Capital One Ignites Competition With Shift to Discover Network

A guide to card benefits issued by the company mentions Venture, VentureOne, Savor, SavorOne, Quicksilver and QuicksilverOne cards on the Discover Network, with benefits in effect as of Feb. 1, TheStreet reported Monday (March 2).

A Capital One spokesperson told TheStreet: “We have started originating select Capital One credit card accounts on Capital One’s Discover Network. This is an important step forward in our journey to continue offering compelling products to customers, while accelerating scale and investment in the Discover Network and enhancing competition in the global payments industry.”

The change does not appear to affect Capital One’s premium, business or partner cards, according to the report.

The cards on the Discover Network include many of the benefits offered by those issued by Mastercard and Visa, though some cardholders told TheStreet that Costco and many overseas retailers do not accept Discover cards, the report said.

Capital One began transitioning its debit cards to the Discover Network months ago and expects to complete this shift by the end of the year, per the report.

When Capital One announced in May that it finalized its $35 billion acquisition of Discover, it said the deal created the largest credit card issuer in terms of loan volume in the United States.

“This deal brings together two innovative, mission-driven companies that together are poised to deliver breakthrough products and experiences to consumers, businesses and merchants,” Capital One Founder/CEO Richard D. Fairbank said at the time in a news release.

PYMNTS reported in February 2024, shortly after Capital One announced its plans to acquire Discover, that the combination of the two credit card giants would enable the creation of a banking giant with expertise in serving the paycheck-to-paycheck consumer beyond the credit cards that have been hallmarks of both firms.

Moving beyond cards and consumer-facing banking, Capital One gained scale by leveraging the capabilities that Discover has been building or has already built, stretching across cross-border commerce and payments in general.