What is Capital One?
Founded on July 27, 1994, by Richard Fairbank and Nigel Morris in Richmond, Virginia, United States, Capital One Financial Corporation is a public Bank Holding Company that specializes in credit cards, auto loans, home loans, banking, and services. When ranked with respect to assets and deposits, Capital One Financial Corporation is the eighth-largest Bank Holding Company in the United States of America. Its current Chairman, President, and Chief Executive Officer is Richard Fairbank and Stephen S Crawford is the Chief Finance Officer. Capital One Financial Corporation’s current Headquarters is located in Tyson’s Corner, Virginia. The bank operates 812 branches and that includes 10 cafe style locations for its Capital One 360 Brand and it also has 2,000 ATMs.
Capital One has set up business in Canada and The United Kingdom as well. Fortune 500 ranked Capital One Financial #112. In the 1990s, Capital One helped in the mass marketing of credit cards. And in 2003, Capital One became the fourth largest United States Postal Service. Credit cards seem to be their biggest revenue makers because according to the 2015 statistics, sixty-five percent of their revenue was brought by credit cards, then twenty-eight percent was from customer banking and ten percent was from commercial banking. Their revenue by the end of 2015 was US $25.038 billion and they operate with over 45,000 employees.
Capital One Divisions
Capital One has three major divisions and some other in Canada and the United Kingdom.
Capital One Auto Finance: Based in Plano, Texas, Capital One Auto Finance is one of Capital One Financial’s divisions. In July 1998, the company bought Summit Acceptance Corporation and in October 2001 they acquired PeopleFirst Finance LLC. And in 2003, these two bought companies were combined and rebranded as the Capital One Auto Finance Corporation. In 2012, Capital One Auto Finance Corporation was named the largest Internet auto lender and also gained popularity as one of the top Auto lenders of United States overall.
Capital One 360: Capital One Financial is also the parent company of Capital One 360. It is an online banking division. Initially, it was a part of ING Direct, a brand for a direct bank with no branches and was founded in Wilmington, Delaware in 2000. But Capital One Financial Corporation took over ING Direct USA in July 2011, from the Netherlands-based parent called the ING group by paying a hefty sum of US$9 billion. And by June 16, 2011, the sale was completed and ING Direct was rebranded Capital One 360.
Capital One National Bank Direct: Capital One National Bank Direct is the online banking service that Capital One Financial provides and it used to offer different types of depository services like checking accounts and money market accounts. But, this particular division of Capital is not accepting new customers after ING Direct was taken over by the company and Capital 360 came into existence. Costco provides all the partnerships and promotions for these accounts.
What does Capital One Do?
Capital One operates in three different categories. It helps its customers on a personal level, a business level and also the commercial level. Under each of these categories, it offers various services and products to the customers. Their Products are Personal credit cards, Business credit cards, personal banking, small business banking, commercial banking, home loans, home equity loans, auto loans and investing. Let us stream through each of these categories.
Personal: Capital One provides with personal credit cards, banking services, loans and investments to its customers. It offers a long list of credit cards to the customers. Some of them are Travel Cards, Average or Building Credit Cards, Business Reward Cards, Cashback Cards and Popular Cards. But before applying for the cards, the customer has to make sure he or she can qualify for the same. They need to fill out a small questionnaire where they will be asked some simple, but important personal questions and also to choose the type of card they would like to apply for. For a pre-qualified credit card, the customer must be 21 years and above and for a qualified credit card, he or she should be at least 18 years old.
Under Personal Banking they offer Money Market Accounts, Checkings Accounts, Savings Accounts, CD Accounts, and Online and Mobile Banking Tools. And the also lend, Mortgages and Home Equity and Auto Financing Loans. Customers can also make investments by doing it themselves or by taking advice from a Capital One Advisor.
Business: Capital One provides with Business banking services, loan services, investment services and management services. A customer can use Banking services by creating business accounts for business checking and business savings. They can also use it for financing and credits where they will be offered small business credit cards and corporation card program. They can make investments for 401(k) plans and make banking investments for business savings. They can also make use of the merchant services and credit card processing.
