Capital One is one of the largest U.S. banks, built around consumer and small business credit cards as its core business. Following the May 2025 acquisition of Discover, Capital One became the largest U.S. credit card issuer by outstanding balances. Capital One issues credit cards across the full credit spectrum and has invested heavily since 2010 to compete at the premium end with products like Venture X, airport lounges, and exclusive access partnerships, targeting heavy spenders alongside competitors like Chase and American Express. The Discover acquisition added roughly $98B of domestic card loans and $107B of deposits, and critically, the Discover Global Payment Network — which includes the Discover Network, PULSE debit network, and Diners Club International. Auto lending is Capital One's second-largest consumer business, originating loans across the credit spectrum and supported by the Auto Navigator platform. Consumer banking operates as a digital-first, no-fee retail bank with a thin physical branch and cafe network. Commercial banking serves mid-market companies with revenues between $20M and $2B. Capital One earns revenue primarily through net interest income on its card and auto loan portfolios, supplemented by interchange fees, network fees, and service charges. The Discover Network adds vertical integration — Capital One now captures network fees on its own card transactions rather than paying Visa or Mastercard. In January 2026, Capital One announced the acquisition of Brex, a corporate spend management fintech, for $5.15B, expanding into corporate cards and business banking.