Credit Card Rewards Redeemable for Any Travel Related ExpenseMCLEAN, Va., Dec 01, 2008 (BUSINESS WIRE) -- Today Capital One Financial Corporation (NYSE:COF) announced the launch of a new No Hassle Rewards Card that offers double miles and maximum travel flexibility. Cardholders earn two miles for each dollar of monthly spending above $1,000 and one mile per dollar spent on all other purchases. Rewards can be redeemed for any travel related expense, including things like airline, hotel, cruise line and rental car transactions. Consistent with all Capital One rewards cards, there's no limit to how many miles customers can accumulate and rewards don't expire.

"We're upping the rewards ante," said Pam Girardo, spokesperson at Capital One. "We know consumers want to earn rewards faster, and they want an easy redemption process without restrictions. This card answers the call by offering double miles and ultimate travel flexibility on how, when, where or what they purchase."

The No Hassle Rewards card allows consumers to travel free without restrictions. Customers simply book their travel (by whatever means they prefer) using their Capital One No Hassle Rewards Card, then call Capital One (or go to www.capitalone.com/creditcards) to reimburse the charge with miles. The cost of the transaction is refunded on the next statement. The number of rewards required is based on price. Simply add two zeros to the price of your travel purchase, then trade in that number of miles to pay for it ($180 plane ticket = 18,000 miles; $100 hotel room = 10,000 miles).

"Consumers have different travel preferences, and we're proud to offer more choices to suit their needs," said Girardo. "With this card, an entire trip can be free, not just the flight."

The new Capital One No Hassle Rewards Card features include:

-- Two reward miles for every dollar spent for monthly purchases above $1,000 and one mile per dollar spent on all other purchases.

-- Ability to book travel with any airline, hotel, cruise line or rental car provider, at any time, and have the freedom to book travel anyway they choose (travel agent, web site, airline, etc.). In addition to travel, miles can be redeemed for cash, merchandise, gift cards and charitable donations.

-- No blackout dates, no seat restrictions, no rewards expiry and no limit to the amount of rewards you can earn.

-- No annual fee.

-- Introductory purchase rate is 0% APR until October 2009, after which it becomes 9.9% variable.

-- Make a card that's uniquely yours by customizing the card with the image or photo of your choice.

This new product adds to the existing No Hassle Rewards portfolio from Capital One, which includes a variety of cards emphasizing features such as cashback, gas and grocery, points and travel. Consumers also can custom build their own rewards card with features that suit their needs in the Capital One Card Lab at www.capitalone.com/cardlab.

For more information about the new No Hassle Rewards Card, visit www.capitalone.com/creditcards.

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries collectively had $98.9 billion in deposits and $147.3 billion in managed loans outstanding as of September 30, 2008. Headquartered in McLean, VA, Capital One has 739 locations primarily in New York, New Jersey, Texas, and Louisiana. It is a diversified bank whose principal subsidiaries, Capital One, N.A. and Capital One Bank (USA), N. A., offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients.

SOURCE: Capital One Financial Corporation

Capital One Financial Corporation 
Pam Girardo 703.720.2351 
Pam.girardo@capitalone.com