Proposed Capital One-Discover Merger Unlikely to Benefit Consumers

• Media outlets claim the Capital One-Discover merger will create a competitor to Visa and Mastercard, but this is inaccurate and irrelevant.

• The merger would create the largest credit card lender in the U.S., with 20% market share.

• Visa and Mastercard don't compete for consumers - they compete for banks and lenders as customers. So more competition between payment processors doesn't help consumers.

• Higher processing fees from the merger would likely result in higher prices for consumers.

• Don't be misdirected by bank PR - this merger will cost all of us through less competition and higher prices.