Capital One’s big win with Discover isn’t just about processing power—it’s a full-scale overhaul. While headline purchase volume jumped 26%, the real story lies beneath: Discover’s legacy volume grew barely 2%, a calculated “brownout” to upgrade credit quality and slash delinquencies. The integration—moving Discover cards onto Capital One’s systems and vice versa—isn’t done yet, stretching into late 2027. Investors are watching closely, but the real victory? Building a stronger, more resilient card business for what’s ahead.
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