Technology Boosts Holiday Giving
MCLEAN, Va., Dec 05, 2011 (BUSINESS WIRE) --
Despite ongoing economic challenges, there is some good news for non profits this year: online giving is up 20%, according to the leading charity platform, Network for Good. And with one-third of the annual online charitable donations still to come in December, the holiday giving season is just gearing up. Yet while the digital age makes it easier than ever to make charitable donations, convenience comes at a price. The processing costs associated with online transactions can deduct up to 5% from a donation, and a recent survey conducted by Capital One indicates that 85% of consumers don't know that charities are getting less than the full amount of their donation. But Capital One gives back by covering these costs through its No Hassle Giving Site (www.capitalone.com/give) so that 100% of their customer donations get to the charities of choice.
"While offline giving has declined through the economic downturn, online giving is on the rise and people are looking for easy, convenient and cost-effective ways to be generous," said Katya Andresen, Chief Strategy Officer, Network for Good. "The Giving Site is a great tool for consumers and we are thrilled that Capital One is getting extra money to charities at a time when every penny counts."
Launched in 2008 in partnership with Network for Good, the Capital One Giving Site allows Capital One credit and debit cardholders to research, select and donate to the cause of their choice. Customers can search the site's comprehensive database of more than 1.2 million verified U.S. charities for a cause by topic, charity or zip code. In addition to cash, credit cardholders can donate rewards. Customers with rewards cards will earn miles, points or cash, as they do on other transactions, and they will receive a detailed donation history and summary of taxable donations.
According to the Capital One Rewards Barometer, a quarterly survey among American consumers focused on how they accumulate and redeem credit card rewards, more than half of respondents (56 percent) plan to make a charitable donation this holiday season, yet 53 percent of rewards cardholders were unaware that credit card rewards can be gifted as a donation to a charity.
"The holidays have always been the season for giving, but whether they're generously donating their hard earned dollars or their equally hard earned miles, we know that consumers want to make sure that every cent counts," said Pam Girardo, Capital One spokesperson. "There are costs associated with electronic payments and we are pleased to cover them in support of our customers and the non profit community."
About the Capital One Rewards Barometer Survey
This BIGresearch(R) survey was conducted from November 4-7, 2011, among U.S. Adults 18+ who indicated that they currently have a "rewards credit card" - that is, a credit card with a rewards program that is issued by a bank or credit card company. The total sample size for this survey was N=1,045, with a margin of error of +/- 3.1%.
About Network for Good
Network for Good is a nonprofit that empowers corporate partners and nonprofits to unleash generosity and advance good causes online. Network for Good has processed approximately $565 million in donations for more than 60,000 nonprofits since its 2001 founding by AOL, Cisco and Yahoo! www.networkforgood.org
About Capital One
Capital One Financial Corporation (http://www.capitalone.com/) is a financial holding company whose subsidiaries, which include Capital One, N.A. and Capital One Bank (USA), N. A., had $128.3 billion in deposits and $200.1 billion in total assets outstanding as of September 30, 2011. 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. has 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.
SOURCE: Capital One Financial Corporation
Capital One
Pam Girardo, 703-720-2351
pam.girardo@capitalone.com