The news: American Express and Discover released Q4 earnings.
- Amex's total network volume increased 16% year over year (YoY) in Q4, compared with 30% YoY in Q4 2021, per its earnings presentation.
- Discover's total network volume grew 6% YoY, down from 21% a year ago, per its earnings presentation.
How we got here: Both card networks likely benefited from strong travel spending and holiday shopping in Q4.