A Curious Conversation

You’re standing with your friends Val and Colin when a stranger approaches and shows you 16 cards:

A♥ Q♥ 4♥
J♠ 8♠ 7♠ 4♠ 3♠ 2♠
K♣ Q♣ 6♣ 5♣ 4♣
A♦ 5♦

He shuffles the cards, selects one, and tells Val the card’s value and Colin the card’s color. Then he asks, “Do you know which card I have?”

Val says, “I don’t know what the card is.”

Colin says, “I knew that you didn’t know.”

Val says, “I know the card now.”

Colin says, “I know it too.”

What is the card?

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