Capital One-Discover merger could put a bigger squeeze on credit card users, experts warn
Capital One’s $35.3 billion deal to buy Discover is a long way from being completed.
Capital One’s $35.3 billion deal to buy Discover is a long way from being completed.
But consumer advocates and some lawmakers are already raising questions about how the proposed merger could affect credit-card users — many of whom are already under pressure from high interest rates and record debts.
Sen. Elizabeth Warren, D-Mass., a longtime proponent of tighter financial regulation, called for federal officials to block the deal.
“The merger of @CapitalOne and @Discover threatens our financial stability, reduces competition, and would increase fees and credit costs for American families,” Warren, who is also the chair of the Senate Banking Subcommittee on Economic Policy, posted on X.
Industry groups and experts warned against a shrinking credit card market dominated by a handful of large players, which they said are more likely to squeeze customers.
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