Hi all,
I searched the forum but I could not find any previous discussions on this subject. About a year ago, Capital One announced its planned acquisition of Discover. Capital One plans to ditch the Visa/Mastercard networks and switch to using Discover's payment processing network.
https://finance.yahoo.com/news/capital-one-acquire-discover-means-161220705.html
“Over time, we will move a growing portion of the credit card business to the Discover network” said Richard Fairbank, CEO of Capital One, on an investor presentation call.
Why does this matter?
Discover's network is smaller and is not widely accepted, especially outside the US.
CapitalOne is often recommended on this forum, and like a lot of people on this forum, I have a CapitalOne credit card, which is my primary card I use at home and during my travels in Europe. I have been a happy customer for a very long time.
Should I be concerned that I may need to look for another credit card that uses the Visa/Mastercard network to use abroad? Am I overthinking this? Have any of thought about the implications of the merger on your travels?
Looking forward to your thoughts,
Mary