"I know what card it is now"

Valentino and Leonardo know that the following 16 cards in inside the drawer:

Heart: A, Q, 4
Spade: J, 8, 4, 2, 7, 3
Club: K, Q, 5, 4, 6
Diamond: A, 5

Elizabeth randomly picks a card from the drawer. She thens tell Valentino the rank and Leonardo the suit of the card.

Valentino: "I don't know what card it is."
Leonardo: "I know you don't know what card it is."
Valentino: "I know what card it is now."
Leonardo: "I also know now."

What card did Elizabeth pick?