Linked to the Prime Interest Rate, the New Card Will Give Consumers Confidence That Their Rate Will Always Be Low

MCLEAN, Va.--(BUSINESS WIRE)--Nov. 18, 2004--Capital One Financial Corporation (NYSE:COF) is announcing a new credit card with an interest rate equal to the monthly prime lending rate. With Capital One's new PrimeLock card, whether interest rates rise or fall, customers can be confident that their rate will always be among the best in the country. The company introduced the new card in response to increasing consumer demand for a less confusing and less time consuming option for conscientious consumers who want to reduce debt and obtain a long-term, low interest rate.

The low PrimeLock interest rate eliminates the hassle for consumers who are tired of continually checking credit card rates - and often switching cards - to ensure that their interest rate remains competitive. The card's interest rate always equals the prime lending rate - no matter what. Qualifying consumers can count on getting the same low interest rates that banks offer their largest business clients (currently 5.00%). The card joins a long list of competitive product offerings from Capital One that include a range of rewards and low pricing features designed to meet the needs of individual consumers.

"Every month consumers hear about the low prime rate that major banks charge their best business customers, but even the most creditworthy consumers rarely get a similar deal," said Pam Girardo, spokesperson for Capital One. "With PrimeLock, consumers can get credit where credit is due. The interest rate on the card tracks the prime rate each month, giving consumers a consistently low rate without the hassle of searching for or transferring to a lower rate card."

Consumers who qualify for Capital One's new PrimeLock Platinum Card can apply the low interest rate savings to new purchases, balance transfers of various loan types, including personal, home equity, automotive, retail/department store, and other credit cards. The card also offers savings and convenience with:

• No balance transfer or cash advance fees

• No annual fee

• Zero liability for fraudulent or unauthorized charges to your card - online or off

• Customized payment dates

Girardo also noted the importance of comparison shopping when searching for the right lending option. "Whether they're looking for an auto loan, a mortgage, or a credit card, comparison shopping is one of the best ways to ensure a consumer is getting the lowest interest rate. The smartest choice credit smart consumers can make is to identify the best lending option to suit their lifestyle and budget."

Qualifying consumers can look for an invitation to apply for the PrimeLock card in the mail. For information on other Capital One products and services, please visit our Web site at www.capitalone.com.

About Capital One

Headquartered in McLean, 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 and Capital One Auto Finance, Inc., offers automobile and other motor vehicle financing products. Capital One's subsidiaries collectively had 47.2 million accounts and $75.5 billion in managed loans outstanding as of September 30, 2004. Capital One, a Fortune 500 company, is one of the largest providers of MasterCard and Visa credit cards in the world. Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 500 index.

CONTACT: Capital One Financial Corporation, McLean
Pam Girardo, 703-720-2351
pam.girardo@capitalone.com
or
Rachael Lille, 202-778-1096
rlille@apcoworldwide.com

SOURCE: Capital One Financial Corporation