MCLEAN, Va., Dec. 17, 2014 /PRNewswire/ -- The end-of-the-year hustle and bustle doesn't distract Americans from giving back to their communities. According to the leading charity platform Network for Good, online donations surge in December with about one-third of the annual online giving happening this month and the most (10 percent of annual volume) in the last three days of the year (Dec. 29-31). It is the "giving season" and, according to a recent survey from Capital One, whether it's volunteering their time or giving money or other donations, most Americans (80 percent) plan to help those in need this holiday season. Of those respondents who plan to give, nearly 40 percent will donate cash or credit card rewards.
As Americans continue to migrate online to make their charitable donations, many may not be aware that processing costs are deducted from online credit and debit card donations. The result is less money going directly to the charity. Capital One covers these costs for its customers through its No Hassle Giving Site (www.capitalone.com/give) so that 100 percent of a customer's contributions go to charity.
"Each December we see a dramatic spike in online donations, especially Dec. 29 through 31, as donors are in a generous mood and are motivated by the end-of-year deadline for tax-deductible gifts. Online giving is a convenient way for people to give back during a busy time of year," said Caryn Stein, Vice President of Communications for Network for Good. "Capital One's Giving Site makes it incredibly easy for donors to find their favorite charities and ensures that every penny contributed goes to the non-profit organization."
Launched in 2008 in partnership with Network for Good, the Capital One Giving Site allows Capital One credit and debit cardholders to research, select and donate to charities. Customers can search the site's comprehensive database of more than 1.2 million verified U.S. charities for a cause by topic, charity or zip code. Customers with rewards cards will earn miles, points or cash on the donation, as they do on other transactions, and come tax season, will appreciate that their Giving Site donations are tax-deductible. Customers also have access to a detailed donation history and summary of tax-deductible donations on the site. In addition to making donations with their credit card, credit cardholders can donate rewards, which also are tax-deductible.
"Giving is top-of-mind for so many people this holiday season and we're proud that Capital One's No Hassle Giving Site makes it easy and convenient for our customers, while maximizing gifts for the non-profit community," said Manan Mahadevia, Vice President of Rewards Programs, Capital One. "There are costs associated with electronic payments, but customers who use our Giving Site are ensured that 100 percent of their donations go to the charities of their choice. We're pleased to cover these costs in support of non-profits and our customers' generosity."
Survey Methodology
The Capital One Holiday Survey was conducted by Wakefield Research (www.wakefieldresearch.com) among 1,000 nationally representative U.S. adults ages 18+, between November 7th and November 14th, 2014, using an email invitation and an online survey. Quotas have been set to ensure reliable and accurate representation of the U.S. adult population 18 and older. The margin of error for the survey is +/- 3.1%.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N. A., had $204.3 billion in deposits and $300.2 billion in total assets as of September 30, 2014. Headquartered in McLean, Virginia, Capital One offers 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 900 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.
About Network for Good®
Network for Good is the nation's largest online charitable giving platform. Network for Good is Certified B Corporation that helps nonprofits raise more money with its proven online fundraising software and has processed over $1 billion in donations for more than 100,000 nonprofits since its 2001 founding by AOL, Cisco and Yahoo! www.networkforgood.com.
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SOURCE Capital One Financial Corporation