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: Capital one bank prepaid credit cards

Capital one bank prepaid credit cards
Capital one bank prepaid credit cards
Capital one bank prepaid credit cards
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Capital One

Bank holding company headquartered in McLean, Virginia

Capital One logo.svg
CapitalOneHQ body.jpg

Capital One Tower in Tysons, Virginia

TypePublic

Traded as

IndustryFinancial services
FoundedJuly 21, 1994; 27 years ago (July 21, 1994)
Richmond, Virginia, U.S.
FounderRichard Fairbank, Nigel Morris
HeadquartersCapital One Tower
McLean, Virginia

Areas served

United States, Canada, United Kingdom

Key people

Richard Fairbank
(Chairman, President and CEO)
Stephen S. Crawford
(Head of Finance and Corporate Development)
R. Scott Blackley
(CFO)
ProductsRetail banking, credit cards, loans, savings
RevenueDecrease US$26.033 billion (2020)[1]

Operating income

Decrease US$3.203 billion (2020) [1]

Net income

Decrease US$2.714 billion (2020) [1]
Total assetsIncrease US$421.602 billion (2020) [1]
Total equityIncrease US$60.204 billion (2020) [1]

Number of employees

Increase51,985 (2020) [2]
SubsidiariesWikibuy, ShareBuilder, Paribus, United Income, BlueTarp, Adaptive Path, Confyrm, Capital One Securities, Critical Stack, Monsoon Company, Finnoble Solutions, Notch
Capital ratio11.2% (2018)
Websitewww.capitalone.com
Footnotes / references
[3]

Capital One Financial Corporation is an American bank holding company specializing in credit cards, auto loans, banking, and savings accounts, headquartered in McLean, Virginia with operations primarily in the United States.[3] It is on the list of largest banks in the United States and has developed a reputation for being a technology-focused bank.

The bank has 755 branches including 30 café style locations[4] and 2,000 ATMs. It is ranked 97th on the Fortune 500,[5] 9th on Fortune's 100 Best Companies to Work For list,[6] and conducts business in the United States, Canada, and the United Kingdom.[3] The company helped pioneer the mass marketing of credit cards in the 1990s.[7] In 2016, it was the 5th largest credit card issuer by purchase volume, after American Express, JPMorgan Chase, Bank of America, and Citigroup.[8]

With a market share of 5%, Capital One is also the second largest auto finance company in the United States, following Ally Financial.[9]

The company's three divisions are credit cards, consumer banking and commercial banking. In the fourth quarter of 2018, 75% of the company's revenues were from credit cards, 14% were from consumer banking, and 11% were from commercial banking.[3] Capital One has consistently ranked as one of the best places to work for, appearing in multiple Glassdoor's Best Places To Work reports.[10] In 2020, Fortune magazine ranked Capital One at number 24 on their Fortune List of the Top 100 Companies to Work For in 2020 based on an employee survey of satisfaction,[11] rising to 9 on the 2021 list.[12]

History[edit]

Richard Fairbank and Nigel Morris founded Capital One in 1988 with the support of Richmond, Virginia-based Signet Bank. Fairbank became the company's CEO on July 27, 1994, after Oakstone Financial was spun off from Signet Financial Corp. Oakstone Financial was later renamed to Capital One in October 1994, and the spin-off was completed in February 1995. The newly formed credit card company was ranked among the top ten credit card issuers in the United States after signing up more than five million customers. Capital One worked as a monoline, deriving all of its revenues from the credit card business. Even as a monoline, it succeeded in the credit card business due to its use of data collection to target personalized offers directly to consumers.[citation needed]

In 1996, Capital One moved from relying on teaser rates to generate new clients to adopting more innovative techniques that would attract more customers to their business model. At the time, it was losing customers to competitors who offered higher ceilings on loan balances and no-annual-fee accounts. The company came up with co-branded, secured, and joint account credit cards. In mid-1996, Capital One received approval from the federal government to set up Capital One FDB. It meant that the company could now retain and lend out deposits on secured cards and even issue automobile installment loans.[citation needed]

Monoline credit card company (1994–2004)[edit]

Capital One retail footprint as of 2010

On July 21, 1994, Richmond, Virginia-based Signet Financial Corp (now part of Wells Fargo) announced the corporate spin-off of its credit card division, OakStone Financial, naming Richard Fairbank as CEO.[13] Signet renamed the subsidiary Capital One in October 1994.[14][15]

At that time, Capital One was a monoline bank, meaning that all of its revenue came from a single product, in this case, credit cards.[16] This strategy is risky in that it can lead to losses during bad times.[16] Capital One attributed its relative success as a monoline to its use of data collection to build demographic profiles, allowing it to target personalized offers of credit directly to consumers.[17]

Capital One began operations in Canada in 1996.

