Exhibit 20.1

Capital One Master Trust (RECEIVABLES)*

MONTHLY PERIOD: September 2008

1)      Beginning of the Month Principal Receivables:	$	46,419,071,737.15
2)      Beginning of the Month Finance Charge Receivables:	$	879,710,374.91
3)      Beginning of the Month AMF Receivables :	$	55,814,386.63
4)      Beginning of the Month Discounted Receivables:	$	0.00
5)      Beginning of the Month Total Receivables:	$	47,354,596,498.69
6)      Removed Principal Receivables:	$	0.00
7)      Removed Finance Charge Receivables:	$	0.00
8)      Removed AMF Receivables	$	0.00
9)      Removed Total Receivables:	$	0.00
10)   Additional Principal Receivables:	$	595,843,540.82
11)   Additional Finance Charge Receivables:	$	1,297,766.80
12)   Additional AMF Receivables	$	114,061.14
13)   Additional Total Receivables:	$	597,255,368.76
14)   Discounted Receivables Generated this Period:	$	0.00
15)   End of the Month Principal Receivables:	$	46,724,717,495.62
16)   End of the Month Finance Charge Receivables:	$	912,511,412.29
17)   End of the Month AMF Receivables	$	55,355,813.57
18)   End of the Month Discounted Receivables:	$	0.00
19)   End of the Month Total Receivables:	$	47,692,584,721.48
20)   Excess Funding Account Balance	$	0.00
21)   Adjusted Invested Amount of all Master Trust Series	$	39,845,586,375.36
22)   End of the Month Seller Percentage		14.72	%

Capital One Master Trust (DELINQUENCIES AND LOSSES)

MONTHLY PERIOD: September 2008

	ACCOUNTS	RECEIVABLES
1)      End of the Month Delinquencies:
2)      30 - 59 days delinquent	308,883	$	612,767,049.60
3)      60 - 89 days delinquent	220,731	$	467,151,517.51
4)      90+ days delinquent	484,384	$	1,108,404,822.13
5)      Total 30+ days delinquent	1,013,998	$	2,188,323,389.24
6)      Delinquencies 30 + Days as a Percent of End of the Month Total Receivables			4.59	%
7)      Defaulted Accounts during the Month	154,533	$	292,995,545.76
8)      Annualized Default Rate as a Percent of Beginning of the Month Principal Receivables			7.48	%

* For calculation purposes, Beginning of Month Principal Receivables includes Additional Principal Receivables

Capital One Master Trust (COLLECTIONS)

MONTHLY PERIOD: September 2008

	COLLECTIONS		PERCENTAGES
1)      Total Collections and Gross Payment Rate**	$	8,376,335,973.62		17.47	%
2)      Collections of Principal Receivables and Principal Payment Rate	$	7,555,128,120.87		16.07	%
3)      Prior Month Billed Finance Charges and Fees	$	587,973,251.90
4)      Amortized AMF Income	$	27,172,986.40
5)      Interchange Collected	$	132,333,949.33
6)      Recoveries of Charged Off Accounts	$	75,923,693.02
7)      Collections of Discounted Receivables	$	0.00
8)      Collections of Finance Charge Receivables and Annualized Yield	$	823,403,880.65		21.02	%
Capital One Master Trust (AMF COLLECTIONS) MONTHLY PERIOD: September 2008
1)      Beginning Unamortized AMF Balance			$	144,522,584.26
2)      + AMF Slug	$	123,252.11
3)      + AMF Collections	$	24,976,958.50
4)      - Amortized AMF Income	$	27,172,986.40
5)      Ending Unamortized AMF Balance			$	142,449,808.47

** Total Collections and Gross Payment Rate is calculated as a Percent of Beginning of Month Total Receivables which includes Additional Total Receivables