Until now, the credit-card company has used a single retained agency, WWAV Rapp Collins, to handle its direct marketing, but it now plans to appoint a roster of shops to work on individual pieces of business on a project basis.
Capital One, one of the UK's largest direct marketing advertisers, has approached several undisclosed agencies to pitch for a place on the roster.
The review process is being handled by Capital One's in-house marketing team.
The incumbent, WWAV, will retain a place on the roster without having to pitch.
Justin Basini, the head of UK marketing at Capital One, said: "To reflect a change in our marketing strategy, Capital One is switching from a single retained direct marketing agency to a preferred-supplier approach."