Capital One 2002 Annual Report Download - page 7

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Capital One’s credit card business is one of
the largest, most profitable consumer-finance
franchises in the world.
We built our franchise with innovative products that offer consumers more for their money. Capital One®made
its mark years ago by pioneering balance transfer offers for credit card customers. Today our MilesOne®frequent
flyer card is a terrific deal. It’s redeemable on any airline. There are no blackout dates. The annual fee is small, and
it comes with a low fixed interest rate.
We’re growing a sizable superprime business through several products, including the “No-Hassle”SM Platinum
card, which offers a low fixed rate on both cash advances and purchases plus a level of convenience and service that
make Capital One the hassle-free provider of choice.
With our proprietary information-based strategy and award-winning capabilities in marketing and information
technology, Capital One continually finds profitable new market niches and creates products to serve them. Our
lifestyle cards are successfully targeting hundreds of microsegments, from nurses and birdwatchers to newlyweds
and new parents. We’re also building relationships with small-business owners with products that increase the
flexibility and convenience of their borrowing.
Capital One’s innovations have revolutionized the credit card industry. We’ve lowered consumer borrowing
costs, expanded access to credit and made it possible to customize the product to the borrower. By giving
consumers a great deal and aligning each credit line and interest rate with the individual’s risk profile, we’re
successfully meeting the needs of a diverse range of borrowers and winning their loyalty. We’re also generating
profitable growth for Capital One.
The U.S. credit card business, which was large and growing when Capital One went public in 1994, is now
twice that size and still growing. The convenience of the credit card has made it the payment method of choice for
millions of consumers around the world, and we believe Capital One is well positioned to continue gaining marke
t
share by offering cardholders more for their money and creating profitable products that meet diverse needs.
What do you get when you combine
About 2.5 million new accounts!
great value and no hassles?
5