the credit card issuing market, placing it at the top of the financial totem pole. Among consumers who were aware of the deal before it closed, support outpaced opposition more than 2 to 1. 

For an industry often met with skepticism, this level of consumer optimism stands out. Proponents of the deal have cited potential benefits such as access to a wider branch network, more fee-free ATMs, and potentially faster rollout of new banking technology. But here’s the twist: Most Americans didn’t know the deal was happening at all. 

According to a CardRates.com survey conducted before the merger closed, more than three-fourths of Americans (78%) confessed to not knowing about the deal, let alone how it might impact their wallets. Despite its sweeping implications, the merger between the two entities has fallen under the radar for millions of consumers. 

But that inattention could come at a cost. When major players consolidate, borrowers can face higher interest rates, reduced rewards, and fewer competitive choices. In 2023 alone, Americans paid more than $157 billion in credit card interest and fees, making even small shifts in terms potentially costly. 

Industry response to the merger has been generally positive, with advocates urging a wait-and-see approach. Critics, however, argue that the merger could lead to limited choices and raised borrowing costs, especially for subprime cardholders. 

Let’s take a deeper look at consumer perception and attitudes toward the Capital One-Discover merger. Though a minority of survey participants said they knew about the deal, support seemed to outweigh opposition within the small group. 

Among the 22% of respondents who were aware of the consolidation, nearly half (49%) expressed their support for the deal, while only 21% opposed it. 

When asked about how the merger would affect their financial decisions, two-thirds of respondents (66%) said it wouldn’t impact their credit card usage. Meanwhile, only 14% said the shift would increase their likelihood of using a Capital One or Discover card as a result. 

Our data raises questions about consumer engagement in a high-stakes financial industry. Most Americans aren’t aware of major financial developments happening in the sector, which could lead to them missing crucial updates that could impact their wallets. 

The merger may be sealed in the books, but the real story begins now. Though consumers say they won’t change a thing about their credit card usage, cards and terms may face another reality.

Via the Discover acquisition, Capital One has achieved its goal of expanding its reach and further developing its product lineup. The deal has enhanced the company’s edge in the payments sector, uniquely positioning it as a formidable competitor against Visa and Mastercard. 

While these shifts may seem abstract to cardholders today, the real impact will likely show up gradually through changes to interest rates, rewards, customer service, and card terms.

“Consumers need to be aware of changes that are going on with their credit card issuers,” said Bobbi Rebell, CFP® and Personal Finance Expert at CardRates.com. “The changing landscape not only can impact the terms of their credit, but there may be new benefits for borrowers that could be very exciting.”

For now, staying alert is the best defense against potential surprises later. Discover cardholders, in particular, should monitor communications from their issuer and watch for the following in the next 12 to 24 months: 

• Changes in Discover-branded products
• New or adjusted card terms from Capital One
• Shifts in network acceptance, especially for Discover

Consumers can also take simple steps to stay informed about any new shifts in policy. The following are actions you can add to your to-do list to help track changes:

• Activate Alerts: Issuers often notify cardholders digitally via account alerts about upcoming shifts in policy, but subscribing is a prerequisite, so set those up asap.   
• Review Terms and APRs Quarterly: Issuers regularly update their agreements with new information. Ask for a digital copy of your cardholder agreement and run it through AI to help you break it down and spot modifications quicker. 
• Compare Cards: If Discover’s terms change, you’ll want a backup plan. Reviewing and comparing alternative cards can help you find a card that better suits your needs.

Staying up to date with rates, card terms, and billing practices over the next year or so will be crucial for consumers. By doing so, consumers can reduce the impact and make adjustments where necessary to maintain financial wellness and healthy credit card usage in the long term. 

The Capital One-Discover merger has permanently reshaped the credit card and payments landscape, giving Capital One new power as both an issuer and network operator. While the deal may drive long-term earnings for the company, its impact on consumers will unfold gradually.  

One thing is clear: Staying informed and engaged is no longer optional. Consumers who track their terms and understand the changing market will be in the best position to protect their financial health. 

Methodology:

This survey was conducted online among a nationally representative sample of 1,000 U.S. adults ages 18 and older who are credit card holders. Respondents were selected from a third-party research panel, and the data were weighted to align with U.S. Census benchmarks.

The survey focused on consumer awareness, attitudes, and potential behavioral changes related to the Capital One–Discover merger. The overall margin of error is ±3.1 percentage points at the 95% confidence level.

Margins of error increase for subgroups such as age, gender, or travel planning style.