Capital One credit card spending grew 11%, advances Discover network migration testing and increases AI investment

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Capital One’s third-quarter credit card purchase volume grew 11% year over year to $254.7 billion, while the domestic credit card net charge-off rate fell 65 basis points year over year to 3.98%. Capital One is testing the migration of some credit cards to the Discover network and also plans to have some newly issued Capital One cards run directly on the network; management also listed AI applications in software development, credit marketing, risk management, fraud operations, customer service, and cybersecurity.