MCLEAN, Va., Apr 05, 2011 (BUSINESS WIRE) --

Today's travelers know a good deal when they see one. Capital One Financial Corporation (NYSE: COF) today announced that the one billion mile allocation for matching consumers' airline credit card reward miles was depleted in just 25 days. Launched on March 10, the unprecedented Match My Miles promotion (www.capitaloneventure.com) gave consumers who opened a Capital One Venture Card the opportunity to match up to 100,000 miles they currently had in an airline credit card rewards program.

"We created a sort of 'miles madness' with the Match My Miles Challenge and we are blown away by the response from consumers interested in giving Venture a try," said Mike Wassmer, Executive Vice President of US Card at Capital One. "We're confident that once customers experience the real value of earning double miles and the ease of redeeming them on any airline at any time, even after the fact, Venture will become their card of choice."

Since its launch on March 10^th, the Match My Miles Challenge has been heralded by experts in the industry. Jason Steele of Ask Mr. Credit Card referred to the challenge as the "The Bombshell Credit Card Deal of the Year," while Tim Chen of NerdWallet wrote, "Capital One really rolled out the big guns for this promotion...This is huge."

Venture continued to build on Capital One's reputation as the innovator in mileage rewards cards. Bill Hardekopf, chief executive of LowCards.com, referred to the promotion as one of the most generous new offers to emerge this year. "It's refreshing to see a company really listening to the consumer and understanding how difficult it can be to redeem miles for travel," said Hardekopf.

For those that may be wondering if they applied for their Venture card in time to receive their matched miles, Capital One said not to worry. Cardholders who were approved during the promotion period still have 45 days from when they opened their account to register their miles and qualify for the match.

"We are committed to making this an outstanding experience and we will match well above and beyond the billion miles to ensure cardholders in the pipeline get their miles matched," said Wassmer.

Consumers who apply for a Venture card moving forward still have the opportunity to qualify for 10,000 bonus miles when they open a new Venture account. Features of the card include:

• Earn double miles on every purchase, every day
• Fly free on any airline, anytime, with no blackout dates or restrictions
• Redeem miles for any travel purchase -- air fare, hotel room, rental car, cruise, etc. -- even after the fact (cardholders can redeem within 90 days of the purchase posting to their account)
• No foreign transaction fees (other cards charge up to 3% or more when you use your card to make purchase outside the US)
• Miles never expire and there is no limit on how many miles you can accumulate
• Simple redemption: Just add two zeros to the cost of your travel expense and trade in that number of miles to pay for it - you can even redeem after you purchase your tickets
• Exclusive, award-winning customer service
• Access to exclusive benefits, including preferred access to popular entertainment, sporting and dining events and special offers from leading hotels and retailers

To learn more about the Venture Card visit www.capitaloneventure.com or Capital One's Facebook page, www.facebook.com/capitalone.

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 $122.2 billion in deposits and $197.5 billion in total assets outstanding as of December 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.

SOURCE: Capital One Financial Corporation

Capital One Financial Corporation
Sukhi Sahni, 703-720-2390
sukhi.sahni@capitalone.com