“The legacy Discover card loans continued to contract slightly and will likely continue to face near-term growth headwinds due to Discover's prior credit policy cutbacks and some trimming around the edges that we're doing.”

In context

“s are largely a function of our domestic card results and trends, which are shown on slide 11. In the fourth quarter, the combined domestic card business posted steady top-line growth, strong margins, and stable credit. Year-over-year purchase volume growth for the quarter was 39% driven primarily, of course, by the addition of Discover purchase volume. Excluding Discover, year-over-year purchase volume growth was about 6.2%. Ending loan balances increased 69% year-over-year also largely as a result of adding Discover card loans. Excluding Discover, ending loans grew about 3.3% year-over-year. While competitive intensity remains high, we continue to see good traction across our legacy card business, with stronger growth results in our heavy spender franchise at the top of the marketplace. The legacy Discover card loans continued to contract slightly and will likely continue to face near-term growth headwinds due to Discover's prior credit policy cutbacks and some trimming around the edges that we're doing. We continue to see good opportunities to grow the Discover card business on the other side of our tech integration where we can implement growth expansions powered by our unique technology and underwriting. Revenue was up 58% from 2024 largely driven by the addition of Discover revenue. Excluding Discover, year-over-year revenue growth was about 6.2% driven by underlying growth in purchase volume and loans. Revenue margin for the quarter was steady at 17.3%. The domestic card charge-off rate for the fourth quarter was 4.93%, up 30 basis points from the prior quarter and down 113 basis points from a year ago. Our domestic card delinquency rate was 3.99%, up 10 basis points from the prior quarter and down 54 basis points from a year ago. On a sequential quarter basis, both our charge-offs a”