Expansion into auto loans (1996–present)[edit]

In 1996, Capital One expanded its business operations to the United Kingdom and Canada. This gave the company access to a large international market for its credit cards. An article appearing in the "Chief Executive" in 1997 noted that the company held $12.6 billion in credit card receivables and served more than nine million customers. The company was listed in the Standard & Poor's 500, and its stock price hit the $100 mark for the first time in 1998.[citation needed]

Throughout its history, Capital One has focused on making acquisitions of monolines in various related sectors. In 2005, the company acquired Louisiana-based Hibernia National Bank for $4.9 billion in cash and stock. It also acquired New York-based North Fork Bank for $13.2 billion in 2006. The acquisition of smaller banks reduced its dependency on the credit business alone. Other companies acquired by Capital One include Netspend for $700 million in 2007, Chevy Chase Bank for $520 in 2009, IDG Direction division for $9 billion in 2011, and General Electric's Healthcare Financial Services Unit for $9 billion in 2015.[citation needed]

During the subprime financial crisis of 2008, Capital One received $3.56 billion in investments from the US Treasury courtesy of the Troubled Asset Relief Program in 2008. The company was forced to close its mortgage division, GreenPoint Mortgage, due to the losses incurred by investors. It paid back $3.67 billion to the US Treasury for the repurchase of the company stock.[citation needed]

CapitalOne Café in Chicago

In July 1998, Capital One acquired auto financing company Summit Acceptance Corporation.[18]

In 1999, Capital One was looking to expand beyond credit cards. CEO Richard Fairbank announced moves call citizens one bank use Capital One's experience with collecting consumer data to offer loans, insurance, and phone service.[19][20]

In October 2001, PeopleFirst Finance LLC was acquired by Capital One.[21]

The companies were combined and re-branded as Capital One Auto Finance Corporation in 2003.[22]

In late 2002, Capital One and the United States Postal Service proposed a negotiated services agreement (NSA) for bulk discounts in mailing services.[23] The resulting three-year agreement[24] was extended in 2006.[25] In June 2008, however, Capital One filed a complaint[26] with the USPS regarding the terms of the next agreement,[27] citing the terms of the NSA of Capital One's competitor, Bank of America. Capital One subsequently withdrew its complaint to the Postal Regulatory Commission following a settlement with the USPS.[28]

Onyx Acceptance Corporation was acquired by Capital One in January 2005.[29]

Expansion into retail banking (2005–present)[edit]

While many other monolines were acquired by larger, diverse banks, Capital One expanded into retail banking with a focus on subprime customers.

Capital One acquired New Orleans, Louisiana-based Hibernia National Bank for $4.9 billion in cash and stock in 2005[30] and acquired Melville, New York-based North Fork Bank for $13.2 billion in cash and stock in 2006,[31] which discover online banking bonus its dependency on credit cards from 90% to 55%.[32]

In 2007, Capital One acquired NetSpend, a marketer of prepaid debit cards, for $700 million.[33]

During the 2007 subprime mortgage financial crisis, Capital One closed its mortgage platform, GreenPoint Mortgage, due in part to investor pressures.[34][35][36]

In 2008, Capital One received an investment of $3.56 billion from the United States Treasury as a result of the Troubled Asset Relief Program.[37][38] On June 17, 2009, Capital One completed the repurchase of the stock the company issued to the U.S. Treasury paying a total of $3.67 billion, resulting in a profit of over $100 million to the U.S. Treasury.[39]

The U.S. Securities and Exchange Commission criticized Capital One's conduct during the crisis, claiming that they understated auto loan losses during the financial crisis of 2007–2008. In 2013, Capital One paid $3.5 million to settle the case, but was not required to directly address the allegations of wrongdoing.[40]

In February 2009, Capital One acquired Chevy Chase Bank for $520 million in cash and stock.[41][42][43][44]

In January 2011, Capital One acquired Canada-based Hudson's Bay Company's private credit card portfolio from Synchrony Financial, then known as GE Financial.[45]