Commercial: Capital One has Commercial expertise in many fields. They reign the Industrial field and provide services for Commercial and Industrial, Commercial Real Estate, Energy, Healthcare, Technology, Financial Institutions, Municipal Finance, Government Contracting, Dealer Services, Vacation Ownership, Non-Profit Organizations, Maritime, Security, and Alarm, Apparel, and Gaming. They also provide solutions for Commercial Lending, Depository Services, Treasury Management, Capital Markets, Private Banking & Wealth Management and Corporate Cards.
Capital One Activation
Unlike any other website, Capital One’s official website has a unique registration system. When the customer opens the website and opts to Sign In, he or she is given with numerous options from different categories to choose from. And it really is a unique system. This is how it works.
The Login process is divided into three major categories, Personal, Business and Commercial and these main categories are further divided into various other subcategories. These subcategories again provide with various options to choose from. The person, if he or she already has an account can just sign in or (login) and if he or she is new to the Capital One world, they can opt to Sign up. These options are clearly available under each subcategory.
This the main category.
Credit Cards (A Subcategory under Personal)
- US credit cards
- Canada credit cards
- UK credit cards
Banking (A Subcategory under Personal)
- Personal Banking
- Credit Card Rewards
- Banking Rewards
Loans (A Subcategory under Personal)
- Auto Loans
- Auto Loans- Application Status
- Capital One 360 Home Loans
- Capital One Mortgage
- Capital One Home Equity
- Capital One Personal Loans
Investing (A Subcategory under Personal)
- Capital One Investing (Online Account)
- Capital One Investing (Advised Account)
- Wealth and Asset Management
So under the major category personal, the customer has an option to choose what he wants or wants to get. Then he can further choose for one specific service or product.
Business Credit Cards (A Subcategory under Business)
- Credit Cards (Includes secured cards)
Banking (A Subcategory under Business)
- Business Banking
- Spark Digital Business Banking
- Spark Pay
- Merchant Services
Loans (A Subcategory under Business)
- Business Loans and Lines
Investing (A Subcategory under Business)
- Capital One Investing (Advised Account)
- 401(k) Plans
So under the major category business, the customer has an option to choose what he wants or wants to get. Then he can further choose for one specific service or product.
- Agency Customer Center
- Treasury Optimizer
- Commercial Card Connect
- Portfolio Online
Unlike the previous two categories, Commercial is more diverse with its offering and none of its options have Sign Ups. So, the customer can Sign in because Commercial is linked to both Personal and Business categories.
Capital One Careers
Capital one promises an equal opportunity to all employees and is committed to diversity in the workplace. They also believing in a drug-free workplace and fully promote the good cause. They accept all qualified applicants and will accept them without looking at their race, color, age, national origin, religion, sexual orientation, gender identity, protected veteran status and disability. They claim to be non-judgemental and extremely welcoming of all societal groups as long as they qualify.
It is very easy to search jobs in Capital One website. The user has to click on the Careers option and enter keywords for the required job, location, and radius and search for jobs. Their main teams of work are;
- Customer Advocates
- Technology Explorers
- Product Innovators
- Company Builders
Charity by Capital One
Capital One operates many charitable programs. One of them is the “No Hassle Giving” web portal and the transaction fees on the customer and the non-customer donations are made by Capital One. These transactions are made through the “No Hassle Giving” site. National Committee for Responsive Philanthropy, an accountability organization has always been highly critical of Capital One’s not so charitable attitude and it’s relatively low rate givings. It stated that Capital One’s philanthropic track record is abysmal. National Committee for Responsive Philanthropy sorely also pointed out that 0.024% of the revenue of Capital One’s donations were way lesser than the industry median which is 0.11% of revenue. Capital One, however, stood for itself and disputed the National Committee for Responsive Philanthropy by stating that in 2011 alone, their giving totals were more than six times higher than the number given by the group that accused them. And that apparent sum was $30 million.