Capital One Begins HUGE Discover Credit Card Changes

Hinzugefügt: 2026-05-07

[00:00:00]Hey friends, what's up? Philip here with Points of Phillip and today we're going to be talking about some huge news with Capital One that I think you're going to want to hear because it does sound like things are going the way I want them to with Capital One. So, we're going to get into that. Before we do that, I want to ask you guys to hit like and subscribe.

[00:00:15]Now, that's out of the way, let's go ahead and get into the news and that's that Discover it card holders are getting emails from Capital 1 saying that they're going to be moved from the Discover app over to the Capital One app. And so this is kind of the final stage of everything moving over. And what we have seen so far is that uh Discover checking account card holders uh savings account card holders are being moved over to and converted to Capital One checking and savings accounts. And so that's been happening.

[00:00:46]We've also seen in the past where business card holders. So if you had a Discover it business card that was moved over to and converted into a a Spark classic card. So we're already seeing kind of the initial stages of this Capital One merger. But now finally a lot of people that hold Discover cards are being moved over to the Capital One app. And in fact one user of the channel uh Calderards sent me a screenshot of his email where he was saying that he was going to be moved over to the Capital One apps website. there was a specific date there and so that was actually pretty amazing. So basically the middle of July a lot of people I saw a couple of data points on Reddit as well will be moved over from the Discover app to the new Capital 1 app to manage their credit cards. Now the one reason why we care about this, the top line, the overarching reason is that there was a nice little teaser there on that email. It says, "In the next few months, you're going to get more information from both Discover and Capital 1, including details about new benefits and how you'll manage your account moving." So, new benefits means that things are changing with this account. And so, uh, I'm really excited about seeing what those new benefits are, but I kind of do believe that those new benefits are going to be kind of expanded access to no foreign transaction fees, for example, uh, which I think were already a thing of the card. Uh, but also I think we're going to see where you can convert your Discover it cash back into Capital One Venture Miles. And so that's kind of where I think is happening. I did a video recently about essentially talking about how I had another Discover it card because I'm going to get 10x back on dining on that Discover it card, 5x back on dining on my current Discover it card, and hopefully that will kind of move over into Capital 1 Venture Miles.

[00:02:40]But, you know, of course, that remains to be seen. It has yet to be actually um, you know, confirmed by Capital One.

[00:02:46]That's what's happening. But, I love that they're kind of teasing this idea of having new benefits on this card.

[00:02:52]Now, where I think this is going to end up, right, is Capital One is already laying the groundwork for a very intense kind of full card suite setup of cards that kind of make sense where you are, right? So, they recently also updated uh certain versions of the Quicksilver card. If you have are moving to the Discover network or if you already are on the Discover network, they've announced that those cards will at some point in the future start earning 3% back on gas purchases as well as grocery purchase. So, this $0 annual fee card also has a 1.5% catchall, but will earn 3% off on grocery stores as well as gas station purchases. And so this is huge because Capital 1 doesn't actually really have gas stations as a se select category. And so that was kind of huge.

[00:03:45]So the fact that they're changing that card to be more kind of closely aligned with a competing card setup, right? For example, city's cards have gas station multipliers. AMX kind of sort of does.

[00:03:57]You have to get a the Hilton Surpass card or the blue business or the business gold card, but they do have that. Um, and so a lot of these these banks, they do reward gas purchases. In fact, there's other banks like the the Gemini credit card, for example, they get you 4% back on your gas purchases.

[00:04:16]And so, that's kind of a category that Capital 1 has been leaving on the table.

[00:04:20]And now that will no longer be the case with the a newly updated Discover card.

[00:04:24]And then, of course, they have the Saver card, right? So, that card will uh has no annual fee, no foreign transaction fees, but it also earns 3% back on dining, groceries, as well as entertainment, including streaming services. And so, that's a really interesting card as well, particularly for the entertainment side because not a lot of other cards reward that, right?

[00:04:46]We do have the uh the Vinmo credit card can earn 3% back on entertainment purchase as long as that's your top category. So, that's an option, too. Uh, but there's not a whole lot of other cards that offer that. So, that's really exciting as well. So, we have the the Saver card for 3% back on dining groceries. The Quicksilver card for 3% back on um groceries and gas. And so, the gas is kind of the interesting multiplier there. And then, if you want more of a standard catch-all/travel card, you have access to the Venture card lineup. So, we have the Venture 1 card, which has no annual fee, earns 1.25x 25x back, but we also have the you can pair that with the Quicksilver card.

