Exhibit 20.1

Capital One Master Trust (RECEIVABLES)*

MONTHLY PERIOD: December 2008

1)      Beginning of the Month Principal Receivables:	$	46,844,690,398.72
2)      Beginning of the Month Finance Charge Receivables:	$	981,696,141.44
3)      Beginning of the Month AMF Receivables:	$	59,133,190.09
4)      Beginning of the Month Discounted Receivables:	$	0.00
5)      Beginning of the Month Total Receivables:	$	47,885,519,730.25
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:	$	0.00
11)   Additional Finance Charge Receivables:	$	0.00
12)   Additional AMF Receivables	$	0.00
13)   Additional Total Receivables:	$	0.00
14)   Discounted Receivables Generated this Period:	$	0.00
15)   End of the Month Principal Receivables:	$	47,731,648,331.48
16)   End of the Month Finance Charge Receivables:	$	972,554,931.29
17)   End of the Month AMF Receivables	$	62,402,775.09
18)   End of the Month Discounted Receivables:	$	0.00
19)   End of the Month Total Receivables:	$	48,766,606,037.86
20)   Excess Funding Account Balance	$	0.00
21)   Adjusted Invested Amount of all Master Trust Series	$	37,461,746,405.54
22)   End of the Month Seller Percentage		21.52	%

Capital One Master Trust (DELINQUENCIES AND LOSSES)

MONTHLY PERIOD: December 2008

	ACCOUNTS	RECEIVABLES
1)      End of the Month Delinquencies:
2)      30 - 59 days delinquent	318,988	$	691,683,955.21
3)      60 - 89 days delinquent	227,384	$	540,154,974.48
4)      90+ days delinquent	520,495	$	1,299,055,226.80
5)      Total 30+ days delinquent	1,066,867	$	2,530,894,156.49
6)      Delinquencies 30 + Days as a Percent of End of the Month Total Receivables			5.19	%
7)      Defaulted Accounts during the Month	166,346	$	333,069,264.37
8)      Annualized Default Rate as a Percent of Beginning of the Month Principal Receivables			8.53	%

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

Capital One Master Trust (COLLECTIONS)

MONTHLY PERIOD: December 2008

	COLLECTIONS		PERCENTAGES
1)      Total Collections and Gross Payment Rate**	$	8,203,910,186.64		17.13	%
2)      Collections of Principal Receivables and Principal Payment Rate	$	7,364,924,876.66		15.72	%
3)      Prior Month Billed Finance Charges and Fees	$	597,995,819.33
4)      Amortized AMF Income	$	25,507,540.24
5)      Interchange Collected	$	151,077,324.00
6)      Recoveries of Charged Off Accounts	$	64,432,146.38
7)      Collections of Discounted Receivables	$	0.00
8)      Collections of Finance Charge Receivables and Annualized Yield	$	839,012,829.95		21.49	%
Capital One Master Trust (AMF COLLECTIONS)
MONTHLY PERIOD: December 2008
1)      Beginning Unamortized AMF Balance			$	134,770,829.61
2)      + AMF Slug	$	0.00
3)      + AMF Collections	$	25,480,020.27
4)      - Amortized AMF Income	$	25,507,540.24
5)      Ending Unamortized AMF Balance			$	134,743,309.64

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