March 27, 2011

Deal will introduce new opportunities for Canadians to collect Priority Club Rewards points

TORONTO--Capital One Canada and IHG (InterContinental Hotels Group) announced today that they have reached an agreement to bring a new choice in rewards cards to Canadian consumers. This deal marks IHG's first and Capital One's third co-branded credit card in Canada.

According to the agreement, Capital One will issue co-branded credit cards which enable future cardholders to earn Priority Club® points on everything they buy. Priority Club Rewards offers members a vast collection of redemption options, including free hotel nights, flight rewards, frequent flyer miles for over 40 airlines worldwide, brand name merchandise and store vouchers. Product details will be made available on Capital One's Web site (www.capitalone.ca) in the second half of 2011.

"Today's announcement aligns with our strategy to partner with respected consumer brands who also believe in offering great customer value," said Simon Maycock, Vice President, Travel Partnerships at Capital One Canada. "As we continue to expand our product and loyalty offerings, we look forward to benefiting consumers by bringing more competition to the Canadian rewards landscape."

IHG has eight hotel brands including: InterContinental® Hotels & Resorts, Crowne Plaza® Hotels & Resorts, Hotel Indigo®, Holiday Inn®, Holiday Inn® Club Vacations, Holiday Inn® Express, Staybridge Suites® and Candlewood Suites® and is the world's largest hotel group with more than 4,400 hotels worldwide and 157 hotels in Canada. IHG's loyalty program, Priority Club Rewards is the world's first and largest with more than 56 million members worldwide.

"We're constantly looking for ways to enhance member benefits of our hotel loyalty rewards program," said Don Berg, Vice President, Loyalty Programs. "With this new branded credit card, our members in Canada will have an opportunity to get to their travel rewards even faster than ever before and we know they'll find significant value in that."

Today's announcement follows Capital One Canada's recent acquisition of the Hudson's Bay Company credit card portfolio, which closed on January 7, 2011, and its partnership agreement with Delta Air Lines, announced on August 24, 2010.

Located in Toronto, Ontario, Capital One has offered Canadian consumers a range of competitive MasterCard credit cards since 1996, when the company first introduced the Platinum MasterCard in Canada. Capital One Canada is a division of Capital One Bank, a subsidiary of Capital One Financial Corporation of McLean, Virginia (NYSE: COF).

With 56 million members globally, IHG's Priority Club Rewards is the first, largest and fastest-growing guest loyalty program in the hotel industry. Named "Best Hotel Rewards Program in the World" six years running by Global Traveler magazine and "Best Hotel Loyalty Program" for four consecutive years by Business Traveler magazine, Priority Club Rewards offers more sought-after benefits and the greatest ease of use of any hotel loyalty program. In addition to flexible features like No Points Expiration, No Blackout Dates, Points & Cash and Flights Anywhere™, Priority Club Rewards members have more options for point redemption than any other hotel loyalty program. Members can redeem points not only for hotel nights, but also for airline miles on more than 40 partner airlines, for auto rentals, for gift certificates and for hundreds of products available in the Rewards Catalogue. And, Priority Club Rewards is the only hotel loyalty program to offer members a Personal Shopper program that allows members to exchange points for items not found in the Rewards Catalog.


 

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