Breadcrumb

Home Page > About Capital One > Investor Relations > Shopping for the Person with Everything? Charitable Donations Make a Perfect Gift

Release Details

Shopping for the Person with Everything? Charitable Donations Make a Perfect Gift

November 19, 2008 at 9:32 AM EST
New Web Site from Capital One Lets Consumers Donate Funds or Rewards to Charity, without Transaction Costs
MCLEAN, Va., Nov 19, 2008 (BUSINESS WIRE) -- With the holidays just around the corner, Americans soon will be making wish lists and shopping for loved ones. For those who are struggling to come up with gift ideas for colleagues, friends, family members or the person who seems to have everything, donating to a charity in the name of a loved one can be a great gift option. This Fall, Capital One Financial Corporation (NYSE:COF) launched the No Hassle Giving Site (www.capitalone.com/give) that allows Capital One cardholders to research, select, and donate to the cause of their choice. And just in time for the holiday season, cardholders now can donate their rewards for a meaningful gift that's easy on the wallet.

As the economy triggers a decline in charitable donations, the gift of giving can mean more than ever. The No Hassle Giving Site can help shoppers identify the right charity for anyone on their gift list. Through a partnership with the non-profit Network for Good, the No Hassle Giving Site offers a comprehensive database of more than one million verified U.S. non-profit organizations as provided by GuideStar, the leading source of information on U.S. non-profit organizations. Cardholders can search for a cause by topic, charity or zip code. The site has a downloadable holiday card that consumers can print and give to commemorate the donation.

"Making a donation in someone's name to a favorite cause can be a terrific alternative to traditional gifts," said Capital One spokesperson Pam Girardo. "People are always looking for the 'perfect gift' for everyone on their holiday list. A charitable donation is a great option because it's something that will truly be put to good use, especially in today's tough economy when so many people are in need. The No Hassle Giving Site makes it easy to give a meaningful and personal gift by choosing a cause that's special to you or someone on your list while letting you donate online the way that you want--one-time only or a recurring donation."

As Americans increasingly turn to the Internet for gift and grocery shopping, banking and bill paying, surprisingly few are donating to charities online. A recent online National Survey of U.S. Adults on Current Charitable Giving Practices conducted by Capital One found that only 18 percent of adults surveyed have ever made a charitable contribution online. Yet receiving donations online is most cost efficient for charities, and convenient for consumers.

Up until now, a drawback with online giving has been the real costs associated with enabling online payments. Many organizations and online donation sites deduct transaction costs that can take away up to five percent from the overall donation. The result is less money going directly to a charitable cause. Yet many people are unaware of such costs; according to the same survey, the majority of respondents (61 percent) were unaware that transaction costs are deducted from the overall donation when making a charitable contribution online. Capital One's No Hassle Giving Site eliminates this problem.

"Through the No Hassle Giving Site, Capital One helps make the most of the gifts you give by covering the transaction costs for every donation, ensuring that 100 percent of your gift goes where you want it to go -- directly to the charity of your choice," added Girardo.

Survey results also reveal that in the past 12 months, 83 percent of respondents have become more concerned about their finances, and more than half indicate that they are either unable to donate or have reduced their donations to charities because of financial concerns.

"The holiday season is a critical time for the non-profit community," GuideStar president Bob Ottenhoff said. "Demand levels are increasing while the economy is worsening and consumers are giving less. These are extraordinary times, and every penny counts for both consumers and non-profits."

Capital One makes is easy for cardholders to make donations. Capital One Rewards cardholders can now donate the cash value of their accumulated rewards points to charity. In addition, cardholders will earn rewards points for money spent on donations.

Come tax season, Capital One cardholders will also appreciate that their charitable donations through the No Hassle Giving site are tax-deductible. Customers will also have access to a detailed donation history and summary of tax-deductible donations on the site.

To begin searching for the perfect holiday gift that will have a positive impact on both the recipient and their favorite cause, visit www.capitalone.com/give.

Survey Methodology

Findings detailed in this report are based on survey research conducted via the Russell Omnibus July 25-28, 2008. During this period, a self-administered questionnaire was completed from a secure Web site by a sample of 1068 online U.S. adults. Figures for gender, age, and geography were weighted where necessary to match their actual proportions in the population. Results among total respondents have a statistical precision of plus or minus 3.1 percentage points of what they would be if the entire adult population had been polled with complete accuracy.

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