Discover Cards Moving to Capital One Platform
Capital One is sharing more details for Discover cardholders about the next phase of its acquisition of Discover. The good news is that cardholders will continue to earn the same popular rewards with the Discover it Cash Back card, while also gaining access to additional Capital One features and benefits.
What Is Changing?
Beginning July 27, Discover cardholders will begin managing their accounts through Capital One.
According to the notification, Capital One will transfer:
- Rewards balances
- Quarterly 5% category activation settings
- Scheduled payments
- Paperless preferences
- Other account settings
Cardholders will continue earning 5% cash back in rotating quarterly categories, up to the quarterly maximum when activated, plus 1% cash back on all other purchases.
New Capital One Benefits
In addition to keeping existing Discover rewards, cardholders will have access to several Capital One features, including:
- Up to 15% cash back through Capital One Offers
- 5% cash back on hotels and rental cars booked through Capital One Travel
- 5% cash back on tickets and events booked through Capital One Entertainment
Capital One says customers do not need to take any action right now and will receive additional information before the transition takes place.
Important Dates:
- Now: Keep using your card, making payments and managing your account as usual.
- Over the coming weeks: You’ll get more information from both Discover and Capital One, including details about new benefits and how you’ll manage your account moving forward.
- July 24-26: We’ll finish setting up your card account with Capital One. You can use your Discover card without interruption.
- July 27: You will start using the Capital One website and app to manage this account. Keep using your Discover card as usual.
Guru’s Wrap-up
For most Discover it Cash Back cardholders, this should be a fairly smooth transition. The biggest concern was always whether the popular 5% rotating categories would survive the merger, and based on these notifications, they will remain intact for now.
The addition of Capital One Offers and access to Capital One Travel could provide some extra value, while existing rewards balances and account settings are expected to transfer automatically.
