They will most definately make this a pure card biz, but it's not like we're in a hurry.
Regarding buybacks, these folks run a real business and increasing leverage before cash from Epsilon has arrived would be silly. One, deals can always break. Two, I wouldn't expect a rerating so no need to rush (just look at where it trades now).
It seems a lot of people expect this to trade up when the story is cleaned up, but these guys have signalled their intentions for ages, so I wouldn't expect that.
Bought more today and made it a 25 pct position (more on a cost basis).