Will Capital One Be the Next American Express? Analysts Eye Discover Deal That Could Expand the Bank's Credit Card Offerings
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Capital One has been revamping its credit card program and growing its share of the credit card market in the US, suggesting that it may be emulating American Express' business model after announcing its acquisition of Discover Financial Services. Acquiring Discover would give Capital One more control over its credit card program and access to Discover's payment technology. Discover operates its own closed-loop credit card network like American Express, unlike open networks like Visa and Mastercard.