Capital One Raises Marketing Budget in Bid To Grow U.S. Card Business
Posted in: UncategorizedCapital One will boost its marketing budget this year in an effort to drive growth in its domestic card business and other areas. The move follows a double-digit rise in marketing expenses during the fourth quarter of 2014.
The Virginia-based company’s marketing spend jumped 19% year-over-year to $509 million during the quarter, and rose 14% to $1.56 billion for the year, according to its earnings release. Last year, Capital One upped its marketing spend by 9% during the fourth quarter.
The higher spend was spurred by “growth opportunities,” said Richard Fairbank, chairman-CEO at Capital One, on a conference call with analysts. He did not provide specific examples.
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