Capital One’s proposed acquisition of Discover presents multiple opportunities to develop scale among the combined firm’s customers and within its operations. Just 6% of US cardholders use both cards, and the people who use each have quite different demographics, attitudes, and financial challenges. The combined firm can drive growth by scaling operations (mainly Discover’s payments network) while letting the brands coexist in the market and keeping digital front-end experiences separate. Digital and business leaders at credit card firms can use this report to understand the implications of this proposed acquisition.