Purpose: The aim of this paper is to evaluate the success of a value proposition over time, considering two aspects: customer’s perceived value and value capture. Research Design: The survey was conducted in a Brazilian retail credit card issuer, originally of the “private label” type, that changed to a co-branded operation. Aside from the research on customer’s perceived value, a survey was performed on the actual transactions made by cardholders in order to measure value captures, before and after the credit card offering change. Findings: The results confirmed that changes in value proposition, from private label to co-branded credit card, have a positive impact in customers’ perceived value and in company’s value capture. One year after the credit card service changed, there was an increase on both perceived value, considering all the variables involved, such as quality, price and benefit; and value capture, measured by the amounts spent by customers, number of transactions completed and credit limit usage. Research limitations/implications: There might be a selection bias since we sent the questionnaire via email, reaching only those respondents who had access to and opened the email. These respondents may be (and probably are) different from other users (e.g., older, less educated, etc. credit card holders). Therefore, for future research we suggest a new study with a more democratic instrument. It is also noteworthy that this study was not concerned with an understanding of all the process of value capture, other factors than the considered here can influence the company’s value capture. Practical implications: No matter how good the company’s understanding of its customer basis is, it can never be sure beforehand of the impact of such actions on customer perceptions, i.e. whether the new value proposition will be perceived as attractive enough to allow for actual value capture. Originality: The originality of this study lies in how it evaluates a change in value proposition through the impact on customers’ perceived value and value capture. Previous works have measured usage patterns and perceptions, but all of them are focused on actual patterns and perceptions among existing credit cardholders

目的：本文的目的是评估价值主张随时间的成功，同时考虑两个方面：客户的感知价值和价值获取。研究设计：该调查是在巴西零售信用卡发行商中进行的，该发行商最初是“私人标签”类型的，后来改为联合品牌运营。除了研究客户的感知价值外，还对持卡人进行的实际交易进行了调查，以衡量在更改信用卡提供之前和之后的价值获取情况。 发现：结果证实，从私人商标到联名信用卡的价值主张变化对客户的感知价值和公司的价值获取都具有积极影响。信用卡服务变更一年后，考虑到所有涉及的变量，例如质量，价格和收益，两者的感知价值都增加了；和价值获取，以客户花费的金额，已完成的交易数量和信用额度使用情况为衡量标准。 研究局限/意义：由于我们是通过电子邮件发送调查问卷的，所以可能会有选择偏见，仅覆盖那些有权访问并打开电子邮件的受访者。这些受访者可能与其他用户（例如年龄较大，文化程度较低等信用卡持有人）不同（并且可能与其他用户不同）。因此，对于以后的研究，我们建议采用更民主的手段进行一项新的研究。还值得注意的是，本研究并不涉及对价值获取的所有过程的理解，这里考虑的其他因素可能会影响公司的价值获取。 实际影响：无论公司对客户基础的理解有多好，都无法事先确定此类行为对客户认知的影响，即，新的价值主张是否会被认为足以吸引实际价值。 独创性：这项研究的独创性在于它如何通过对客户感知价值和价值获取的影响来评估价值主张的变化。以前的作品已经测量了使用模式和感知，但是所有这些都集中在现有信用卡持卡人的实际模式和感知上。