Survey finds 74 percent of credit card holders have frustrations with
their travel rewards credit cards
MCLEAN, Va., Oct 25, 2010 (BUSINESS WIRE) --
As travel frustrations continue to mount in the form of routine flight
delays, excessive baggage fees and restrictions on earning and redeeming
hard earned airline miles, travelers are tired of being treated like
second class citizens. In order to shine the spotlight on this issue and
help ease the myriad of frustrations travelers experience on a daily
basis, Capital One Financial Corporation (NYSE: COF) today announced the
Capital One Venture (www.capitaloneventure.com)
"Most Frustrated Traveler" Sweepstakes in partnership with AOL's travel
blog, Gadling (www.gadling.com),
rated #1 by Technorati.
From October 25 through November 5, Gadling.com is inviting its readers
to visit http://www.gadling.com/2010/10/25/are-you-americas-most-frustrated-traveler/
and submit a brief essay detailing their most frustrating travel moment.
Five winners will be selected at random to win hassle-free trips and
travel accessories. The grand prize winner will receive a free three
day-two night trip for two to the destination of their choosing,
including roundtrip airfare (within the continental United States).
Second prize winner will receive a hassle-free travel essentials pack
consisting of items such as a Garmin GPS and Bose noise cancelling
headphones. Three runner-up winners will each receive a Marriott
TravelCard to help rest and recuperate.
"What's cool about this Venture Card, is yes, they're offering you
double miles, that's cool, no expiration date, no blackout periods, no
cap on the number of miles you can earn," said travel expert Peter
Greenberg on the Daily Buzz. "The miles you earn actually
translate into real dollars that then go to spend to buy you a ticket.
So you know when you get the card you're actually going to be able to
redeem the miles for a real bonafide ticket cause obviously the airline
is not going to deny you buying a ticket, and that's what it's all
In addition to increasing fees and restrictions that have become common
place and often take the fun out of travel, the findings of a recent
Capital One consumer survey confirm that travelers are also frustrated
and dissatisfied with their current travel rewards programs. Travelers
are looking for a solution that will not only simplify the redemption
process but also eliminate the redemption games. Key findings of this
74 percent of credit card holders have frustrations with their travel
rewards credit cards
Of those who are frustrated, the aspects they are most dissatisfied
The amount of points/miles required to obtain an airline ticket
The number of points/miles they earn for each transaction on their
card (31 percent)
Blackout dates (15 percent)
"Travel should be a fun, enjoyable, relaxing and rewarding experience,
not something that is filled with stressful road blocks like blackout
dates and restrictions," said Pam Girardo, spokesperson at Capital One.
"Not only does Venture allow consumers to earn miles twice as fast, it
also addresses key pain points associated with earning and redeeming the
travel rewards you've earned."
Given key consumer benefits like its high earn rate easy redemption
schedule, Venture has been recognized by Kiplinger as the 2010
Best Travel Rewards Card and by Money Magazine as 2010's Best
Rewards card. With Venture there are no limits on when, where or how you
earn double miles, no retailer specifications or spending categories, no
separate rewards enrollment or re-enrollment requirements, and no limit
on the number of miles cardholders can accumulate. What's more,
cardholders enjoy easy redemption by booking on any airline at any time,
with no blackout dates, no advance booking required, and no expiration.
Customers simply make their travel purchase (by whatever means they
prefer) using their Capital One Venture Card, then call Capital One or
go online to reimburse the charge with miles. The cost of the
transaction is refunded on the next statement. Rewards can be redeemed
for any travel related expense, such as airline, hotel, cruise line and
rental car transactions. And of course, as with all other Capital One
cards, there are no foreign transaction fees.
"We're delighted to partner with Capital One Venture on the Most
Frustrated Traveler contest," said Beth Caulfield, Editorial Director
for AOL Travel. "Our readers look to Gadling for a range of tips to make
travel easier and more rewarding -- from budget to first-class travel
and everything in between. A rewards card that eliminates black-out
dates and delivers double miles on all purchases is sure to be well
received by travelers across the board."
Frustrated travelers can visit http://www.gadling.com/2010/10/25/are-you-americas-most-frustrated-traveler/
to share a story and commiserate with fellow travelers for a chance at a
free, hassle-free trip and travel accessories from Capital One Venture.
View sweepstakes updates at www.twitter.com/gadling
Official rules and guidelines are available at http://www.gadling.com/2010/10/25/rules-are-you-americas-most-frustrated-traveler/.
For more information about the new Venture card visit www.capitaloneventure.com.
Note:Purchase APR: 11.9% - 15.9% variable. Cash Advance APR:
24.9% variable. All APRs in effect as of [10/22/2010]. Cash Advance Fee:
greater of 3% or $10.Annual Fee: $59 after the first year.
Minimum Finance Charge: $0.50.
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 $119.2 billion in
deposits and $196.9 billion in total assets outstanding as of September
30, 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.
Gadling, written and edited by passionate travelers and writers, has
long been rated the world's #1 travel blog by Technorati.com. Covering
fun, interesting, and relevant travel, Gadling is the premiere source
for everything from general travel news to highly specific travel
tips, from budget
travel to adventure
travel -- and for everything in between. Gadling is part of the AOL
network of sites.
SOURCE: Capital One Financial Corporation
Capital One Financial Corporation
Sukhi Sahni, 703-720-2390