Go Miles Offers More Flexibility and More Reward Options With Fewer

Restrictions - Especially for Consumers Who Like to 'Do It Themselves'

MCLEAN, Va., Jan. 13 /PRNewswire-FirstCall/ -- A new airline travel credit card from Capital One Financial Corporation (NYSE: COF), Go Miles, offers travelers unparalleled flexibility to use the miles they earn when and how they want. Cardholders can shop for low fares and convenient itineraries on any airline; use the Capital One Go Miles card to pay for the ticket; and Capital One will reimburse the cardholder's account in exchange for previously earned miles.

"The miles consumers spend using this card are directly tied to the ticket price -- not to set mileage plateaus -- so less expensive tickets require fewer miles to be redeemed," explained Diana Don, spokesperson at Capital One. "We're delivering No Hassle Rewards by combining flexibility with an easy to use plan. This allows us to offer our consumers real value in return for their loyalty."

    Go Miles Advantages:
    * No blackout dates
    * Fly on any airline, anytime
    * Buy tickets anywhere -- from a travel agent, online or directly from the
      airline
    * Earn up to 5,000 bonus miles for transferring balances
    * Reward options include airline tickets, merchandise, cash back and more
    * $19 annual membership fee
    * Low 9.9% Fixed APR on all purchases and transferred balances, 19.8% on
      cash advances

"Go Miles is ideal for consumers who shop around for the best price on airline tickets," said Don. "With Go Miles the cardholder can find the least expensive ticket for their trip and then use miles to pay for it, often under the mileage redemption levels offered by other reward programs."

About Capital One

Headquartered in McLean, 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 and Capital One Auto Finance, Inc., which offers auto loan products. Capital One's subsidiaries collectively had 46.4 million managed accounts and $67.3 billion in managed loans outstanding as of September 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 Financial Corporation
CONTACT: Libby Holman, +1-202-778-1028, or lholman@apcoworldwide.com,
for Capital One Financial Corporation
Web site: http://www.capitalone.com
(COF)