New Credit Card Supports Local Red Cross Chapters With Each Purchase

WASHINGTON, and FALLS CHURCH, Va., Dec. 10 /PRNewswire-FirstCall/ -- Capital One and the American Red Cross today announced the launch of a new affinity credit card program to benefit the Red Cross. The Capital One American Red Cross MasterCard provides cardholders with an innovative way to support life-saving activities in their community. Capital One American Red Cross MasterCard cardholders' local chapter will receive one-half percent of every purchase made by the cardholder and initial balances transferred to the card (up to $10,000).

A primary feature of the program is its "spend globally, help locally" philosophy -- no matter where the Capital One American Red Cross card is used, the donation goes to the cardholder's local chapter. The chapters will use the funds to support their local efforts, including disaster relief. With nearly 1,000 chapters nationwide, this program can help provide additional support to vital Red Cross services across the country.

"The credit card program was founded on the premise that contributions raised in one's community should stay in that community," summarized Marsha Johnson Evans, American Red Cross president and CEO.

Nigel Morris, president and chief operating officer at Capital One, also announced that Capital One donated $1 million to the Red Cross to kick off the Capital One American Red Cross MasterCard program. "Together, Capital One and the American Red Cross created a card that meets both a consumer's need for superior value and desire to give back to their local community," Morris said.

The card is available to consumers across the credit spectrum. Consumers can choose from one of three designs for their card: a simple "Red Cross Platinum" card with both organizations' logos; a "Proud Volunteer" card with a Red Cross pin in front of an American flag; or the "Commitment to Caring" card with different images representing the vital work the Red Cross carries out in communities every day. For those consumers who qualify, the card features no annual or balance transfer fees, 0.9% introductory APR until June 2003 and a 9.9% fixed APR after that date.

For more information about the Capital One American Red Cross MasterCard, consumers can visit http://www.redcross.org or call 1-866-297-4610.

About the American Red Cross

The American Red Cross is dedicated to saving lives, easing suffering and restoring hope at home and around the world. The Red Cross annually mobilizes relief to the victims of more than 67,000 disasters nationwide and has been the primary supplier of lifesaving blood and blood products in the United States for more than 50 years. Last year, the Red Cross also trained almost 12 million people in vital lifesaving skills and delivered more than 21 million locally relevant community services. The organization also assisted international disaster and conflict victims in close to 40 locations around the globe, and its emergency communication centers processed 1.2 million calls in support of U.S. military families.

About Capital One

Headquartered in Falls Church, Virginia, Capital One Financial Corporation (NYSE: COF) is a holding company whose principal subsidiaries, Capital One Bank and Capital One, F.S.B., offer consumer lending products. Capital One's subsidiaries are among the largest providers of MasterCard and Visa credit cards in the world. Capital One is dedicated to sharing their success with the communities in which they operate. They have built long-term, collaborative alliances with agencies that are dedicated to revitalizing communities and helping youths at-risk. Capital One offers leadership grants to non-profit organizations, volunteer community outreach programs, donations to help underprivileged children, and other corporate charitable giving.

SOURCE Capital One; American Red Cross

-0- 12/10/2002

CONTACT: Larry Rockwell of American Red Cross, +1-703-206-8811; or Pam Girardo of Capital One, +1-703-205-1136