In a potential game-changing move that could redefine the credit card industry, Capital One's decision to acquire Discover has industry experts and consumers on edge. The merger, if approved by shareholders and regulators, may establish a new megafirm with long-term implications for credit card holders across the board, regardless of their current banking or shopping affiliations.

The deal could position Capital One as a stronger market contender, potentially leading to more attractive bonuses and perks for customers. Experts foresee a potential challenge to industry giants Visa and Mastercard, sparking innovations and fresh consumer offerings in the industry.

However, the merger could also have adverse effects, as it may reduce competition in the industry and lessen the pressure on companies to provide favorable terms to attract customers. This leaves consumers in a position of uncertainty, with potential benefits and drawbacks on the horizon.

Although the merger may not have immediate impacts for consumers, with the agreement expected to take over a year to finalize, it could lead to changes in services for Capital One and Discover customers in the future.

As the industry braces for potential shifts in consumer terms, the impact of the merger on competition remains a looming question. While some fear damage to offerings and undercutting of competition, others believe the competitive market will prevent any substantial negative effects on consumer rewards.

As the credit card industry awaits the outcome of this significant acquisition, it remains to be seen how the reshaping of the industry landscape will unfold and impact consumers in the long run.