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Capital One VentureSM and Gadling Launch
"Most Frustrated Traveler Contest"

October 25, 2010 at 9:31 AM EDT
Survey finds 74 percent of credit card holders have frustrations with their travel rewards credit cards

MCLEAN, Va., Oct 25, 2010 (BUSINESS WIRE) --

As travel frustrations continue to mount in the form of routine flight delays, excessive baggage fees and restrictions on earning and redeeming hard earned airline miles, travelers are tired of being treated like second class citizens. In order to shine the spotlight on this issue and help ease the myriad of frustrations travelers experience on a daily basis, Capital One Financial Corporation (NYSE: COF) today announced the Capital One Venture (www.capitaloneventure.com) "Most Frustrated Traveler" Sweepstakes in partnership with AOL's travel blog, Gadling (www.gadling.com), rated #1 by Technorati.

From October 25 through November 5, Gadling.com is inviting its readers to visit http://www.gadling.com/2010/10/25/are-you-americas-most-frustrated-traveler/ and submit a brief essay detailing their most frustrating travel moment. Five winners will be selected at random to win hassle-free trips and travel accessories. The grand prize winner will receive a free three day-two night trip for two to the destination of their choosing, including roundtrip airfare (within the continental United States). Second prize winner will receive a hassle-free travel essentials pack consisting of items such as a Garmin GPS and Bose noise cancelling headphones. Three runner-up winners will each receive a Marriott TravelCard to help rest and recuperate.

"What's cool about this Venture Card, is yes, they're offering you double miles, that's cool, no expiration date, no blackout periods, no cap on the number of miles you can earn," said travel expert Peter Greenberg on the Daily Buzz. "The miles you earn actually translate into real dollars that then go to spend to buy you a ticket. So you know when you get the card you're actually going to be able to redeem the miles for a real bonafide ticket cause obviously the airline is not going to deny you buying a ticket, and that's what it's all about."

In addition to increasing fees and restrictions that have become common place and often take the fun out of travel, the findings of a recent Capital One consumer survey confirm that travelers are also frustrated and dissatisfied with their current travel rewards programs. Travelers are looking for a solution that will not only simplify the redemption process but also eliminate the redemption games. Key findings of this survey include:

  • 74 percent of credit card holders have frustrations with their travel rewards credit cards
  • Of those who are frustrated, the aspects they are most dissatisfied with:
    • The amount of points/miles required to obtain an airline ticket (46 percent)
    • The number of points/miles they earn for each transaction on their card (31 percent)
    • Blackout dates (15 percent)

"Travel should be a fun, enjoyable, relaxing and rewarding experience, not something that is filled with stressful road blocks like blackout dates and restrictions," said Pam Girardo, spokesperson at Capital One. "Not only does Venture allow consumers to earn miles twice as fast, it also addresses key pain points associated with earning and redeeming the travel rewards you've earned."

Given key consumer benefits like its high earn rate easy redemption schedule, Venture has been recognized by Kiplinger as the 2010 Best Travel Rewards Card and by Money Magazine as 2010's Best Rewards card. With Venture 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. 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. 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.

"We're delighted to partner with Capital One Venture on the Most Frustrated Traveler contest," said Beth Caulfield, Editorial Director for AOL Travel. "Our readers look to Gadling for a range of tips to make travel easier and more rewarding -- from budget to first-class travel and everything in between. A rewards card that eliminates black-out dates and delivers double miles on all purchases is sure to be well received by travelers across the board."

Frustrated travelers can visit http://www.gadling.com/2010/10/25/are-you-americas-most-frustrated-traveler/ to share a story and commiserate with fellow travelers for a chance at a free, hassle-free trip and travel accessories from Capital One Venture. View sweepstakes updates at www.twitter.com/gadling and www.facebook.com/gadling. Official rules and guidelines are available at http://www.gadling.com/2010/10/25/rules-are-you-americas-most-frustrated-traveler/. For more information about the new Venture card visit www.capitaloneventure.com.

Note:Purchase APR: 11.9% - 15.9% variable. Cash Advance APR: 24.9% variable. All APRs in effect as of [10/22/2010]. Cash Advance Fee: greater of 3% or $10.Annual Fee: $59 after the first year. Minimum Finance Charge: $0.50.

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 $119.2 billion in deposits and $196.9 billion in total assets outstanding as of September 30, 2010. 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.

About Gadling.com

Gadling, written and edited by passionate travelers and writers, has long been rated the world's #1 travel blog by Technorati.com. Covering fun, interesting, and relevant travel, Gadling is the premiere source for everything from general travel news to highly specific travel tips, from budget travel to adventure travel -- and for everything in between. Gadling is part of the AOL network of sites.

SOURCE: Capital One Financial Corporation

Capital One Financial Corporation
Sukhi Sahni, 703-720-2390
sukhi.sahni@capitalone.com