Capital One’s $35.3 billion merger with Discover Financial will boost competition and be good for financial stability, the bank said in its regulatory application filed overnight, according to people familiar with the matter.

CapOne also argued the deal will not harm credit card competition because the combined entity will account for roughly 13% of credit card purchasing volume, which they argue is the best measure of credit card market share, the people said.

The deal unveiled last month will create the biggest U.S. credit card issuer by balances and the sixth-largest bank by assets. It will also give Capital One control of Discover’s credit card payment network, which is the fourth major payment network operator after Visa, Mastercard and American Express.