MCLEAN, Va., Mar 10, 2011 (BUSINESS WIRE) --

Capital One Financial Corporation (NYSE: COF) today announced an unprecedented promotion in the credit card rewards category. The "Match My Miles Challenge" (www.capitaloneventure.com) gives consumers who open a Capital One Venture Card the opportunity to match up to 100,000 miles they currently have in an airline credit card rewards program. In total, Capital One plans to match up to one billion miles.

"We're putting our miles where our mouth is with the Venture Match My Miles Challenge," said Mike Wassmer, Executive Vice President of US Card at Capital One. "Airline credit card reward miles can be so difficult to redeem that they've become virtually useless and consumers should know that they have better alternatives. With Venture, consumers earn miles twice as fast with easy redemption, and we'll match up to 100,000 of the miles you have on your existing airline card for the chance to prove it."

Match My Miles is being promoted via an integrated marketing campaign including a national television advertisement featuring Alec Baldwin. In the 30-second ad, which premiers tonight at 10:30 PM EST on Capital One's Facebook page, he encourages consumers to sign up and take the "Match My Miles Challenge."

"I love my Venture card because there are no restrictions or special hoops to jump through," said Baldwin. "You earn miles twice as fast and they're good on any airline at any time so you can actually use them whenever you want. And, I think it's great that with this promotion Capital One will start off new cardholders matching mile for mile to let them see for themselves."

New Capital One Venture Card cardholders will have the opportunity to redeem for travel quickly by having their current airline credit card miles matched on the Venture Card. To receive the miles match, a new cardholder must register and provide proof of their current airline credit card miles and then spend $1,000 on their Venture Card during the first three months. This promotion is available on a first-come, first served basis and will end when one billion miles have been matched or May 13th, whichever comes first. Features of the card include:

• Earn double miles on every purchase, every day (no complicated spend categories to keep track of or quarterly enrollment requirements)
• 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
• 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

"The Match My Miles promotion is a reflection of our confidence in Venture and the value it delivers to our customers," added Wassmer. "With an offer this rich, we don't expect the miles to last long."

To learn more about the Match My Miles promotion, visit www.capitaloneventure.com or Capital One's Facebook page, www.facebook.com/capitalone.

About Venture Match My Miles Challenge

Capital One is giving away up to a billion miles to new Venture customers during the Venture Match My Miles Challenge. Capital One will match up to 100,000 of the miles earned with an eligible airline credit card program. This offer is first-come, first served. The promotion will end when one billion miles have been claimed or May 13, 2011, whichever comes first. For more information go to www.capitalone.com or call 1-800-410-0020.

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.

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SOURCE: Capital One Financial Corporation

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