Capital One

Card issuers usually have meaningful repricing ability through APRs, fees, line management, and rewards design, and network ownership adds incremental levers via network fees. Capital One’s domestic card revenue margin and yields moved higher through 2025 as rates eased and Discover revenues were consolidated.

However, competitive rewards, consumer sensitivity, and policy threats limit unconstrained pricing. The CFPB’s late-fee cap was vacated in April 2025, removing one immediate constraint, but renewed political focus on caps (for example, a proposed one-year 10 percent APR cap) and card-routing legislation keep risk elevated.

On balance we view pricing power as above average but not monopoly-like.