The big news in banking this week is that Capital One Financial (NYSE: COF) is acquiring Discover Financial Services (NYSE: DFS). Capital One is the ninth-largest U.S. bank by assets, and Discover is a credit card network like or Mastercard. Its model is more similar to American Express, just a lot smaller. Is that where Capital One is going?

Capital One has revamped its credit card program over the past few years, leaning heavily on the American Express example of a large rewards program. This has helped it capture more credit card customers, and increased purchase volume has helped it offset the negative impact of higher interest rates on deposits, as well as increased its net interest income and margin.

Overall, credit card debt in the U.S. is growing. And while Capital One isn't the biggest player, it's growing its share.

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Source Fool.com