New Affinity Program Allows Nonprofits of All Sizes to Easily Expand Giving Channels and Stimulate Donor SupportMCLEAN, Va., Jun 02, 2009 (BUSINESS WIRE) -- Today, Capital One Financial Corporation (NYSE:COF) announces the launch
of Card Lab Connect, a credit card affinity program that helps
nonprofits expand their giving channels, while providing their
supporters with a convenient and meaningful way to donate to charity
programs. Unlike most affinity card programs which generally cater to
larger, national organizations, Capital
One Card Lab Connect is available for nonprofits of all sizes.
In the current economic climate, nonprofit organizations are facing a
dual challenge of increased need and tightened budgets and these issues
are amplified for smaller nonprofits. Cash strapped consumers are
finding it more difficult to provide ongoing support. According to the
One Card Lab Connect Charitable Giving Survey, the majority (57
percent) of respondents said that over the past year, they have been
unable to make the same charitable donations they have made in previous
years due to financial concerns. And, while 61 percent of Americans have
supported local organizations in the past, only 34 percent plan to
support local organizations this year.
"We recognize that for nonprofit organizations, particularly smaller
community-based groups, fundraising programs are an even greater
priority in this tough economic climate. The need for their services is
greater and, while supporters are looking for ways to help, donations
are harder to come by," said Pam Girardo, spokesperson for Capital One. "Capital
One Card Lab Connect aims to help meet the changing needs of
nonprofits and consumers, alike. It is a convenient way for people to
help support their charity programs of choice."
Last Fall, Capital One launched the No Hassle Giving Site, (www.capitalone.com/give),
a web site 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 their charity program. Now, Capital
One Card Lab Connect offers nonprofits yet another tool to help them
Through an easy-to-use online tool, nonprofits can register for Card
Lab Connect, create a series of up to three uniquely designed credit
cards for their organization, and use online tools to encourage their
supporters to apply for the affinity card. All rewards earned on these
cards, including one percent of net purchases and an additional $25 with
the first purchase, go directly to support the affiliated nonprofit
organization. There are no complicated contract negotiations, no member
quotas and no exchange of membership/mailing lists as is the case with
most other affinity programs.
"Nonprofits today are looking for innovative ways to increase donor
support to meet the demands of a tough economy," said Bill Strathmann,
CEO of Network for Good, a leading provider of online fundraising
services and how-to resources for nonprofits. "The Card
Lab Connect program provides nonprofits with free marketing tools
and a convenient new channel to reach, engage and mobilize their
Lab Connect has already been through a successful pilot phase, which
allowed a select number of community-based nonprofit organizations to
test the program. Pilot organizations reported that the program not only
helped them raise funds but also helped to raise their profiles through
the custom card design feature.
One Card Lab Connect program provided a simple and effortless way
for our supporters to donate, increasing our ability to fundraise and
getting 'Dravet syndrome' out there and known to people who would
otherwise not come across it," said Mary Anne Meskis, Executive Director
of IDEA League.
To learn more about Capital One's Card Lab Connect, visit www.cardlabconnect.com.
One Card Lab Connect Charitable Giving Survey Methodology
The findings reported in this release are from a telephone survey
conducted by the opinion research firm, Braun Research of Princeton NJ.
The survey was sponsored by APCO Worldwide of Washington DC. Braun
Research completed 1000 interviews with adults, age 18 or older
nationwide in the 48 contiguous United States. The interviews were
conducted between May 13, 2009 to May 16, 2009. The margin of error for
this study is ± 3.09 percentage points for each group at the 95%
confidence level. Interviews were monitored at random.
Sampling for this study was conducted using a national probability
replicate sample for the United States. All interviews were conducted
using a computer assisted telephone interviewing system. Statistical
weights were designed from the United States Census Bureau statistics.
About Capital One
Capital One Financial Corporation (www.capitalone.com)
is a financial holding company whose subsidiaries, which include Capital
One, N.A., Capital One Bank (USA), N.A., and Chevy Chase Bank, F.S.B.,
collectively had $121 billion in deposits and $150 billion in managed
loans outstanding as of March 31, 2009. 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. and Chevy Chase Bank, F.S.B. have 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
Pam Girardo, 703-720-2351