Jeff Preston

Jeff Preston with Morgan Stanley followed up on the premium card discussion, asking if Capital One would revisit the VentureX card's value proposition or annual fee, given the significant gap that has emerged compared to competitors who have recently increased their fees.

Answer

Richard Fairbank, Capital One's Chairman and CEO, expressed respect for competitors' strategies in the premium card space, noting their continued investment and stretching upmarket with more premium products and higher fees. He stated that Capital One aims for a differentiated set of products, with VentureX beautifully positioned for simple messaging and strong rewards, and believes competitors' moves enhance opportunities for VentureX while Capital One continues to invest in experiences at the top of the market.

Jeff Preston followed up on the premium card discussion, noting competitors' recent investments and annual fee increases, and asked if Capital One sees an opportunity to revisit VentureX's value proposition or annual fee given the widening gap.

Answer

Richard Fairbank, CEO and Chairman, expressed respect for competitors' strategies to stretch up with more premium products and higher fees. He emphasized Capital One's differentiated approach with VentureX, focusing on simple messaging and strong rewards, and stated that competitors' moves might actually enhance VentureX's opportunity. Fairbank reiterated Capital One's continued investment in experiences and differentiated opportunities at the top of the market.