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New Capital One Merger Could Stop International Purchases

rmtsa by rmtsa
January 3, 2025
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New Capital One Merger Could Stop International Purchases
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New Capital One Merger Could Stop International Purchases

by Sharelle Burt

January 3, 2025

Pay attention to the changes….

Capital One credit card customers are at risk of not being able to use their funds for international travel following a pending merger with Discover, Daily Mail reported. 

Capital One wanted to take over Discover’s payment processing network, and regulators quietly started the approval process of the $35.3 billion takeover shortly before the Christmas 2024 holiday, competing against Visa, MasterCard, and American Express. However, with Discover being less popular outside of the U.S., experts warn that travelers may have issues. “In most cases in the US, Discover is more or less accepted everywhere that Visa, MasterCard, and American Express are,” LendingTree’s chief credit analyst, Matt Schulz, said. 

“Where you may run into more issues is with international travel because Discover may not be as widely accepted.”

Capital One’s CEO, Richard Fairbank, said the company has plans to move all of its debit cards and some credit cards onto Discover’s network starting in the second quarter of 2025. In the meantime, it is recommended that travelers remain vigilant on potential changes and consider backup options regarding international spending. “In total, across debit and credit, we expect to add over 25 million Capital One cardholders and over $175 billion in Capital One purchase volume by 2027,” Fairbank said.

“This injection and volume in the network will help Discover be competitive with the leading network.”

According to Fortune, Capital One and Discover customers shouldn’t worry about too many changes in the meantime, while the approval process will take a while, on top of determining if the deal passes potential antitrust scrutiny from Congress. If the merger goes through, Capital One will be the largest card issuer in the country surrounding outstanding credit card loans, beating out JPMorgan Chase.

For travelers who are looking for other sources of international funds, there are several credit cards that don’t charge foreign transaction fees and have a wide variation of acceptance overseas. The average international fee can range from 3% or more for each purchase made, such as hotel rooms or rental cars. Some credit cards even provide rewards that can be beneficial when back on US soil. 

A number of Capital One cards, like its Venture Rewards credit card, are listed. The Venture Rewards was named the best travel reward card, while the Savor Cash Rewards is looked at as the best for dining benefits. Venture X is named for hotel rewards, but the Discover it Miles card was named best for no annual fees – a way to combat the growing percentage fees.



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