In June 2011, ING Group announced the sale of its ING Direct division to Capital One for $9 billion in cash and stock.[46] On August 26, 2011, the Federal Reserve Board of Governors announced it would hold public hearings on the Capital One acquisition of ING Direct, and extend to October 12, 2011, the public comment period that had been scheduled to end August 22.[47] The move came amidst rising scrutiny of the deal on systemic risk, or "Too-Big-to-Fail," performance under the Community Reinvestment Act, and pending legal challenges. A coalition of national civil rights and consumer groups, led by the National Community Reinvestment Coalition, were joined by Rep. Barney Frank to challenge immediate approval of the deal. The groups argued that the acquisition was a test of the Dodd-Frank Wall Street Reform and Consumer Protection Act, under which systemically risky firms must demonstrate a public benefit that outweighs new risk before they are allowed to grow. Kansas City Federal Reserve Bank head Thomas M. Hoenig was also skeptical of the deal.[48][49] In February 2012, the acquisition was approved by regulators and Capital One completed its acquisition of ING Direct.[50] Capital One received permission to merge ING into its business in October 2012,[51] and rebranded ING Direct as Capital One 360 in November 2012.[52]

In April 2011, Capital One signed a deal with Kohl's to handle Kohl's private label credit card program that was previous serviced by Chase Bank for a seven-year period for an undisclosed amount.[53] The contract between the two companies was extended in May 2014.[54]

In August 2011, Capital One reached a deal with HSBC to acquire its U.S. credit card operations.[55] Capital One paid $31.3 billion in exchange for $28.2 billion in loans and $600 million in other assets. The acquisition was completed in May 2012.[56] The acquisition also included private issued credit cards for such companies as Saks Fifth Avenue, Neiman Marcus, and Lord & Taylor that were previously handled by HSBC.[57]

On February 26, 2012, along with several other banks, Capital One announced support for the Isis Mobile Wallet payment system.[58] However, in September 2013, Capital One dropped support for the venture.[59]

In 2012, Capital One closed 41 branch locations.[60]

In 2015, Capital One closed several branch locations to leave 174 operating branches in the D.C. metro area.[61]

On February 19, 2014, Capital One became a 25% owner in ClearXchange, a Peer-to-peer transaction money transfer service designed to make electronic funds transfers to customers within the same bank and other financial institutions via mobile phone number or email address.[62] ClearXchange was sold to Early Warning www fidelity net benefits 2016.[63]

In January 2015, Capital One acquired Level Money, a budgeting app for consumers.[64]

On July 8, 2015, the company acquired Monsoon, a design studio, development shop, marketing house and strategic consultancy.[65]

In 2015, Capital One acquired General Electric's Healthcare Financial Services unit, which included $8.5 billion in loans made to businesses in the healthcare industry, for $9 billion.[66]

In October 2016, Capital One acquired Paribus, a price tracking service, for an undisclosed amount.[67][68]

In July 2019, Capital One signed a deal with Walmart to handle Walmart's private label and co-branded credit card programs that was previously serviced by Synchrony Financial.[69]

In November 2021, the company introduced Venture X, a travel rewards credit card, with a $395 annual fee.[70]

Exit from mortgage banking (2006–2007 and 2011–2017)[edit]

In November 2017, President of Financial Services Sanjiv Yajnik announced that the mortgage market was too competitive in the low rate environment to make money in the business.[71] The company exited the mortgage origination business on November 7, 2017, laying off 1,100 employees.[72] This was the second closure; the first occurred on August 20, 2007, when GreenPoint Mortgage unit was closed.[73] GreenPoint had been acquired December 2006 when Capital One paid $13.2 billion to North Fork Bancorp Inc. The re-emergence into the mortgage industry came in 2011 with the purchase of online bank ING Direct USA.[74]

Other acquisitions[edit]

In May 2018, the company acquired Confyrm, a digital identity and fraud alert service.[75][76][77]

In November 2018, Capital One acquired Wikibuy, a shopping comparison app and browser extension from an Austin, Texas start-up business; Wikibuy has no connection with Wikipedia/Wikimedia.[78]

Divisions[edit]

Capital One operates 3 divisions as follows:[3]

  • Credit cards – Capital One issues credit cards in the United States, Canada, and the United Kingdom and is the 3rd largest credit card issuer, after JPMorgan Chase and Citigroup. As of December 31, 2018, Capital One had $107.350 billion in credit card loans outstanding in the United States and $9.011 billion of credit card loans outstanding in Canada and the United Kingdom, with credit cards representing 47.3% of total loans outstanding.[3]
  • Consumer banking – offers banking services, including checking accounts, saving accounts, and money market accounts via its branches and direct bank as well as retail and auto loans. As of December 31, 2018, the company had $2.864 billion in retail loans outstanding and $56.341 billion in car finance loans outstanding, representing 22.9% of total loans outstanding.[3]
  • Commercial banking – As of December 31, 2018, Td jakes conversation with america One had $70.333 billion in loans outstanding secured by commercial, multifamily, and industrial properties, representing 28.6% of total loans outstanding.[3]

