Capital One to Acquire Discover in $35 Billion Deal, Sparking Competition Concerns
• Capital One is acquiring Discover Financial Services in a $35 billion all-stock deal, creating the world's largest credit card issuer
• The deal would give Capital One access to Discover's payment network, providing more revenue from credit card transaction fees
• Credit cards and rewards programs for consumers may not change much initially, but new offerings could come eventually
• The merger faces bipartisan opposition in Congress from those concerned about reduced competition and higher costs
• Supporters argue the deal could actually enhance competition against dominant Visa and Mastercard payment networks