Capital One buys Discover Financial for 35$ billion

[east]

I’m not fan of Capital One they seem predatory.

exactly, this is what the brehs here saying they can't get a cli are missing. 6 figs 6 certs isn't their target market, it's secured/subprime/students they can feast off, which are the strong parts of discover's portfolio too. cap one just wanted to buy up the competition, having their own processing network so chase is comparatively hamstrung by their marriage to visa/mc is just a bonus.

 

[Apollo Creed]

Nice.

So I guess we're basically down to Mastercard, Visa, Amex and Capital One.

I'm sure this won't be bad for consumers at all.

Interested to see whats next

 

[Spence]

Now let’s see if they open more premium venture X lounges so I can upgrade my cap 1 card and take advantage of the bennies

 

[Remote]

Interested to see whats next

There probably is nothing good that happens for consumers when 1 company absorbs a competitor and competition shrinks.

Maybe sometimes there are benefits, but I'd bet that most of the time....it's bad.

 

[beaniemac]

Were they employing Chatham residents though? Honest question because I don’t know. The people I know in the area, none of them or people they knew worked there. So to me it just seemed like a place people who didn’t live there drove to work.

when they announced the center opening, they were giving preferential hiring treatment for folks within a 5 mile radius. so that would include chatham and a number of other south side neighborhoods.

 

[LowkeyD]

Nice.

So I guess we're basically down to Mastercard, Visa, Amex and Capital One.

I'm sure this won't be bad for consumers at all.

CITI is another viable option.

 

[Gloxina]

exactly, this is what the brehs here saying they can't get a cli are missing. 6 figs 6 certs isn't their target market, it's secured/subprime/students they can feast off, which are the strong parts of discover's portfolio too. cap one just wanted to buy up the competition, having their own processing network so chase is comparatively hamstrung by their marriage to visa/mc is just a bonus.

Yeeeea I remember my college boyfriend saying capital one was predatory.
They were quietly acquiring small banks around the country for a while.


This right here is big news

 

[AAKing23]

Capital One is ass

 

[Apollo Creed]

There probably is nothing good that happens for consumers when 1 company absorbs a competitor and competition shrinks.

Maybe sometimes there are benefits, but I'd bet that most of the time....it's bad.

Discover isnt really that big of a factor in the grand scheme of things. I’d argue we’ve always been in a Duopoly of Visa/MC as Amex/Discover while “alternatives” arent accepted everywhere

 

[Apollo Creed]

CITI is another viable option.

Dont conflate Banks with Payment Entities