(COMTEX) B: X-STREAM NETWORK: Capital One signs strategic partnership
B: X-STREAM NETWORK: Capital One signs strategic partnership with X-Stream
AUG 18, 1999, M2 Communications - Capital One, one of the world's
largest credit card issuers with over nineteen million customers, has
signed a partnership deal with The X-Stream Network, the UK's third
largest Internet Service Provider and originator of the FREE ISP model.
X-Stream will designate Capital One as their preferred credit card
with a combination of on-screen advertising, e-mail to the X-Stream
database and co-branded pages reflecting Capital One products.
Since its introduction to the UK market, Capital One has played a
pioneering role in the concept of introductory rates and low interest
card offers. It now offers one of the market's most competitive flat
rate credit cards.
The X-Stream Network was the first ISP to offer users not only free
Internet access, but also free phone calls via an 0800 number, with no
need to change telephone supplier and no cut-off fee. It was also first
to offer free unified messaging.
Matt Cooper, Capital One's UK Senior Vice President, says, "The
Internet is a natural way to deliver the best value to customers on an
individual basis. This exciting partnership will enable us to target
and acquire new customers, enhance our own Information Based Strategy
and learn more about the interests of the growing number of consumers
who use the Internet".
Paul Myers, managing director of X-Stream UK, comments, "As a
dedicated Internet company, X-Stream is constantly striving to offer
our users the best value services available. Capital One's credit cards
offer great value and some of the lowest rates available in the market.
With the emergence of E-Commerce these will become an essential part of
the armoury of the online shopper. Our partnership with Capital One
provides our users with yet another premium brand. This is a
significant deal for us."
NOTES TO EDITORS
About Capital One
Capital One entered the UK cards market over three years ago as one
of the fastest growing credit card issuers in the US. Since 1991,
Capital One has been widely known as the credit card issuer most
responsible for pushing down interest rates in the US and passing value
on to the customer. Its low rate balance transfer programmes helped
Capital One grow from 1 million customers worldwide at the end of 1990
to 19.2 million customers as of June 30, 1999.
Headquartered in Falls Church, Virginia, Capital One Financial
Corporation is a holding company whose principal subsidiaries, Capital
One Bank and Capital One, F.S.B., offer financial products and services
to consumers. Capital One's subsidiaries collectively had 19.2 million
customers and $17.9 billion in managed loans outstanding as of June 30
1999, and are among the largest providers of MasterCard and Visa credit
cards in the United States.
Capital One Bank UK was established in 1996 to offer Visa and
MasterCard credit cards to UK customers.
Since its inception Capital One has grown dramatically due to the
success of its information-based strategy which combines advances in
information technology and sophisticated analytical techniques to
identify, manage and take advantage of business opportunities.
In December 1997, Capital One announced the launch of its European
Operations Centre in Nottingham, providing up to 900 jobs in product
marketing, customer service and IT. In February 1999, Capital One
announced a further 300 jobs, bringing the total to 1,200 by the Year
2000.
About X-Stream
Launched in the UK on March 8, 1998, The X-Stream Network now boasts
over 420,000 registered subscribers. Users can access the service by
calling 0800 358 5678 and requesting the necessary software. Using this
innovative software programme, The X-Stream Network is able to offer
all users 100% free access to the Internet, funded by on-screen
advertising. With offices in London and Toronto, The X-Stream Network
is rapidly expanding its unique service to new territories. Users
benefit from fast 56Kbps connections as well as email, games, web at
absolutely no cost.
The X-Stream Network can be found at
x-stream.com, X-StreamailPlus free email and Unified
Messaging service at mail.x-stream.co.uk, X-Stream Central at
x-stream.co.uk, X-Stream SmartShopper at
smartshopper.x-stream.co.uk and The X-Stream Games Network at
x-stream.gamesnetwork.com
N.B. Capital One
All applicants must be aged 18 or over, resident in the UK. Credit is
available subject to status and conditions. If your applications is
accepted we will set a credit limit
Your Capital One credit card will have an 11.9 % APR variable for
purchases and for balances transferred from other credit cards. For
cash advances you will be charged 21.7APR variable (including a
handling charge of 1.5%, minimum GBP1.50). Charges and APRs are
variable
The amount of the minimum payment will be equal to 3% of the
outstanding balance or GBP5, whichever is greater. A written quotation
is available on request. To help improve our service we may
record/monitor calls to and from Capital One Bank. If you have applied
for another Capital One card within the last three months, your
application may be declined For example, this compares with NatWest
standard visa APR21.4%, as at 13/7/99. All APRs are fee inclusive where
applicable (GBP12 for NatWest). NatWest waive the annual fee for the
first year and thereafter on annual spend of GBP4,000 or more. NatWest
have different terms, conditions and benefits.
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(C)1994-99 M2 COMMUNICATIONS LTDCONTACT: Nick Hadjinikos, Capital One
Tel: +44 (0)171 282 2811
Kate Webb, X-Stream
Tel: +44 (0)1628 676727
*M2 COMMUNICATIONS DISCLAIMS ALL LIABILITY FOR
INFORMATION PROVIDED WITHIN M2 PRESSWIRE. DATA
SUPPLIED BY NAMED PARTY/PARTIES.*
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