MCLEAN, Va., March 12, 2012 /PRNewswire via COMTEX/ --Capital One Financial Corporation (NYSE: COF) recently announced a bold new offer, launching the Venture "Double Miles Challenge" (www.capitaloneventure.com) which gives consumers who open a Capital One Venture Card the opportunity to earn double miles, up to 100,000, for every dollar they spent on a major travel rewards credit card in 2011. The limited time offer expires when Capital One reaches the one billion mile mark or May 1st, whichever comes first. The Double Miles Challenge follows last year's wildly successful Match My Miles campaign, which gave consumers the chance to match up to 100,000 miles they had in an airline credit card rewards program. The company gave out more than a billion miles to new Venture customers during this challenge.

(Photo: http://photos.prnewswire.com/prnh/20120312/NY68220 )

The Venture Double Miles Challenge has received rave reviews from media and travel industry experts. Ivan Daniel of DailyMarkets.com said, "This 100,000 miles giveaway is the biggest credit card signing bonus so far this year, so it is definitely a deal you don't want to miss." Tim Winship of FrequentFlier.com adds, "If you charged a lot last year, and you're in the market for a wallet-worthy Visa travel-rewards card, this offer is a winner. A 100,000-mile bonus is worth $1,000 toward travel expenses, with no blackout dates or capacity controls."

To receive the bonus double miles, consumers must be approved for a Venture card, then register for the challenge and provide a 2011 year-end summary for their current travel rewards credit card. New cardholders are eligible for the bonus miles when they spend $1,000 on their Venture Card within 90 days of approval. This promotion is available on a first-come, first-served basis.

"A number of rewards programs promise big but fail to deliver. We're so confident that Venture is a better rewards card that we're challenging consumers to experience firsthand what they've been missing with their single miles rewards credit card," said Mike Wassmer, Executive Vice President of US Card at Capital One. "Our goal is to help consumers realize why so many customers and experts are saying Venture is the best travel rewards card."

The Venture "Double Miles Challenge" is being promoted via an integrated marketing campaign including a national television advertisement featuring Alec Baldwin, who joins an army of Capital One Visigoths in a field and rallies them around the "double miles" offer to consumers.

The Venture card has been lauded as a top travel rewards card by publications like MONEY® Magazine, BusinessInsider, NerdWallet and Cardratings.com. Features of the card include:

• Earn double miles on every purchase, every day
• The flexibility to fly free on any airline, anytime, with no blackout dates or restrictions
• The ability to redeem miles for any travel purchase -- airline, hotel, rental car and more - before, during or after travel
• No foreign transaction fees - others charge up to 3% or more when the cardholders use their card to make purchases outside the United States
• No limitations on how many miles can be accumulated and no miles expirations
• Easy redemption as cardholders can simply make their travel purchase (by whatever means they prefer) using their Venture card, then call Capital One or go online to reimburse the charge with their miles. The cost of the transaction is refunded on the next statement
• Exclusive award-winning customer service
• Access to exclusive benefits, including preferred access to popular entertainment, sporting and dining events and special offers from leading hotels and retailers

To learn more about the Venture "Double Miles Challenge" promotion, visit www.capitaloneventure.com or Capital One's Facebook page, www.facebook.com/capitalone.

About Venture "Double Miles Challenge"

Capital One is giving away up to a billion miles to new Venture customers during the Venture 2012 "Double Miles Challenge." Capital One will offer consumers double miles, up to 100,000, for every dollar they spent on their travel card last year. This offer is first-come, first-served. The promotion will end when one billion miles have been claimed or on May 1st, 2012, whichever comes first. For more information go to www.capitaloneventure.com or call 1-800-955-7070.

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A. and Capital One Bank (USA), N. A., had $128.2 billion in deposits and $206.0 billion in total assets outstanding as of December 31, 2011. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients. Capital One, N.A. has approximately 1,000 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.

Contact: Sukhi Sahni
703.720.2390
sukhi.sahni@capitalone.com

SOURCE Capital One