FALLS CHURCH, Va., Oct. 31 /PRNewswire/ -- Capital One launched the
Capital One Visa Buxx card -- a reloadable, prepaid spending card for
teenagers. Parents are able to monitor and control the amount of funds
available on the card, and teens are able to use the card to make purchases
anywhere Visa is accepted.
"The Capital One Visa Buxx card is a perfect solution for parents who want
to make sure their teenagers have access to funds in a responsible,
controllable vehicle," said Diana Sun, Capital One's Director of Consumer
Affairs. "Because it's a prepaid card, spending is limited to the amount of
money transferred to the card and, therefore, teen-agers will never over-
extend themselves. The card is better than cash."
A Tool for Parents
Managed by parents, the Capital One Visa Buxx card works similarly to
cash-not a credit card. Funds are loaded and spending is limited to the
amount of money transferred to the card. Parents are able to load funds on a
fixed schedule or as needed from a checking or savings account or from a debit
or credit card. In addition to controlling the amount of funds available,
parents can also monitor where the funds are being used. Every purchase is
listed on the teen's online account statement-which is accessible to both the
parents and the teen.
Also available on the Capital One Visa Buxx website is a parent-
administered financial skills assessment test for teens. The skills
assessment focuses on understanding finances and includes lessons on
budgeting, savings, interest, and credit history. Capital One also has other
financial education resources-titled Credit 101-available to parents and teens
on its website http://www.CapitalOne.com.
Applications are available at cap1visabuxx.com.
The Capital One Visa Buxx stored value card will be powered by WildCard
Systems. WildCard Systems is providing an end-to-end technology and services
solution by collaborating with Capital One on the Capital One Visa Buxx web
site, hosting the e-transaction platform, and providing ongoing cardholder
Headquartered in Falls Church, Virginia, Capital One Financial Corporation
(www.CapitalOne.com) is a holding company whose principal subsidiaries,
Capital One Bank and Capital One, F.S.B., offer consumer lending products.
Capital One's subsidiaries collectively had 29.4 million accounts and $24.2
billion in managed loans outstanding as of September 30, 2000. Capital One is
one of the major financial service providers on the Internet, with online
account decisioning, real-time account numbering, online retail deposits and a
growing number of customers serviced online. Capital One is a FORTUNE 500
company that trades on the New York Stock Exchange under the symbol "COF" and
is included in the S&P 500 index.
SOURCE Capital One Financial Corporation
CONTACT: Diana Don of Capital One, 703-205-1165, or