"Capital One’s conversion of credit card volumes to Discover is expected to be significantly smaller than the over $100 billion initially suggested when the deal was announced, according to Bernstein analysts. The company converted approximately $70 billion in debit card volumes from Mastercard to Discover earlier this year. At the time of the deal announcement, Capital One indicated it would migrate $175 billion in total volumes to Discover Card by 2027, with roughly $70 billion from debit and over $100 billion from credit."