New Capital One Card Lab Connect Program to Help Nonprofits Enhance Fundraising Efforts
MCLEAN, Va., June 2, 2009 — Today, Capital One Financial Corporation (NYSE:COF) announces the launch of Card Lab Connect, a credit card affinity program that 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.
In the current economic climate, nonprofit organizations are facing a dual challenge of increased need and tightened budgets and these issues are amplified for smaller nonprofits. Cash strapped consumers are finding it more difficult to provide ongoing support. According to the 2009 Capital One Card Lab Connect Charitable Giving Survey, the majority (57 percent) of respondents said that over the past year, they have been unable to make the same charitable donations they have made in previous years due to financial concerns. And, while 61 percent of Americans have supported local organizations in the past, only 34 percent plan to support local organizations this year.
“We recognize that for nonprofit organizations, particularly smaller community-based groups, fundraising programs are an even greater priority in this tough economic climate. The need for their services is greater and, while supporters are looking for ways to help, donations are harder to come by,” said Pam Girardo, spokesperson for Capital One. “Capital One Card Lab Connect aims to help meet the changing needs of nonprofits and consumers, alike. It is a convenient way for people to help support their charity programs of choice.”
Last Fall, Capital One launched the No Hassle Giving Site, (www.capitalone.com/give), a web site that allows Capital One cardholders to research, select, and donate to the cause of their choice. Capital One covers the transaction costs for every donation, ensuring that 100 percent of the donation is delivered to their charity program. Now, Capital One Card Lab Connect offers nonprofits yet another tool to help them attract donations.