[Tex/LaTex] Automatically set Figure captions to Bold Italics

Question

I wanted to be able to set the figure captions descriptions to bold Italics. I am using the command \usepackage[font={color=blue,bf},figurename=Fig.]{caption} in the preamble to set the figure name to blue and bold. I wanted to know how to append the preamble code to get the figure description to show up red bold italics (in this example Test 1 and Test 2 to show up red bold italics). Thanks.

Here is the code (stolen from here):

\documentclass{article}
\usepackage{mwe}
\usepackage{xcolor}
\usepackage[justification=centering]{subcaption}

\usepackage[font={color=blue,bf},figurename=Fig.]{caption}

\begin{document}
    \begin{figure}[t]
\caption{Test 1}
\label{fig:test1}
    \begin{subfigure}{0.45\columnwidth}
    \centering
\includegraphics[width=\linewidth]{example-image-a}%
\caption{}
    \label{fig:test11}
    \end{subfigure}
\hfill
    \begin{subfigure}{0.45\columnwidth}
    \centering
\includegraphics[width=\linewidth]{example-image-b}%
    \caption{}
\label{fig:test12}
    \end{subfigure}

{\footnotesize Source: Here comes the figures description.}
\end{figure}

\begin{figure}[!h]
    \centering
\caption{Test 2}
\label{fig:test2}
\includegraphics[width=0.6\columnwidth]{example-image-c}

\begin{minipage}{\linewidth}\footnotesize
Source: Here comes the figures description.
\end{minipage}
\end{figure}

Figures \ref{fig:test1} is composed of \ref{fig:test11} e \ref{fig:test12}.
Figure \ref{fig:test2} is an ordinary include entry.
\end{document} 

Answer 1

This should work:

\captionsetup{labelfont={color=red,bf,it}}