Capital One No Hassle Giving Site Covers Transaction Costs So More
Money Gets to Non-Profits
MCLEAN, Va.--(BUSINESS WIRE)--Sept. 24, 2008--Capital One
Financial Corporation (NYSE:COF) announced today the launch of the No
Hassle Giving site (www.capitalone.com/give) that allows Capital One
cardholders to research, select, and donate to the cause of their
choice. Capital One covers the transaction costs for every donation,
ensuring that 100 percent of the donation is delivered to charity.
In partnership with the non-profit Network for Good, the No Hassle
Giving site offers a comprehensive database of more than 1.2 million
verified U.S charities as provided by GuideStar, the leading source of
information on U.S. non-profit organizations. Cardholders can search
the site for a cause by topic, charity or zip code.
A recent online National Survey of U.S. Adults on Current
Charitable Giving Practices conducted by Capital One reveals that,
while 73 percent of surveyed adults report that they have a credit
card for personal use, as few as 18 percent have ever made a
charitable contribution via an online Web site using their credit
card. According to Guidestar, charities benefit from credit card
contributions online as they are the more cost efficient way to
One drawback with online giving up until now has been that there
are real costs associated with enabling online payments, which can
take away up to five percent from the overall donation. According to
the survey, more than 60 percent of respondents are unaware that
transaction costs are deducted from the overall donation when making a
charitable contribution online.
"The convenience of the Internet has changed the way many
Americans conduct their daily lives. It's how many of us shop, get our
news, and deal with finances. It is also gradually affecting the way
people give to their favorite charities," said Bill Strathmann, CEO of
Network for Good. "This new site is a great way to maximize charitable
donations, and helps everyone do more good, from transforming lives to
greening our planet."
Survey results also reveal that in the past 12 months, 83 percent
of respondents have become more concerned about their finances, and
more than half indicate that they are either unable to donate or have
reduced their donations to charities because of financial concerns.
"When people tighten their wallet, philanthropy is often the first
to feel the squeeze," GuideStar president Bob Ottenhoff said. "During
difficult economic times, the challenges facing non-profits are
two-fold: people are giving less and need is rising."
With the No Hassle Giving Site, Capital One cardholders can make
tax-deductible charitable donations online the way they want--one-time
only or a recurring donation. Capital One rewards customers will earn
rewards on their donations, and they will receive access to a detailed
donation history and summary of tax-deductible donations.
"This is another way Capital One is providing our customers the
chance to personalize and enrich their credit card experience," said
Capital One spokesperson Pam Girardo. "Every dollar counts - for our
customers and our communities. We're proud to be able to support our
cardholders and the non-profit community in this way."
The survey also revealed:
-- Only one-fifth (18 percent) of respondents report that they
have cut back on other spending in order to make regular
contributions during the past 12 months.
-- Sixty-seven percent of Seniors have reduced the amount
they typically donate to their regular charities due to financial
concerns during the past 12 months versus 56 percent of
Boomers, 51 percent of Gen X and 42 percent of Gen Y.
-- Females are more likely to report that they have been unable
to afford to make charitable donations they made in previous
years due to financial concerns over the past 12 months.
Findings detailed in this report are based on survey research
conducted via the Russell Omnibus July 25-28, 2008. During this
period, a self-administered questionnaire was completed from a secure
Web site by a sample of 1068 online U.S. adults. Figures for gender,
age, and geography were weighted where necessary to match their actual
proportions in the population. Results among total respondents have a
statistical precision of plus or minus 3.1 percentage points of what
they would be if the entire adult population had been polled with
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a
financial holding company whose subsidiaries collectively had $92.4
billion in deposits and $147.2 billion in managed loans outstanding as
of June 30, 2008. Headquartered in McLean, VA, Capital One has 740
locations in New York, New Jersey, Connecticut, Texas, and Louisiana.
It is a diversified bank whose principal subsidiaries, Capital One,
N.A. and Capital One Bank (USA), N.A., 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.
CONTACT: Capital One Financial Corporation
Pam Girardo, 703-720-2351
SOURCE: Capital One Financial Corporation