Submitted 4 months ago by MicroWave@lemmy.world to economics@lemmy.world
https://www.businessinsider.com/capital-one-set-to-acquire-discover-wsj-2024-2
Will the feds be asleep at the wheel again, and let this merger go through?
Survey says…
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This not good news for consumers.
My thoughts are the opposite. If cap one keeps discovers network alive and cuts tx fees on it they could force Visa/MC to do the same.
But why would they chose that over “more money”?
I don’t want my discover card to be owned by capital one. It’s a good thing I have choices! Oh wait…
I have both cards and have been happy enough. But fuck me, this cannot be good for consumers.
Discover is coming off of a difficult year in which compliance lapses found in an internal review led to the resignation of its CEO.
Is THAT why Discover suddenly wanted my tax return data?
Many years ago, when I was first becoming an adult, I applied for a discover card as my first card. They rejected me for bad credit history, which was nonsense. I had no credit history and was applying for an entry level card that did not require any. I figured I must have made a mistake and applied again. Same response. Called, and they refused to be of any service, just called me a credit risk and ended the call.
So fine, I did some research, and applied for a card from capital one. I was approved, no questions asked, and even got a rate limit increase a year later.
I’ve held a grudge against Discover ever since, so while I recognize the danger, I cannot help but gloat to see the company that would not give me the time of day gobbled up by the one I had to turn to for that first card.
Another Discover hater here.
Many many years ago they bought some of my student loan debt and they’ve been impossible to try to work with. Even something as simple as shifting a due date by 3 days to better coincide with a pay schedule, or literally just to make it easier to pay them, they have been awful in every instance.
Of course since those early days I’ve changed jobs many times, tripled my pay, paid off 2 vehicles (the far more expensive of which was financed, ironically enough, by Capital One) and now have excellent credit, good income, etc. So now Discover floods me with mail to open a credit card with them…while still being fucking horrendous to deal with on the student loans!
The last time I actually had to talk to someone at discover they even tried to get me to sign up for a credit card on the call. The woman finally gave up when I told her that I’d rather lose everything and live on the street and survive on a diet of small bits of rocks and sticks than have any more business dealings with Discover.
It’s not just you. I’m well into adulthood when I applied for a discover card. Got approved for a $800 credit limit. Yes, not a typo, $800. Today, that limit is $1200. but my capital one card which I acquired around the same time, $12000 to start and now it’s over 32k.
I never use my discover card and don’t care that this merger is happening.
Discover is a necessary also-ran. Capital One is only interested in predatory lending. I’ve applied for and been denied C1 cards the twice ive applied as I did not “have sufficient revolving credit balances”, e.g. they wouldn’t make money off me.
Hope FCC sues to block.
Would it be the FCC or the FTC or the SEC?
“Merger highlights the problem with big credit card companies”
Tolstoshev@lemmy.world 4 months ago
What’s in your wallet? A monopoly.
rdyoung@lemmy.world 4 months ago
Actually this could be a good thing. Cap one is the 4th largest credit card issuer in the USA. If they cut tx fees on discover low enough it would force Visa/MC to cut theirs. They could make a mint and the consumer would benefit as well.
Anticorp@lemmy.world 4 months ago
Because that’s why companies merge and form monopolies, to lower fees and help consumers. Right? Right guys? Right?
superduperenigma@lemmy.world 4 months ago
How did that work out for the airline industry? Because history sure seems to indicate that these monopolistic mega-mergers result in higher prices for a worse experience.
hglman@lemmy.world 4 months ago
They won’t