Capital One 2001 Annual Report Download - page 8

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Our account base grew by 10 million in 2001 for the second year in a row. With
almost 44 million accounts, Capital One is now the sixth largest credit card company
in the U.S. And we’re winning customers much faster than anyone else in the card business.
Capital One now has a 6% market share, leaving us plenty of room for further
gains in an industry that continues to enjoy strong growth.
Our growth has been highly profitable as well as rapid. Capital One’s U.S.
charge-offs were the industry’s lowest—4.04% compared with the 5.68% average
for other major card companies in 2001. The strong credit quality is the payoff of a
methodology for aligning a customer’s credit line and interest rate with the risk involved.
The fast growth is also the result of Capital One’s ability to identify market niches
and to design innovative, profitable products for each constituency. Our new “No-Hassle”
Platinum MasterCard®
,offering one low, fixed rate on cash advances as well as purchases,
is a big hit in the affluent superprime market. Capital One’s lifestyle and lifestage cards tap
numerous micro-markets, from sci-fi buffs to newlyweds. Our MilesOne frequent flyer
card continues to win customers by offering the best value: low annual fee, low fixed rate
and points redeemable anytime on any major
U.S.-based airline.
Over the years, Capital One has received
a long list of awards for its cutting-edge
information technology, innovation and
marketing savvy. We’re proud of that, but the
truth is, we win customers the old-fashioned
way:by offering them an unbeatable deal.
53%
($15,740,000,000)
Loan growth
46%
($9,287,000,000)
16%
($2,842,000,000)
22%
($3,164,000,000)
11%
($1,427,000,000)
23%
($2,359,000,000)
42%
($3,067,000,000)
Loan growth
If a baby born today grew as fast
as Capital One, he'd be 11' 9"
in second grade.