> Better marketing around this would likely improve signups. For 2023, the Capital One was the fourth largest issuer[1] by purchase volume. Post merger would p

> Better marketing around this would likely improve signups. For 2023, the Capital One was the fourth largest issuer[1] by purchase volume. Post merger would put them at number three. The challenge isn't signups, it's retention. Discover being in the subprime category means it's often a borrower's oldest account and thus likely to be sticky. Capital One is no slouch either. But also: this may not even be a credit card play. Matt Stoller points out that there's a loophole in the Durbin rules for debit cards that hasn't been a factor until today: the rules that cut debit fees in half in 2011[3] only regulate networks operating as middlemen between banks and merchants. So presumably they can take those fees and double it again, at which point it's a fascinating question of who blinks first: merchants or Capital One. [1]: https://money.usnews.com/credit-cards/articles/biggest-us-credit-card-companies-this-year https://money.usnews.com/credit-cards/articles/biggest-us-cr... [2]: https://www.thebignewsletter.com/p/the-fed-is-behind-the-capital-onediscover https://www.thebignewsletter.com/p/the-fed-is-behind-the-cap... [3]: https://www.federalreserve.gov/paymentsystems/regii-average-interchange-fee.htm https://www.federalreserve.gov/paymentsystems/regii-average-...