NEW YORK--(BUSINESS WIRE)--Mar. 11, 2009-- Today, Capital One Bank, N.A., introduced a free checking account that offers rewards miles for normal, day-to-day business banking transactions and then allows small business owners to combine those miles with those earned on their personal Capital One accounts.

The new Capital One Bank Small Business Rewards Checking product also offers rewards miles for first-time debit card usage and unlimited debit rewards, enabling small business owners to earn rewards miles faster than ever before.

“Today's economic realities demand that business owners make the most of every dollar to run a successful business," said Bob Kottler, Small Business Executive Vice President for Capital One Bank. "Capital One Bank is helping businesses by taking the rewards concept to a higher level. For the first time, thanks to Capital One Small Business Rewards Checking, business owners can combine their rewards miles from business and personal accounts. That's providing greater value for business owners at a time when they need it the most."

With this new product, small businesses earn rewards miles automatically for everyday business transactions, including writing a check, making a debit card purchase or paying a bill online. Those rewards miles can then be transferred and combined with rewards miles earned on Consumer Rewards Checking, and Small Business and Consumer Rewards credit cards accounts in order to earn more rewards faster.

“Capital One Bank has always been committed to providing best-in-class service and products for our customers,” said Kottler. “Small Business Rewards Checking is another example of how we consistently look to enhance the experience and service we provide to our customers.”

The Small Business Rewards Checking account is free; the product has no monthly service fees and no minimum balance requirements. It offers free online banking and bill pay and rewards are redeemable not only for travel and merchandise, but also for cash back, gift cards or even charitable donations.

Business owners can earn automatic rewards for everyday business transactions including:

• 20 miles for each online bill pay or pre-authorized payment (up to 200 miles/mo.).
• 20 miles for every debit card purchase.
• 10 miles for each check or account withdrawal (up to 100 miles/mo.).

Plus, easy to earn BONUS rewards:

• 1,000 miles upon opening their account.
• 1,000 miles for the first debit card transaction.
• An anniversary bonus of 1,000 miles.
• 5,000 miles for opening a personal Rewards Checking account and signing up for direct deposit.

Other facts about Capital One Small Business Rewards Checking:

• Earn rewards automatically for everyday business banking activities.
• Redeem miles for cash, travel, merchandise, gift cards and more.
• Transfer and combine rewards between personal and business Capital One accounts, including credit cards.
• Manage, track and redeem rewards easily online, 24/7 at www.capitalone.com/nohasslerewards.
• Miles do not expire for the life of the account, provided the account is open and in good standing.

To open a Small Business Rewards Checking account or for more information, call 1-888-755-2265 or visit www.capitalonebank.com/businessrewards.

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., collectively had $109 billion in deposits and $210 billion in total managed assets as of December 31, 2008. In addition, Capital One's newly acquired subsidiary, Chevy Chase Bank, F.S.B., had more than $16 billion in assets and $13 billion in deposits as of December 31, 2008. 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. and Chevy Chase Bank, F.S.B. have 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.

Capital One offers a range of products to meet small business needs, including small business credit cards, business money market accounts and payroll services. As the one of the largest issuers of small business Visa credit cards, Capital One provides specialized support designed to make it easier for small business customers to manage their finances so that they can focus on what's important to them. Capital One small business products are available via direct mail, capitalone.com, phone (800-926-1000) and fax.

Source: Capital One Financial Corporation

Capital One Financial Corporation
Steven Thorpe, 504-533-2753
Steven.thorpe@capitalonebank.com