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New Capital One(R) Rewards Card Provides Cash Back, No Hassles

February 27, 2007 at 7:01 AM EST

No Minimum Spending Requirements, No Expirations and No Earn Caps Top List of Features

MCLEAN, Va.--(BUSINESS WIRE)--Feb. 27, 2007--Building on its "No Hassle Rewards" portfolio of products, Capital One(R) (NYSE:COF) today announced the newest member of its credit card family -- the No Hassle Cash(TM) Rewards credit card with none of the usual restrictions. The No Hassle Cash Rewards card offers cash back on purchases without the complicated requirements, confusing language and frustrating expiration periods of other cash back rewards programs.

Capital One No Hassle Cash Rewards customers earn one percent cash back on all purchases everywhere, starting the day an account is opened, plus a 25 percent annual bonus on the total cash back earned. Period. The Capital One No Hassle Cash Rewards card has no rewards expiration date, no minimum cash redemption levels, no limit to earning amounts, no spending minimums, and customers can redeem for cash, statement credit, or gift card at any time.

"Cash rewards programs have become increasingly complex, and many consumers aren't aware of the limitations of their current cash rewards card," said spokesperson Pam Girardo. "Unlike other cash rewards cards that have varying earn rates, minimum spend requirements and reward expiration periods, this No Hassle Cash program has none of those restrictions."

Consumer Survey

According to a survey released this week, 91 percent of credit cardholders feel it is important to closely read the fine print of credit card offers, yet nearly 40 percent didn't know that many cash reward programs limit the number of rewards earned, and more than 30 percent of respondents didn't realize that their cash back rewards could expire -- two common restrictions of cash rewards programs.

    Capital One No Hassle Cash Rewards Key Features:

    --  Earn 1% on all purchases from day one, everywhere, with no
        spending minimums

    --  Earn annual bonus -- 25% of rewards earned

    --  No limit to the amount of cash back you can earn

    --  Cash rewards never expire

    --  No minimum redemption levels for cash

    --  Cash rewards can be redeemed via check, statement credit, or
        gift card

    --  Customers receive cash back when they choose

To apply for a Capital One No Hassle Cash Rewards card, customers can log on to www.capitalone.com.

Survey Methodology

Survey conducted among 1,013 adults across the United States the weekend of February 9, 2007, by ICR of Media, PA. For a survey of this size, the sampling error is +/- 3 percent at the 95 percent confidence level.

About Capital One

Headquartered in McLean, Virginia, Capital One Financial Corporation (www.capitalone.com) is a financial holding company with more than 700 locations in New York, New Jersey, Connecticut, Texas and Louisiana that offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients. Its principal subsidiaries, Capital One Bank, Capital One, F.S.B., Capital One Auto Finance, Inc., Capital One, N.A., and North Fork Bank collectively had $85.8 billion in deposits and $146.2 billion in managed loans outstanding as of December 31, 2006. 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.

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

SOURCE:
Capital One Financial Corporation