Two of the US' largest credit card issuers unite to create payments network poised to challenge the dominance of Visa and Mastercard

The $35 billion transaction has faced pushback from critics on antitrust grounds since it was announced a year ago. The vote today puts the deal one step closer to closing.

The Capital One-Discover merger is a step closer to reality, with shareholder approval clearing the way for federal review. The deal would push Capital One ahead of Citi in the credit card market—but what does that mean for consumers?

Capital One Financial (NYSE:COF) and Discover Financial Services (NYSE:DFS) holders approved the planned $35 billion purchase of Discover. The shareholders of each company approved the deal in separate votes on Tuesday,