Millions of Americans must check their credit cards now or risk ruining their next vacation
Capital One's acquisition of rival Discover spells trouble for Americans using their credit cards overseas, experts warn. Regulators quietly approved the $35.3 billion takeover - which will create the US's biggest card issuer - just before Christmas. Other than boosting customer numbers, Capital One wanted to gain control of Discover's payment processing network - a rival to services offered by Visa, Mastercard and American Express. Payment processors serve as intermediaries between merchants and card issuers - and take a small cut of every purchase.
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