Capital One Wants to Woo the Rich Without Being Snobby About It

Capital One Financial Corp. has for decades extended credit to the kinds of borrowers that other banks deemed too risky, only to watch some of those same customers—now equipped with improved credit scores—move on to more plush, exclusive pastures.

Even Lia Dean, Capital One’s president of banking and premium products, couldn’t blame them. “What we heard from customers is, well, that’s great, but I want to go to a lounge,” she said. “I might want my breakfast included, or to go to the spa or get a late checkout. There’s other benefits that, you know, are available in the market, and we ...