In light of this, Capital One's NII reflected a CAGR of 6% over the five years ended 2024. The momentum continued for credit card loans, net LHI and NII during the first half of 2025. This was partly driven by the Discover acquisition. Thus, demand for credit card loans, relatively high rates and Capital One's efforts to scale its business are expected to drive NII higher. Key Takeaways With the Federal Reserve remaining cautious amid tariff policy uncertainties and less likely to implement a massive rate c ...