MCLEAN, Va., Aug. 23, 2011 /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) today announced the launch of Capital One Cash (www.capitalonecash.com), a new cash back credit card that offers 50% more value to customers without the restrictions commonly found in cash rewards cards. With this card, customers get 1% cash back on every purchase every day, a 50% anniversary bonus on cash earned on purchases in the previous year, and a one-time $100 bonus once they spend $500 in the first three months. And of course, as with all other Capital One cards, there are no foreign transaction fees.
"With the launch of Capital One Cash, we are raising the bar for cash back much like we did in the miles segment when we launched the Venture card," said Mike Wassmer, Executive Vice President of US Card at Capital One. "Reward programs have become increasingly complex. This new card from Capital One offers terrific value to customers that are looking to earn more cash back in a simple way and without the complexities and restrictions commonly found in other cash reward cards."
"The new Capital One Cash card offers compelling value in the ever-competitive rewards category, and the 50% anniversary bonus takes cash back to a new level," said Ben Woolsey, Director of Consumer Research at creditcards.com. "I can see this being the #1 card for those seeking a straightforward way to maximize the return on their everyday spending without all the headaches."
Capital One Cash cardholders enjoy straightforward rewards with an easy and flexible redemption process. Unlike other cash back cards, Capital One Cash has no redemption tiers, no alternating rewards categories, no spending minimums, no minimum cash redemption levels and no separate enrollment or re-enrollment programs required to earn rewards. Most importantly, there is no limit to how much cash you can earn and the cash back rewards don't expire. What's more, customers can redeem their rewards at anytime via a variety of redemption options such as a check, statement credits or gift cards. Customers can also choose to set up automatic redemptions for their cash back -- when and how they want it.
Features of Capital One Cash include:
- 1% cash back on all purchases from day one
- 50% anniversary bonus every year on cash earned on purchases in previous year
- One-time $100 bonus (once you spend $500 in the first three months)
- No rewards expiration; no limit on the amount of cash you can earn, no redemption tiers, no spending minimums, no enrollment programs required to earn rewards, and no alternating special earn categories
- No foreign transaction fees
- Access to exclusive benefits, including preferred access to popular entertainment, sporting and dining events and special offers from leading hotels and retailers
"We're confident that once customers experience the rich rewards, the simplicity of earning 50% more cash back every year along with flexible redemption options and great customer service, Capital One Cash will become their cash back card of choice," said Wassmer.
For more information about the new Capital One Cash Card, or any of Capital One's products, visit www.capitalonecash.com.
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 $126.1 billion in deposits and $199.8 billion in total assets outstanding as of June 30, 2011. 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