[00:05:27]So 1.5% back can convert to 1.5x if you send those rewards to your Venture 1 card. So real quick in this video, I just wanted to take a break and talk about well weight loss. So I recently lost about 100 pounds over the last year and a half and I've been doing it with dieting exercises, but also those weight loss shots have been helping a lot kind of get rid of those those food thoughts and help you kind of stay fuller for longer. But the only problem is if you don't have health insurance that covers it, it's about $1,000 a month. And so if you want to spend save hundreds of dollars a month, uh there's a link in the description below that can help you find your options. Basically, there's a lot of different companies that are trying to compete for your business and that means lower prices. So go ahead and check those out in the link in the description below if you want to resume your weight loss journey or start it.

[00:06:13]And let's get back into the video now.

[00:06:15]Have a great day. But then we have the Venture card. That's $95, but you do have access to 2x back on every single purchase with that card. You do have access to Global Entry, TSI Prejack, things like that. But then you also have the Venture X card, and this is kind of the the mac daddy of the Capital 1 ecosystem where you do have access to uh 2X back on everything else, lounge access with priority pass in addition to Visa Infinite protections. Uh but then you also get that 2x back on every single purchase. And so that's kind of where that is for a $395 annual fee. So, Capital One does not have a rotating category card, right? We have the City Custom Cache. They have, you know, basically that's where you can select your own adventure kind of thing. Uh Chase has the Freedom Flex card, which is their rotating category pack. And then with each of those card, you can convert your cash back earned on those cards into the transferable currency as long as you have another card. For example, with the city card, if you have the city strata premiere or the city strata elite, you can convert your city thank you points into transferable ecosystems. With Chase, if you have the city the Chase Sapphire Preferred or the Sapphire Reserve, you can convert your your ultimate reward points into transferable currency points. And so that's amazing as well. And so if Capital One brings the Discovery into the fold, they will then complete the cycle with having a rotating category card because they have the premium travel card, they have the dining card, they have a gas card now, and then they'll have a rotating category card, which can really supercharge your earnings with Capital One. Now, do you want to earn more points with Capital One? And the answer can be complicated depending on how you travel. So, if you're someone who's looking for direct travel experiences to say local like domestic airlines like Delta, United or American, Capital 1 doesn't offer that.

[00:08:04]What they do offer is really great international transfer partners that you can kind of use to book domestic flights as well. So, there's that's still an option. Um, but the primary kind of bonus and benefit of your points is with converting to those international partners for international business class or even premium economy or something like that. That's where you're going to get the best value for your points. So, that's really great. For example, I think I got like maybe three to four cents per point by converting my Venture Miles into British Airways AIOS and I was able to actually book business class seats on British Airways. And so, that was amazing, right? So, I saved a lot of money just by making that point redemption with my Capital One Miles.

[00:08:47]However, if you do want to play the game on easy mode, you can still get decent value. So, you can either convert your um cash back and actual cash back and use that to pay or if you have everything in Venture Miles. You can redeem everything in the portal for 1 cent per point. Um, and so that's really nice, too. Uh so one cent per point kind of a baseline valuation through the portal or you can actually put that purchase on your venture card venture x venture or venture 1 and then get pay yourself back feature. So you can use your points to erase that feature or that payment basically with points again at 1 cent per point. Now Capital 1 does allow you to do a lot of different other ways to redeem your points but we don't really really care about that too much.

[00:09:32]So, uh, anyway, but I just want to talk about the news today about Capital One doing all this interesting stuff and teasing new benefits this card, which I think means that we're going to be able to use our Discover Cashback into the Capital One ecosystem. Anyway, let me know in the comment section below. Um, is this what do you think is happening?

[00:09:51]I think that's what's going to happen.

[00:09:53]Um, and I'm betting on it honestly being able to happen because I'm the one that's going out getting new car just so I can actually make this happen. And so that's kind of what I'm excited about.

[00:10:02]Anyway, let me know in the comments section below what do you think is going to happen with Capital 1. Are you excited or is this kind of a nothing burger? Anyway, thanks so much for watching and I'll see you guys later.

[00:10:11]Have a great day.