McLean, Va. (February 21, 2008) – Capital One Financial Corporation (NYSE: COF) recently announced the launch of its Preferred No Hassle Miles card, a card that offers small business owners double rewards for travel and entertainment purchases.

“Travel and entertainment is a significant spend category for many small business owners. As such, we created the Preferred No Hassle Miles credit card so that our customers could earn the most rewards where they spend the most money,” said Dave Wasik, Senior Vice President, Capital One Small Business.

With no annual fee, customers earn two miles per dollar on all travel and entertainment purchases made with airlines, restaurants hotels, bowling alleys, buses/charters, car rentals, cruise lines, movie theatres, passenger railways, taxicabs/limousines, timeshares, travel agents, and video rental stores. This broadened definition of the travel and entertainment category, which has traditionally been limited to airline and restaurant transactions, coupled with Capital One's no foreign transaction fee policy, makes this card ideal for business owners looking for more flexibility in earning rewards on their travel and entertainment purchases. Additionally, customers will earn one mile per dollar for all other purchases. Miles can be redeemed for travel, gift cards, merchandise, and even cash that can be put back into their business.

Consumers will enjoy the same 'no hassle' rewards benefits Capital One has offered for years, including no blackout dates, no seat restrictions, no advance booking or Saturday night stay requirements, and flights on any airline. Customers redeeming for travel simply purchase their ticket using their Capital One Preferred No Hassle Miles credit card, then call Capital One or go to www.capitalone.com to reimburse the charge with miles. The cost of the ticket is refunded on the next statement. The number of rewards required is based on ticket price. And, as with all Capital One small business credit cards, there is no limit on miles that can be earned and miles don't expire for the life of the account.

Online Bill Pay is an additional benefit offered through Capital One's Preferred No Hassle Miles credit card that allows small business owners to streamline payment of one-time or recurring bills to service providers. The option allows small business owners to pay bills with their credit card while waiting for vendors to pay them. It also offers the flexibility to view and pay bills from more than 200 companies in one place -- including cable, wireless, insurance, Internet service and more.

Additional benefits of the card include:
• No annual fee
• Zero percent intro Annual Percentage Rate (APR)
• Free employee cards with individual spending limits
• Free year-end summary with annual costs separated by category, which can help itemize tax deductions
• $0 Fraud Liability, so customers are not responsible for unauthorized charges
• No foreign transaction fees
• Dedicated small business customer service

“Rewards cards are a great incentive for all consumers – but the Preferred No Hassle Miles card just makes sense for the small business segment. Business owners can take the double miles they earn and put them back into their business – or they can use them to reward themselves. Additionally, the card proves a valuable business resource offering Online Bill Pay which will help small business owners stay on track and organized,” said Wasik.

The Preferred No Hassle Miles card is the latest offering from Capital One's broad portfolio of small business rewards credit cards. Along with the No Hassle Miles card, the portfolio of cards includes the Preferred No Hassle Miles, Double No Hassle Miles, No Hassle Cash and the Business Platinum card. Each one of these products gives small businesses a range of options tailored for every type of small business owner.

For complete redemption details and other information for the Visa® Business Platinum Preferred No Hassle Miles card, please visit www.capitalone.com/smallbusiness or call 800-867-6284.

Capital One offers financing solutions for current and prospective small business owners. The Capital One Small Business web site (www.capitalone.com/smallbusiness) contains additional information and business tips related to a range of their product offerings, which include small business credit cards, small business loans, lines of credit and small business savings accounts.

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries collectively had $83.0 billion in deposits and $151.4 billion in managed loans outstanding as of December 31, 2007. Headquartered in McLean, VA, Capital One has 742 locations in New York, New Jersey, Connecticut, Texas and Louisiana. It is a diversified financial services company whose principal subsidiaries, Capital One, N.A., Capital One Bank, and Capital One Auto Finance, Inc., offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients. 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.

Capital One offers a range of products to meet small business needs, including small business credit cards, small business loans and lines of credit, and small business savings accounts. As the largest issuer of small business Visa credit cards, and the third largest lender of SBA loans, Capital One provides specialized support designed to make it easier for small business customers to manage their finances so that they can focus on what's important to them. Capital One small business products are available via direct mail, capitalone.com, phone (800-926-1000) and fax.

CONTACT: Capital One Financial Corporation
Steve Schooff, 972-378-8105
stephen.schooff@capitalone.com

SOURCE: Capital One Financial Corporation