Capital One has launched the Capital One Cash card, "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."

On the web:

• Subway Launches NFC payments in U.S. - NFCNews

On the wires:

• ROAM Data Takes Number One Market Position for Secure Mobile Phone Card Reader Solutions
• HSBC Sells Its Card and Retail Services Business in the US to Capital One
• NCR Launches Bill Pay / SIM Card Kiosk for Telecom Providers in Middle East and Africa
• Sutherland Global Services USA, Partners With ElectraCard Services (ECS)
• Launch of PlayStation Network Card Supported by InComm
• Hypercom UK and Spain Acquired by Spire Payments
• New Aite Group Report on the Role of VARs/ISVs in Merchant Acquiring Market

Capital One has reported first quarter 2011 financial results. In its credit card business, first quarter Domestic Card purchase volumes grew $3.0 billion, or 13.8%, from 1Q2010 but declined by $2.0 billion, or 7.3%, compared to 4Q2010 due to seasonal patterns. The net charge-off rate for Domestic Cards improved 108 basis points to 6.20% from 7.28% in the prior quarter.

Capital One has launched Venture for Business, a premium rewards credit card offering small business owners double miles on every purchase, the opportunity to earn up to 15,000 bonus miles within the first three months and a flexible redemption process that eliminates the restrictions commonly found in rewards programs. According to Capital One, there are no limits on when, where or how double miles can be earned, no retailer specifications or spending categories, no separate rewards enrollment or re-enrollment requirements, and no limit on the number of miles cardholders can accumulate. READ MORE »

In an article titled "Capital One Looks to Adapt to Credit Card Laws", Thomas Heath writes for the Washington Post about Capital One's plans to "reinvent itself for a new age of regulation."

Capital One has launched Card Lab Connect, a credit card affinity program that Capital One says 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. READ MORE »

Capital One has reported first quarter 2009 financial results. In its credit card business, credit card purchase volume declined 11.9% vs 1Q2008 and the number of loan accounts declined over 13%. The U.S. credit card charge-off rate increased to 8.4 percent for the first quarter of 2009 vs. 5.85% a year ago.

A group of credit card issuers and payments networks (Bank of America, Capital One, Citi and Discover Card along with MasterCard and Visa) have introduced Help With My Credit, a resource to assist and educate consumers struggling to make their credit card payments.

According to a press release issued late Tuesday, "Help With My Credit invites consumers to call a toll-free telephone number (1-866-941-1030) where operators will provide them with information about speaking with customer service representatives within participating credit card issuers or to accredited credit counseling agencies, depending on the individual’s situation and needs."

Consumers can also visit a new Web site, http://www.HelpWithMyCredit.org, which provides consumers information on how to manage credit cards and better communicate with their credit card companies, and how to identify and speak with an accredited credit counselor. READ MORE »

Capital One has reported financial results for the fourth quarter of 2008. In Capital One's US Card business, purchase volume in the fourth quarter declined over 10% vs. 4Q2007 and was down 5% from the third quarter of 2008. Chargeoffs on the US Card business increased from 4.84% to 7.08% between 4Q2007 and 4Q2008.

Capital One Bank has announced it has introduced a Rewards Checking account that "allows customers to easily earn rewards for everyday banking activities." READ MORE »

Morriss Partee, CEO of EverythingCU.com, blogs on the Payment Industry Insider blog about an email he recently received from Capital One offering him "big rewards for his debit purchases - without changing banks." Partee writes: "No longer a regional effort tied to rewards at a supermarket chain, they now (presumably) have gone national, and have tied it to their own reward program. On top of that, they are charging the consumer $19.95 per year for the service."

You can read more about Capital One's Debit MasterCard at the Capital One web site. A comprehensive FAQ on the product is available. Rewards are only earned on signature-based (not PIN-based) purchases. Note that the new debit card is also "paperless" - a paper statement of account activity is only available upon request each month and has a $3.00 fee.

Orbitz Worldwide has introduced a new Orbitz Visa Credit Card powered by Capital One No Hassle Rewards, a new credit card that it says "makes it easy for travelers to earn triple Capital One No Hassle Rewards points by booking airfare, hotel accommodations and vacation packages on Orbitz.com." READ MORE »

New survey results announced by Capital One Canada find that "individual Canadians spend more than 115 hours - almost five days - each year waiting in line and paying for daily purchases" - and that contactless payments can help save between 28 and 46 hours of that time. READ MORE »

Will Wade reports for the American Banker (subscription required) that Capital One is shutting down two merchant pilots of its decoupled debit card product that was announced last May.

