Updated: Wed Dec. 26 2007 4:59:47 PM

toronto.ctv.ca

The Toronto Transit Commission will be offering people a free ride New Year's Eve thanks to a generous donation from a credit card company.

Capital One has donated $85,000 to the TTC to help it provide the service to party revelers from midnight until 4 a.m.

Though other transit systems in other municipalities regularly offer free rides on New Year's Eve, the TTC hasn't offered the service for 30 years.

The donation is roughly equal to the revenue the TTC will lose by offering the service. About 100,000 people are expected to take advantage of the offer.

Earlier this month, TTC Chair Adam Giambrone said the TTC will offer free rides but would also look at getting support from a corporate sponsor. Capital One then approached the TTC with the offer.

"I think that everyone agrees that on New Year's Eve, when you're out celebrating, the TTC is the better way to go," he told CTV Toronto after the idea was approved at a transit meeting on Dec. 6.

Capital One's offer is the second time this year a credit card company has offered to help the city provide services to residents.

MasterCard Canada offered in October to sponsor outdoor skating rinks in Toronto when the city threatened to close them for the month of December in an effort to save money.