Many banks, including Capital One, stopped offering debit card rewards after the Durbin amendment to the Dodd-Frank Act of 2010 placed a cap on interchange fees – often called swipe fees – that banks can charge merchants for debit card transactions. This cut into the banks' revenues, and many adjusted by eliminating rewards.

Capital One finalized its $35.3 billion purchase of Discover on Sunday, completing a credit card mega-merger announced more than a year ago. Nothing will immediately change for Discover customers, according to a press release issued Sunday by Capital One.