Jane J. Kim writes for the Wall St. Journal about Capital One's changing of interest rates on some of its credit cards from variable to fixed rates. With a fixed rate, any further reductions in interest rates as the result of Federal Reserve actions aren't passed along to the cardholder as lower interest charges.

Capital One has announced the Preferred No Hassles Miles card, a card that it says "offers small business owners double rewards for travel and entertainment purchases."

In an article titled 'High-End Cards Fall From Grace', the Wall St. Journal's Robin Sidel and David Enrich report on last week's news from American Express and Capital One about increasing delinquencies in their credit card portfolios. Later this week, other major issuers will report financial results - including JP Morgan Chase, Citigroup. Another very large issuer, Bank of America, will be reporting financial results next week.

Over the weekend, the New York Times' Floyd Norris reported on last week's Federal Reserve report about the recent surge in growth in consumer revolving debt.

Capital One has announced the addition of a new “personalized image” feature for its customers. All Capital One consumer credit card customers now have the option to visit the Capital One web site and upload their own photo images – family, friends, pets, or a favorite picture – to be printed on their card, at no cost.

Ron Shevlin writes on his Marketing ROI blog about Capital One's Card Lab. Shevlin's verdict? "Card Lab is a winner"

You've probably already seen the ads. Capital One Financial Corporation has announced the launch of the Capital One Card Lab, calling it "a convenient online tool designed to help consumers select from a menu of terms and options to build their own credit card. The Capital One Card Lab site offers an array of options related to interest rate, annual fee, rewards and even the design on the front of their card and allows consumers to select the combination of features that are most important to them."

Jane J. Kim writes for the Wall St. Journal about new credit cards from Capital One, Chase Card Services and Discover that offer more "flexibility and convenience" in their rewards programs - intended to make their cards "top of wallet" in terms of consumer preference.

Capital One and NetSpend have announced that "they have mutually agreed to the termination of their previously announced acquisition agreement and that they have entered into a Letter of Intent to expand their existing strategic relationship. As part of the expanded strategic relationship, Capital One intends to acquire a minority interest in NetSpend, a leading retail marketer of prepaid debit cards, along with an option to purchase additional shares of the company. In addition, the parties expect that a Capital One representative will join the NetSpend Board of Directors."

Capital One held its Annual Investor Conference yesterday. An audio replay along with accompanying slides are available online.

Paul Wenske writes for the Kansas CIty Star about a Capital One customer's recent experience having the interest rate on her No Hassle Miles Card increased from 9.99% to 15.9%. Wenske concludes: "She plans to collect her awards and drop her Capital One card. Too much hassle."

Jane J. Kim reports for the Wall St. Journal about plans by Capital One to launch a money market account soon that will offer rewards points based upon a customer's average monthly balance.

Capital One has announced that it has entered into a definitive agreement to acquire NetSpend Holdings, Inc., the parent company of NetSpend Corporation, a retail marketer of prepaid debit cards, for $700 million in an all-cash transaction.

Capital One and Yahoo! Shopping have announced a partnership "creating the Capital One Saving Zone, a portal on Yahoo! Shopping that offers exclusive deals on select merchandise to Capital One cardholders. At the Saving Zone, Capital One cardholders can receive up to a 40 percent savings on already discounted items, as well as an additional 10 percent off everything they purchase on the site using their Capital One credit card."

Broox Peterson shares some of his thoughts in a commentary reflecting on Capital One's recent introduction of a new "decoupled debit" card program.

In an article titled 'Chief of Capital One Applies Hockey Strategies to Banking", Eric Dash writes for the New York Times about Capital One chairman and CEO Richard D. Fairbank, also a hockey player and who applies his hobby to the business strategy of Capital One, calling it the Gretzky Concept. Late yesterday, Capital One announced a series of management changes in its banking business.

Cornerstone Advisors' Terence Roche writes for Gonzobanker about the new raid on retail bank revenues coming from the likes of Capital One with its new "Capital One decoupled debit card" product and HSBC/Tempo's new CVS-branded debit card. Earlier this week, we noticed that Sheetz has begun working with Capital One on its new debit card program.

Both of these innovative debit card products ride the ACH rails into the consumer's bank checking account - there's no need for the consumer to switch banks - rewarding the cardholder in the process with a much richer rewards program stimulating higher usage and frequency on the new entrants' cards vs. the bank's own traditional (and most likely unrewarded) debit card. Meanwhile, the retail banker is left with the costs of servicing the ACH-based payment and earns no revenue on the transaction itself.

A time for concern? Seems to us that retail bank payments strategists may want to be updating their board presentations! Read Roche's article and decide for your self!