New Credit Card Ups the Ante in Rewards ProgramsMCLEAN, Va., Mar 15, 2010 (BUSINESS WIRE) -- Capital One Financial Corporation (NYSE: COF) today announced the launch of Venturesm (www.capitaloneventure.com), a premium travel rewards credit card offering double miles on every purchase, without the restrictions commonly found in rewards programs. There are no limits on when, where or how you earn double miles, no retailer specifications or spending categories, no separate rewards enrollment or re-enrollment requirements, and no limit on the number of miles cardholders can accumulate. What's more, cardholders enjoy easy redemption by booking on any airline at any time, with no blackout dates, no advance booking required, and no expiration. Rewards can be redeemed for any travel related expense, such as airline, hotel, cruise line and rental car transactions. And of course, as with all other Capital One cards, there are no foreign transaction fees.

"Not only does Venture allow consumers to earn miles twice as fast, it also addresses key consumer pain points associated with earning and redeeming rewards," said Pam Girardo, spokesperson at Capital One. "Consumers are tired of restrictions that limit how they earn their miles and frustrated with redemption roadblocks like blackout dates and expirations that make it challenging for them to take advantage of the rewards they've earned."

"Capital One has raised the bar with the release of the Venture Card. Their claim of offering no-hassle products is indeed more than just a tag line. Venture is one of the simplest rewards cards that I have ever reviewed in my 10 years at CardRatings.com," said Curtis Arnold, founder, CardRatings.com. "I love the simplicity, but I equally love the earn rate. In an era when many card issuers are cutting back their rewards programs, double miles on all purchases is definitely a way to buck the trend in a big way."

Venture cardholders enjoy maximum flexibility when redeeming rewards. Customers simply make their travel purchase (by whatever means they prefer) using their Capital One Venture Card, then call Capital One or go online to reimburse the charge with miles. The cost of the transaction is refunded on the next statement. A simple formula makes it easy to determine how many miles are needed to redeem rewards: cardholders multiply the cost of the purchase by 100 (just add two zeros to the cost).

Features of the Venture card include:

• Earn 2 miles per dollar on all net purchases, every day
• Rewards don't expire; no limit on how many miles you can accumulate; no special spending categories; no separate rewards enrollment requirements
• No foreign transaction fees
• Get 10,000 bonus miles when you spend $1,000 in the first three months
• Fly free on any airline, any time, with no blackout dates
• Redeem for any travel purchase (air fare, hotel room, rental car, etc.)
• Simple redemption schedule: multiply the travel purchase by 100 (simply add two zeros to the cost) and trade in that number of miles to pay for it
• Exclusive customer service
• Access to exclusive benefits, including preferred access to popular entertainment, sporting and dining events and special offers from leading hotels and retailers

"With market-leading features, Venture reflects Capital One's commitment to the rewards segment," said Girardo. "The combination of a high earn rate, a no hassle redemption process and enhanced customer service proves we've upped our rewards game across all dimensions."

For more information about the new Venture card, or any of Capital One's products, visit www.capitaloneventure.com.

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 $115.8 billion in deposits and $212.0 billion in total managed assets outstanding as of December 31, 2009. 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.

SOURCE: Capital One Financial Corporation

Capital One Financial Corporation
Pam Girardo, 703-720-2351
pam.girardo@capitalone.com