Sports marketing[edit]

Since 2001, Capital One has been the principal sponsor of the college football Florida Citrus Bowl, which has been called the Capital One Bowl since 2003.[79] It sponsors a mascot challenge every year, announcing the winner on the day of the Capital One Bowl. The name of the stadium was changed in 2014 to the Orlando Citrus Bowl and was then changed again to Camping World Stadium in 2016, following a multi-year naming rights sponsorship with Camping World.[80]

Capital One is one of the top three sponsors of what is the routing number for first interstate bank NCAA, paying an estimated $35 million annually in exchange for advertising and access to consumer data.[81][82] Capital One also sponsored the EFL Cup, an English Soccer Competition, from 2012 to 2016. The company sponsored Sheffield United F.C. from 2006 to 2008. Since 2009, the University of Maryland Terrapins football team has played at Capital One Field at Maryland Stadium (formerly Byrd Stadium), a naming-rights deal inherited in the bank's acquisition of Chevy Chase Bank. In 2017, the company became the sponsor of the Capital One Arena in Washington D.C.[83][84]

In 2018, to celebrate the Washington Capitals' second-ever Stanley Cup Finals appearance, the firm temporarily changed its logo by replacing the word "Capital" with the Capitals' titular logo, without the "s" plural.[85][86]

Corporate citizenship[edit]

Capital One operates some charitable programs. The accountability organization National Committee for Responsive Philanthropy has been highly critical of Capital One's relatively low rate of giving, stating that "Capital One's philanthropic track record is dismal".[87] The organization pointed out that Capital One's donations of 0.024% of revenue were much less than the industry median of 0.11% of revenue.[87] Capital One has disputed the groups figures, saying that ". In 2011 alone, our giving totals are more than 6 times greater ($30 million) than the number given by the NCRP".[88]

Criticism and legal actions[edit]

[edit]

In July 2012, Capital One was fined by the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau for misleading millions of its customers, such as paying extra for payment protection or credit monitoring when they took out a card.[89] The company agreed to pay $210 million to settle the legal action and to refund two million customers.[90] This was the CFPB's first public enforcement action.[91]

Automated dialing to customers' phones[edit]

In August 2014, Capital One and three collection agencies entered into an agreement to pay $75.5 million to end a consolidated class action lawsuit pending in the United States District Court for the Northern District of Illinois alleging that the companies used an automated dialer to call customers' cellphones without consent, which is a violation of the Telephone Consumer Protection Act of 1991.[92] It is notable that this legal action involved informational telephone calls, which are not subject to the "prior express written consent" requirements which have been in place for telemarketing calls since October 2013.[93]

2014 amendment to terms of use to allow personal visits[edit]

In 2014, Capital One amended its terms of use to allow it to "contact you in any manner we choose", including a "personal visit. . at your home and at your place of employment." It also asserted its right to "modify or suppress caller ID and similar services and identify ourselves on these services in any manner we choose."[94] The company stated that it would not actually make personal visits to customers except "As a last resort. if it becomes necessary to repossess [a] sports vehicle".[94] Capital One also attributed its assertion of a right to "spoof" as necessary because "sometimes the number is 'displayed differently' by 'some local phone exchanges,' something that is 'beyond our control'".[95]

July 2019 security breach[edit]

Capital One publicly acknowledged on July 29, 2019, that they had found unauthorized access had occurred ten days earlier by an individual who had breached the account and identity security of 106 million people in the United States and Canada.[96] The FBI arrested Paige Thompson, who had previously worked as a software engineer for Amazon Web Services, Capital One's cloud hosting company. Capital One declared that Thompson had accessed about 140,000 Social Security numbers, a million Canadian social insurance numbers; 80,000 bank account numbers, and an unknown number of names and addresses of customers. Capital One began offering free credit monitoring services to those affected by the breach.[97][98]

Thompson's employment at Amazon appears to have ended in September 2016. Amazon stated that the security vulnerability she used to access Capital One could have been discovered by anyone, the information that facilitated her activity was not gained from work at Amazon, and that she gained access via "a misconfiguration of the (Capital One-designed) web application and not the underlying (Amazon-designed) cloud-based infrastructure".[99]

Details of the breach[edit]

