Breadcrumb

Home Page > About Capital One > Investor Relations > Who Wants to be a Miles Millionaire?

Release Details

Who Wants to be a Miles Millionaire?

June 1, 2010 at 11:17 AM EDT

Capital One Bank Sweepstakes to Give Away 26 Million Miles in June

MCLEAN, Va.--(BUSINESS WIRE)--Today Capital One Bank launched the “Million Miles Sweepstakes” (http://www.capitalonebank.com), which will catapult 26 lucky consumers to the elite status of Miles Millionaire. Consumers who open a new personal or small business Rewards Checking account during the month of June will be automatically entered into a daily drawing to win one million reward miles. One winner will be chosen per day Monday through Saturday throughout the month of June.

A recent survey conducted by Capital One Bank revealed that nearly half (47%) of the consumers surveyed and 30 percent of small businesses were unaware of checking accounts that offer rewards. With Rewards Checking from Capital One Bank, consumers and small business owners enjoy all of the perks of a free checking account while earning miles for everyday banking activities, like writing checks, paying bills online, swiping a debit card and making ATM withdrawals.

Randy Petersen, founder of FlyerTalk.com and Miles Multi-Millionaire, knows the value of rewards. With 17 million miles under his belt, Petersen reminds consumers and small business owners that rewards are not only accumulated through travel and it’s important to shop around for the best loyalty programs.

“You don’t have to be a jetsetter to become a Miles Millionaire,” says Petersen. “Consumers and small business owners should look to take advantage of programs that allow them to reap rewards for things they already do on a regular basis. Capital One Bank Rewards Checking customers earn rewards just by swiping their debit card, writing checks and paying bills online – it’s that easy!”

While equal numbers of consumers and small business owners (41% and 43% respectively) are enrolled in rewards programs through their bank or credit card company, one third have never redeemed any of their points or miles. And the number one reason both consumers and small business owners give for not redeeming their miles? Sixty-five percent of consumers and 50 percent of small businesses say they haven’t been able to earn enough miles to get what they want.

In addition to travel, rewards earned with Capital One Bank’s Rewards Checking account can be redeemed for cash, gift cards and merchandise items from electronics to office supplies to designer handbags. And they can be combined with miles earned on other Capital One products to help consumers and small business owners reach their redemption goals even faster.

Features of Rewards Checking, issued by Capital One, N.A., include:

  • No monthly service fee or minimum balance requirement.
  • Ability to earn rewards automatically for everyday banking activity (swiping a debit card, writing a check, paying bills online).
  • A variety of redemption options from cash to travel, or merchandise.
  • 1,000 bonus miles for opening account
  • 1,000 bonus miles on first account anniversary.
  • Deposits insured up to full FDIC limits.

What would consumers do if they won a million miles? Forty-two percent of the small business owners and 35 percent of the consumers participating in the survey said that, if they won 1 million miles, they would use the miles for travel and vacation.

The “Million Miles Sweepstakes” runs through June 30, 2010, and is open to all residents of NY, NJ, TX and LA. For terms and conditions of the sweepstakes, including how to enter by mail, and more information about Rewards Checking or any Capital One Bank products, visit http://www.capitalonebank.com.

Survey Methodology:

The results are based on 1,047 interviews, conducted online May 6-7, 2010 among a demographically representative U.S. sample of 503 men and 544 women. Respondents for this survey were selected from among those who have volunteered to participate in online surveys and polls. The survey was conducted via ONLINE CARAVAN a service of Infogroup | ORC. The small business owner results are based on 500 interviews, conducted online May 11-14 among small business professionals in the United States employed at companies with 5-99 employees. The survey was fielded by Opinion Research Corporation, using a panel provided by e-Rewards.

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 $117.8 billion in deposits and $200.7 billion in total managed assets outstanding as of March 31, 2010. 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.

Capital One Bank is a registered trade name of Capital One, N.A.

Contact:

Capital One Bank
Pam Girardo, 703-720-2351
pam.girardo@capitalone.com