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New Capital One Rewards Money Market Account Offers Competitive Interest Rate and Rewards

September 12, 2007 at 9:29 AM EDT

Consumers get rewarded for saving, rather than spending

MCLEAN, Va.--(BUSINESS WIRE)--Sept. 12, 2007--Capital One is introducing the first-ever money market account to offer consumer rewards miles every month based on a savings balance. The new "Capital One Rewards Money Market" account has a competitive interest rate currently at 4.65 percent Annual Percentage Yield (APY), and customers earn one mile for every $20 of average balance per month, including interest. Plus consumers can enjoy the same 'no hassle' rewards benefits Capital One has offered for years, including no blackout dates, no seat restrictions, no advance booking or Saturday night stay requirements, and flights on any airline.

A recent survey of American travelers found that a majority (59 percent) save for as much as one year to afford a vacation. The survey also found that the majority (56 percent) of travelers experience frustrations redeeming points for free airline tickets, with the top frustration being the number of points required for free travel, followed by frustration with blackout dates. By depositing money into a Capital One Rewards Money Market account, travelers are earning a competitive interest rate and reward miles - to help them save for their dream vacation even faster.

Rudy Maxa, host of public television's "Smart Travels with Rudy Maxa" series and one of America's premier consumer travel experts, offers tips and advice for consumers looking for good travel deals. "Travelers are always saving money for their next big vacation, so it just makes sense for them to be earning reward miles while they save," said Maxa. "Even better, Capital One's Rewards Money Market account provides rewards without blackout dates or expiring miles to worry about - so rewards are more convenient and easier to use."

    Capital One Rewards Money Market Account

    --  Offers a competitive interest rate, currently variable 4.65
        percent APY

    --  No minimum balance requirements, no maintenance fees, and only
        $1 to open

    --  Easy access through online transfers to and from your existing
        bank accounts, free checks (up to six transactions a month,
        three of which may be by check) and an ATM card

    --  FDIC insured

    --  Customers earn one mile for every $20 of average balance in
        the account per month (including interest)

    --  Customers can earn 2,500 bonus miles by depositing $500 or
        more in the first month

    --  Rewards can be redeemed for airline miles, cash or merchandise

    --  No blackout dates, no miles limit, miles never expire for the
        life of the account

"For years consumers have been able to earn rewards based on how much they spend, and now Capital One is rewarding them for how much they save," says Pam Girardo, spokesperson for Capital One Direct Banking. "We see the Capital One Rewards Money Market as a natural extension of our rewards program, and a way to drive higher balances and greater loyalty."

For more information about the Capital One Rewards Money Market account, please visit www.capitalone.com/directbanking or call 1-800-810-4013.

Survey Methodology:

The findings reported in this release are from a telephone survey conducted by the opinion research firm, ICR of Media, PA. The survey was sponsored by Capital One. ICR completed 1008 interviews with adults 18 or older nationwide. The interviews were conducted between August 22 and August 26, 2007. The margin of error for this study is +/- three percent at 95 percent level of confidence.

About Capital One

Headquartered in McLean, Virginia, Capital One Financial Corporation (www.capitalone.com) is a financial holding company, with 725 locations in New York, New Jersey, Connecticut, Texas and Louisiana. Its principal subsidiaries, Capital One Bank, Capital One Auto Finance, Inc., and Capital One, N.A., offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients. Capital One's subsidiaries collectively had $85.7 billion in deposits and $144.2 billion in managed loans outstanding as of June 30, 2007. Capital One, a Fortune 500 company, trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index. Capital One Direct Banking offers great rates on high yield money market accounts, certificates of deposit and business money market accounts nationwide. Customers enjoy convenient and secure access to their accounts and our service representatives via online, phone or mail channels.

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

SOURCE: Capital One Financial Corporation