Capital One Canada Launches New No Hassle Rewards Card With No Annual Fee



    A new survey reveals that Canadians are frustrated with rewards program
    hassles

    TORONTO, Sept. 24 /CNW Telbec/ - Demonstrating its ability to deliver
what Canadian consumers' want, today Capital One Canada announced the arrival
of its new No Hassle Rewards Card that offers rich rewards with no annual fee.
The new card offers a wide range of reward options, from cash back to travel,
that are easy to earn, easy to redeem and never expire.
    According to a new national survey by Capital One Canada, it is about
time. The survey revealed that Canadians are frustrated with the fees, hassles
and restrictions imposed by reward programs. Forty-two percent of Canadians
said that they were bothered by annual fees while 42 percent found expiry
dates of reward points annoying. Furthermore, four-in-ten Canadians
(40 percent) said they find the process to redeem rewards too complicated.
Overall, only one in 10 Canadians said that they had nothing to complain about
with their current rewards program.
    "Rewards programs have become increasingly complex and the fact that so
few Canadians are happy with their current rewards card says that there is a
lot of room for improvement," says Bill Cilluffo, President, Capital One
Canada. "Capital One is listening and we are proud to offer Canadians a
rewards card with no annual fee and no hassles," Cilluffo added.
    Many consumers don't realize that paying an annual fee can limit the
benefits of a reward program. It's important to understand how many points
you'll have to earn to recoup the cost of the annual fee, and assess that
against your spending patterns.
    While Canadians may not be sure how annual fees affect their rewards,
some are looking for more choice in the rewards they earn. In fact, given the
option, those surveyed said they'd prefer to have more than one type of reward
available through their card. More than half (53 percent) said they would
prefer a reward that puts cash back in their pockets, 26 percent said they
would like gift certificates and 24 percent would also be happy with
merchandise. Another one in three Canadians (39 percent) said they would
prefer travel rewards, with Europe/Central Asia being the preferred travel
destination if a free trip was earned (30 percent).
    The design of the Capital One No Hassle Rewards Card eliminates common
hassles associated with redeeming rewards, which include travel, cash,
merchandise or gift certificates. Customers redeeming for travel simply
purchase their ticket using their Capital One No Hassle Rewards Card, then
call Capital One (or go to www.capitalone.ca/nohasslerewards) to reimburse the
charge with reward miles. The cost of the ticket is refunded on the next
statement. The number of rewards required is based on ticket price.
    "We understand that there's not much point in accumulating rewards that
you can't use," says Cilluffo. "This card provides our customers with more
flexibility, allowing them to shop around for their own tickets (booking
through a travel agent, online travel sites, directly through an airline,
etc.). This means customers can take advantage of discount airfares that
require fewer miles for tickets. Plus, there are no blackout dates, expiry
dates, hidden redemption fees or limits to the rewards that can be earned."
    The Capital One No Hassle Rewards Card offers the following features to
its customers:

    
    - No annual fee and no redemption fees
    - Taxes included in the total price of the ticket are paid for with
      reward miles
    - Earn one reward mile for every dollar spent
    - One-time "welcome" bonus of 5,000 miles with first purchase
    - Redeem reward miles for travel, cash, merchandise or gift certificates
    - No limit on the rewards you can earn
    - No expiration on rewards for the life of your account
    - No blackout dates or seat restrictions - fly on any airline, anytime
    - No Saturday stay required and no advance booking requirements
    

    For more information about the new No Hassle Rewards Card, visit
www.capitalone.ca.

    Survey Methodology

    These are the findings of an Ipsos Reid poll conducted for Capital One
with Ipsos-Reid's online panel from August 28th to August 30th, 2007. For the
survey, a representative randomly selected sample of 1,002 adult Canadians was
interviewed online. The sample used in this study has been weighted according
to Census data to accurately reflect the population of Canadians. With a
sample of this size, the aggregate results are considered accurate to within
+/-3.1 percentage points, 19 times out of 20, of what they would have been had
this entire population been polled.

    About Capital One

    Located in Toronto, Ontario, Capital One has offered Canadian consumers a
range of competitive MasterCard(R) credit cards since 1996, when the company
first introduced the Platinum MasterCard(R) in Canada. Capital One Canada is a
division of Capital One Bank, a subsidiary of Capital One Financial
Corporation of McLean, Virginia (NYSE:   COF).




For further information:

For further information: Pam Girardo, (416) 549-2783,
pam.girardo@capitalone.com

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