Sadly, product level reporting is not publicly available information. I have strong reason to believe the Venture X was very strong on new account acquisition (but not purchase volume) in 2022 but has not fared well (net lost accounts) in 2023. I think you will find people privy to this information would agree with that but debating that point is futile as no one will leak data sets here.

Regardless, we know that the Venture X was not strong enough as a product to drive growth to C1’s credit card business (which instead massively contracted). If C1’s credit card business flatlined, I could understand being skeptical of weak Venture X performance. But Capital One’s entire credit card business is bleeding. So we can either believe

1) Their card portfolio, which has been performing solidly even through the pandemic relative to peers, has suddenly radically changed the direction of its performance while their new product remains one of the sole strong performers in their portfolio

OR

2) The high capex product that relies on consistently high new user acquisition to remain sustainable has stopped meetings it’s targets amongst a highly competitive landscape (dragging the entire book down as a consequence)

Occam’s razor. We’ve seen this play out with issuers better capitalized and better positioned than Capital One (Citi) before. For Capital One to credibly and sustainably challenge Chase here, they would need to be a true aberration. Possible? Yes. Plausible? Not yet.