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Enjoying Credit Card Rewards Just Got Easier Thanks to Purchase Eraser(SM) From Capital One

MCLEAN, VA--(Marketwire - Sep 24, 2012) - Today Capital One ( NYSE : COF ) announces the availability of Purchase Eraser, an innovative redemption feature that gives consumers the ability to easily erase the cost of previous travel expenses using reward miles. The Purchase Eraser demo videos show how consumers can use this feature via web or Smartphone. Simply make a travel-related purchase wherever you like with your Capital One rewards card, then use Purchase Eraser to erase the cost of that purchase from your statement using your miles. Purchase Eraser is easy to use, provides the flexibility to redeem on the go and enables cardholders to enjoy their rewards.

"At Capital One, we offer rewards that our customers can actually use and enjoy," said Amy Lenander, Vice President of Rewards Programs at Capital One. "Purchase Eraser makes it easy for our customers to book travel wherever they get the best option to fit their life. They keep the memories and erase the cost on their statement using their rewards."

How does Purchase Eraser Work?

Customers first make a travel related purchase -- such as a flight, cruise, hotel stay or car rental -- from their favorite travel provider using their Capital One Rewards credit card. Then they have 90 days to erase the purchase cost with their miles for a statement credit, online or on an iOS or Android device. The miles balance will update automatically and the credit will be reflected in their account balance within 5-7 business days.

"As a traveling mom I am always looking for ways to make my life a little easier. Purchase Eraser is easy to use, gives me the flexibility to redeem my points on the go and use my Venture rewards to redeem for a variety of travel charges, not just airline tickets and rental cars," said family travel expert and TravelingMom founder Kim Orlando.

Give Purchase Eraser a try today! Download the Capital One mobile banking app at www.capitalone.com/mobile-banking, iTunes or Google Play

To view the online demo click, http://youtu.be/ZlTIRzy46hg

To view the mobile demo click, http://youtu.be/Tfgr28SFe7Q

For more information about Capital One No Hassle Rewards, visit www.capitalone.com.

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 ING Bank, fsb, had $213.9 billion in deposits and $296.6 billion in total assets outstanding as of June 30, 2012. Headquartered in McLean, Virginia, Capital One and ING DIRECT offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. 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.