Dear Clever Credit,
I have the Discover it® Cash Back card, but with the Capital One-Discover merger, I don’t know where I stand. Will my Discover card become a Mastercard or Visa? Can Capital One now issue Discover cards? Or is Discover going away as an issuer? Did we lose an issuer? Or is Capital One the only one who can issue a Discover card now? Help!
Signed,
Distressed About Discover
Dear Distressed,
Phew, that’s a lot of questions! I totally get it. Capital One and Discover merged back in May, and Discover customers, like you, are curious about what happens next.
Unfortunately, we don’t have a lot of answers. Or the answers we do have give off “wait-and-see” vibes. Let’s tackle each question one at a time:
[SEE: Best Capital One Credit Cards]
Will my Discover card become a Mastercard or Visa? As of right now, no. Discover and Visa/Mastercard are still their own separate networks. The Discover brand and your Discover account are not going away.
Can Capital One now issue Discover cards? Technically yes? The only thing that has changed so far is your cardholder agreement, which is now between you and Capital One. But that doesn’t mean you apply for Discover cards on the Capital One website. For the most part, these entities still operate separately.
[See: The Capital One-Discover Merger Has Been Approved. What Should Cardholders Expect?]
Is Discover going away as an issuer?Did we lose an issuer? As of right now, no. Discover is still Discover, and Capital One is the bank that owns it now. One major difference is you’ll no longer be able to do a balance transfer between Discover and Capital One. But everything else is staying the same.
Is Capital One the only one who can issue a Discover card now? Discover is still issuing Discover cards. At this time, you won’t receive any Capital One benefits on your Discover card (and vice versa). You are also currently unable to make deposits or ask questions about your Discover account at Capital One bank branches, cafes or through their customer service.
[READ: Best Discover Credit Cards]
Your Discover rewards, account numbers and benefits will remain the same. Your rewards still don’t expire, and you won’t receive a new card from Capital One.
Now, in the future, some of this might change. But for now, the only thing that has changed is your cardholder agreement. If you still have more questions, Discover has a handy FAQ page you can check out. In the meantime, keep using your Discover card as normal!
More from U.S. News
What the Capital One-Discover Merger Means for Your Bank Account
The Capital One-Discover Merger Has Been Approved. What Should Cardholders Expect?
Clever Credit: I Have a Discover Card. What Happens Now With the Capital One Merger? originally appeared on usnews.com
