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Capital One and iWon.com(SM) to Launch Credit Card

July 17, 2000 at 11:52 AM EDT

FALLS CHURCH, Va. and IRVINGTON, N.Y., July 17 /PRNewswire/ -- Capital One and iWon.com(SM) announced today they have signed a partnership deal to offer credit cards to iWon.com users. The program, scheduled to launch later this summer, will enable iWon(SM) cardholders to earn 50 entries per transaction (up to 500 per month) into iWon.com's monthly $1 million sweepstakes and annual $10 million sweepstakes.

"As one of the stickiest sites on the Internet, iWon is constantly looking for ways to reward users. This partnership allows iWon to take the incredibly successful on-line loyalty program that we have created and bring it off-line with the iWon-Capital One credit card," said Bill Daugherty, Founder and coCEO of iWon. "We are confident that our users will be excited -- this is one more way that iWon users will be rewarded for what they are doing anyway."

"We're taking rewards-based marketing one step further," said Nigel Morris, Capital One's President and Chief Operating Officer. "Not only will iWon.com cardholders receive the competitive rates and tailored products that are our hallmark, but transactions on the card will also earn entries in monthly $1 million and annual $10 million drawings in the iWon sweepstakes. It's a win-win for everyone."

Headquartered in Falls Church, Virginia, Capital One Financial Corporation (www.CapitalOne.com) is a holding company whose principal subsidiaries, Capital One Bank and Capital One, F.S.B., offer consumer lending products. Capital One's subsidiaries collectively had 27.1 million accounts and $21.9 billion in managed loans outstanding as of June 30, 2000. Capital One is one of the major financial service providers on the Internet, with online account decisioning, real-time account numbering, online retail deposits and a growing number of customers serviced online. Capital One is a FORTUNE 500 company that trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 500 index. Capital One was named "Card Marketer of the Year" by Card Marketing magazine (March 2000) and also ranked by Business Week as one of the Top 50 Best Performers of the S&P 500 Index (March 27, 2000).

Launched 10 months ago, iWon currently attracts one out of every nine people who visit the Web from work, and one out of every 10 people who visit the web from home (Media Metrix, May). iWon is also ranked #1 in user satisfaction among the leading search engines and portal sites (NPD Search and Portal Tracking Study). iWon.com provides users with world-class content and functionality with leading partners such as Associated Press, CBS, Inktomi, the Industry Standard, CBS MarketWatch, RealNames, Reuters, TheStreet.com, Travelocity, and WeatherNews Inc.

As an added incentive, iWon gives away to users, $10,000 every day, 30 prizes of $1,000 every week, $1 million every month and $10 million on Tax Day. By simply using the site to search the Web, check email, go shopping, read the news, or perform other regular Internet activities, iWon.com users earn entries with practically every click. To date iWon has given away more than $22 million in cash prizes. For details and official rules, visit www.iwon.com.

iWon(SM), iWon.com(SM), and why wouldn't you?(SM) are service marks of iWon, Inc. All rights reserved. SOURCE Capital One Financial Corporation

CONTACT: Dana Cilluffo of Capital One, 703-289-6811, or dana.cilluffo@capitalone.com; or Erica Bates of iWon.com, 914-826-2065, or ebates@iwon.staffcorn/