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Capital One Milesone Rewards Card Takes Off to New Places; Revamped Rewards Program Offers Added Freedom, Flexibility With No Annual Fee

April 28, 2003 at 9:31 AM EDT

MCLEAN, Va., April 28 /PRNewswire-FirstCall/ -- At Capital One, rewards cards can take you further than just an international flight. Capital One's MilesOne Rewards card, initiated in 1998 and recognized as one of the best in class products, has been revamped. In addition to earning miles for airline travel, consumers now have a choice of redeeming miles for one percent cash- back, the latest electronics and merchandise, gift certificates at select merchants or donations to a favorite charitable organization -- all at some of the best rates in the industry. For those consumers who qualify, the card features no annual membership fee or balance transfer fees, zero percent introductory rate for six months and a 8.9 percent fixed APR after that period.

"Rewards cards are a great way to earn miles toward travel, but today's consumers want their hard-earned miles to do more," said Diana Don of Capital One. "So for consumers who may not want to be flying, our new MilesOne card combines the ease of earning points with the freedom to earmark those points to suit one's needs -- from using miles for cash to shopping."

    Capital One's MilesOne Rewards card now includes the following options:
     -- Travel: Unlike many airline-based rewards cards, miles are redeemable
        on any U.S.-based airline -- with no blackout dates or seat
     -- Cash Back: Earn one-percent cash back for miles.
     -- Merchandise: Redeem miles for the latest electronics and other
     -- Gift Certificates: Redeem miles for gift certificates from preferred
        merchants such as Banana Republic, Bloomingdales and J. Crew.
     -- Charity Donations: Donate miles to the American Society for the
        Prevention of Cruelty to Animals (ASPCA); Habitat for Humanity;
        Christian Children's Fund; United States fund for UNICEF; Compassion
        International Incorporated; National Multiple Sclerosis; or St. Jude's
        Children's Research Hospital.

Cardholders can check their miles/points balance, review pending rewards, and redeem or donate miles online at As always, MilesOne's cardholders enjoy exclusive travel benefits such as concierge and travel assistance services.

First introduced in 1998, MilesOne has received praise for being one of the lowest-cost rewards program. Consumers can apply for the MilesOne Rewards card online at or through a direct mail solicitation.

About Capital One

Headquartered in McLean, 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 collectively had 46.4 million customers and $59.2 billion in managed loans outstanding as of March 31, 2003. Capital One, a Fortune 500 company, is one of the largest providers of MasterCard and Visa credit cards in the world. Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 500 index.

SOURCE Capital One -0- 04/28/2003 /CONTACT: Diana Don, of Capital One +1-703-720-2371, / /Web Site: / (COF)