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Capital One said it believes the deal will close in late or early Credit card networks are the liaison between card issuers and merchants, for whom they set fees. Richard Fairbank, the founder and CEO of Capital One, said in the Monday announcement that the deal would "build a payments network that can compete with the largest payments networks and payments companies.
A marriage between Capital One and Discover, if approved by regulators, would also give Capital One a new source of revenue from the merchant fees it collects.
The deal would likely result in more of its cards getting switched to the Discover network, the Wall Street Journal reported earlier on Monday before the deal was officially announced. Copyright Cable News Network. Turner Broadcasting System, Inc. All Rights Reserved. Welcome, Mickey. Manage MyDisney Account. Log Out. Tuesday, February 20, Report a correction or typo. Capital One says 'technical issue' is affecting some customers. Capital One sued by watchdog that says bank cheated customers.
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