Originally Posted by
WasKnown
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 am reading betwen the lines and not disputing the undercurrents you mention, but looking at their Q1 earnings call transcript,
In the first quarter, strong year-over-year growth in every top-line metric continued in our domestic card business
.
Purchase volume increased 10% over Q122 and ending loans grew over 20%. Full year 2022 results for the domestic card business were pretty consistent with this. Yes, delinquencies/expected write offs have increased, but management cited "normalization" trending back to pre-pandemic (2019) levels. Again, it's hard to understand what's specifically going on with Venture X within the context of the overall business from the disclosures.
Originally Posted by
eponymous_coward
We're
already seeing benefits like Priority Pass restaurants
get nerfed on the C1 side. I would not at all be shocked to see the annual fee get jacked up to $550 at some point, and to see more benefit cuts.
Tweaking benefits/fees to reach profitability goals is common with all the issuers. I don't see how the loss of PP restaurants is indicative of Capital One abandoning their premium initiative. They have also recently reaffirmed access to Virgin lounges, while Amex has dropped out of at least a few notable ones. Could the fee increase? Sure, given the effective out of pocket fee is approaching zero currenty. Still, I don't see the basis for imminent concern about "jacked" fees or benefit changes that will materially alter the value proposition of the card.
Originally Posted by
eponymous_coward
I consider a card you don't actively market and have to do gyrations to get to "on life support". Whether Chase pulls the plug or not is yet to be determined.
Originally Posted by
dayone
The Chase Ritz-Carlton Rewards Card is healthy and profitable. Notice that it recently was granted the most generous guest benefit for the new Chase Sapphire Lounges.
Also remember, the card just got an enhanced annual free-night award with no change to the annual fee. Perhaps we could say Chase is
nursing this portfolio--keeping it relevant in hopes of another crack at marketing a premium Bonvoy card to new applicants. It's definitely not on
life support.