Capital One Financial Corp. has expanded its "No Hassle" reward program to include a newly launched checking account.

The McLean, Va., company said Tuesday that it has introduced a free Rewards Checking account that will let customers earn points for debit card transactions, online payments, and other withdrawals. Customers will also earn points for opening the accounts and for setting up direct deposits.

Holders of Capital One credit cards will be able to combine reward points from their checking and credit card accounts.

There are no monthly fees, minimum balances, or reward redemption fees associated with the Rewards Checking account, Capital One said. The available rewards include cash, airline tickets, merchandise, and gift certificates.

The new account is similar to other issuers' efforts to offer consumers "relationship-based" rewards across multiple products. Analysts have said such efforts are an important growth strategy for debit-related reward programs.

Tony Hayes, a partner in the financial services division of Marsh & McLennan Cos.' Oliver Wyman, said last month that such rewards need to be "recreated to emphasize the overall banking relationship."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.