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Pre-Paid Capital One Visa Buxx Card Presents Safe Alternative to Cash

October 31, 2000 at 8:25 AM EST

FALLS CHURCH, Va., Oct. 31 /PRNewswire/ -- Capital One launched the Capital One Visa Buxx card -- a reloadable, prepaid spending card for teenagers. Parents are able to monitor and control the amount of funds available on the card, and teens are able to use the card to make purchases anywhere Visa is accepted.

"The Capital One Visa Buxx card is a perfect solution for parents who want to make sure their teenagers have access to funds in a responsible, controllable vehicle," said Diana Sun, Capital One's Director of Consumer Affairs. "Because it's a prepaid card, spending is limited to the amount of money transferred to the card and, therefore, teen-agers will never over- extend themselves. The card is better than cash."

A Tool for Parents

Managed by parents, the Capital One Visa Buxx card works similarly to cash-not a credit card. Funds are loaded and spending is limited to the amount of money transferred to the card. Parents are able to load funds on a fixed schedule or as needed from a checking or savings account or from a debit or credit card. In addition to controlling the amount of funds available, parents can also monitor where the funds are being used. Every purchase is listed on the teen's online account statement-which is accessible to both the parents and the teen.

Also available on the Capital One Visa Buxx website is a parent- administered financial skills assessment test for teens. The skills assessment focuses on understanding finances and includes lessons on budgeting, savings, interest, and credit history. Capital One also has other financial education resources-titled Credit 101-available to parents and teens on its website http://www.CapitalOne.com.

Applications are available at cap1visabuxx.com.

The Capital One Visa Buxx stored value card will be powered by WildCard Systems. WildCard Systems is providing an end-to-end technology and services solution by collaborating with Capital One on the Capital One Visa Buxx web site, hosting the e-transaction platform, and providing ongoing cardholder support services.

Headquartered in Falls Church, 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. Capital One's subsidiaries collectively had 29.4 million accounts and $24.2 billion in managed loans outstanding as of September 30, 2000. Capital One is one of the major financial service providers on the Internet, with online account decisioning, real-time account numbering, online retail deposits and a growing number of customers serviced online. Capital One is a FORTUNE 500 company that 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: Diana Don of Capital One, 703-205-1165, or diana.don@capitalone.com/