Capital One enables fee-free online credit and debit card donations
MCLEAN, Va.--(BUSINESS WIRE)--Nov. 26, 2012-- Tuesday, November 27th marks the launch of #GivingTuesday (www.givingtuesday.org), a movement to create a national day of giving. #GivingTuesday is designed to inspire people to take action to give back and help kick off this season of giving. Many will leverage technology to donate to their favorite causes, as online giving has gone mainstream with 65 percent of consumers having contributed online, up from just 4 percent a decade ago (2011 vs. 2001), according to leading online charitable giving resource Network for Good. Capital One Financial Corporation makes it easy for its cardholders to join the #GivingTuesday movement and eliminates one little-known drawback associated with online giving – transaction costs. According to the Capital One Rewards Barometer,* only 25 percent of U.S. rewards cardholders are aware that up to 5 percent is deducted from online credit card donations to cover costs associated with enabling online payments. Capital One covers these costs on customer credit and debit card donations made through its No Hassle Giving Site (https://www.capitalone.com/give/) so that 100 percent of every donation gets to the charity of choice.
“The holidays are a time when giving is top of mind, and we want to make it easy for our customers to support their favorite charities,“ said Amy Lenander, Vice President of Rewards and Loyalty Programs at Capital One. “Every penny counts, and we’re pleased to maximize our cardholders’ donations by ensuring charities receive 100 percent of every donation on Giving Tuesday and throughout the year.”
Launched in 2008 in partnership with Network for Good, the No Hassle Giving site offers a comprehensive database of more than 1.2 million verified U.S. charities as provided by GuideStar, the leading source of information on U.S. non-profit organizations. Customers can search for the right cause by topic, zip code or organization name. Cardholders can donate dollars as a one-time event or on a recurring basis, and credit card rewards can be donated at a one-to-one value. Donations are tax-deductible; donors receive access to a detailed donation history and summary of taxable donations. Rewards cardholders also earn miles/points when they charge the donation.
“This is the season of generous procrastinators, when consumers rush to make their donations in November and December before the tax year ends, and it’s easy and convenient to do that online,” said Katya Andresen, Chief Strategy Officer, Network for Good. “The No Hassle Giving Site gives consumers a simple way to make a donation to any and all of their favorite causes in one place, and charities receive the full donation – it is a win-win thanks to Capital One.”
Even though budgets may be tight, consumers can be creative with how they donate this holiday season, in addition to encouraging family and friends to do the same.
- Volunteer & Capture the Moment: Support your community by donating your time to a local non-profit. Not only will others benefit from a few hours of your time, but you will leave feeling good about your efforts. Inspire others by capturing and sharing your experience on social networks and photo sharing sites.
- 12 Days of Donations on Facebook: If you don’t have a lot to give and are torn between charities, donate small amounts to each charity you support over a span of time and share links on Facebook - you may motivate members of your social network to follow your lead.
- Reward Others & Tweet: According to the Capital One Rewards Barometer, over 30 percent of consumers reported that their credit card allows them to gift their rewards to charity as a donation.* Consider donating some or all of your credit card rewards and Tweet about your experience.
#GivingTuesday is a movement to celebrate and provide incentives to give. It will culminate with a national day of giving on November 27, 2012. This first-of-its-kind effort harnesses the collective power of a unique blend of partners— charities, families, businesses and individuals—to transform how people think about, talk about and participate in the giving season. #GivingTuesday will inspire people to take collaborative action to improve their local communities, give back in better, smarter ways to the charities and causes they celebrate and help create a better world. #GivingTuesday will harness the power of social media to create a national moment around the holidays that is dedicated to giving, similar to how Black Friday and Cyber Monday have become days that are synonymous with holiday shopping.
About Network for Good
Network for Good (www.networkforgood.org) is a nonprofit that empowers corporate partners and nonprofits to unleash generosity and advance good causes online. Network for Good has processed approximately $725 million in donations for more than 80,000 nonprofits since its 2001 founding by AOL, Cisco and Yahoo!.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $213.3 billion in deposits and $302.0 billion in total assets outstanding as of September 30, 2012. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. 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. ING DIRECT, a division of Capital One, N.A., offers direct banking products and services to customers nationwide. 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 Financial Corporation
Pam Girardo, 703-720-2351