Forensic analysis[vague] determined Thompson's actual hacking activity occurred in March 2019, then she posted the information to different outlets over the next three months. In April she posted what came to be known[by whom?] as the "April 21 Files", a trove of leaked data along with instructions on how to access the company's credentials for more data extraction. In July a white-hat alerted Capital One to Thompson's hacking activity. Thompson pleaded not guilty to charges of wire fraud and computer fraud and abuse. During the investigations and subsequent data freeze, millions of Capital One accounts were locked; their owners were unable to process financial transactions, meet payments, or gain access to their financial records.[100]

Capital One Response[edit]

Critics lambasted the bank's effort to downplay the hack while investigations were ongoing, and described the bank as more concerned about its image than the needs of its clients. Several Capital One customers stated that the first time they heard about the hack was through the media and the bank did not disclose the breach or explain its implications to affected customers.[101] On social media and in the mainstream press, Capital One's contradictory July 2019 press statement was mocked[102][103] for saying "No bank account numbers or Social Security numbers were compromised," but then listing hundreds of thousands of bank account numbers and social security numbers that were compromised.

Federal Reserve Action[edit]

On August 6, 2020, the Federal Reserve Board of Governors announced a cease and desist order against Capital One resulting from the breach.[104] The order mandated, among other things, significant improvements in Capital One's governance, risk management and compliance (GRC) practices.

Lawsuits[edit]

Lawsuits were filed against Capital One and its employees in federal[105] and circuit courts.[106]

Additional Lawsuits were filed against both Amazon and GitHub, alleging they were aware of the exploit but did not act to fix or patch the vulnerability[107]

Government investigations[edit]

Relative to other large banks, Capital One has received fewer sanctions or default judgments against it.[citation needed] But some[who?] allude this is a result of its close proximity to Washington, D.C. and possible relations with federal regulators.[citation needed] In 2015 the bank disclosed that it was under federal investigation for bank fraud, money laundering, and possible racketeering charges. No further information was given and government investigators would only confirm that it was under scrutiny for "unspecified charges".[108]

In 2018, Capital One was fined $100 million for failure to monitor, detect, and prevent money laundering.[109] Charging documents[110] specified Capital One failed to file suspicious activity reports, had deficiencies in its risk assessment, remote deposit capture and generally had weaknesses that compromised national bank security controls. The bank was the subject of a larger investigation that alleged funds were siphoned out of US jurisdiction to safe havens.

In January 2021 Capital one was fined $390 million by FINCEN for anti-money laundering control failure for a now-defunct, small portfolio of check-cashing businesses that Capital One acquired around 2008 which subsequently exited from in 2014. Capital One later admitted that it failed to file thousands of suspicious activity reports and lapsed on filing currency transaction reports on around 50,000 reportable cash transactions valued around $16 billion.[111][112]

Notable office buildings[edit]

References[edit]

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  62. ^"CAPITAL ONE JOINS CLEARXCHANGE NETWORK"(PDF) (Press release). pymnts.com. February 19, 2014.
  63. ^"Early Warning Completes Acquisition of clearXchange" (Press release). Early Warning. January 12, 2016. Archived from the original on June 17, 2017. Retrieved May 29, 2017.
  64. ^Perez, Sarah (January 12, 2015). "Capital One Acquires Budgeting App Level Money". TechCrunch.
  65. ^Perez, Sarah my new jersey login 8, 2015). "Capital One Acquires Oakland-Based Design And Development Firm Monsoon". TechCrunch.
  66. ^"Capital One Completes Acquisition of GE Capital's Healthcare Financial Services Lending Business" (Press release). PR Newswire. December 1, 2015.
  67. ^Perez, Sarah (October 6, 2016). "Capital One acquires online price tracker Paribus". TechCrunch.
  68. ^Yurcan, Bryan (October 12, 2016). "Capital One Adds to Its Growing List of Fintech Deals". American Banker.
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  71. ^Ramirez, Kelsey (November 16, 2017). "Capital One suddenly exits mortgage and home equity business". HousingWire.com.
  72. ^Surane, Jennifer (November 7, 2017). "Capital One Exits Mortgage Origination Business, Cuts 1,100 Jobs". Bloomberg L.P.
  73. ^Wilchins, Dan (August 20, 2007). "Capital One slashes jobs, mortgage industry swoons". Reuters.
  74. ^Merle, Renae (June 16, 2011). "Capital One Bank to acquire ING Direct USA". The Washington Post.
  75. ^Perez, Sarah (May 11, 2018). "Capital One acquires digital identity and fraud alert startup Confyrm". TechCrunch.
  76. ^Nash, Andrew (May 11, 2018). "Confyrm Joins Capital One to Fuel Consumer Identity Services at Scale". Medium.
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  106. ^"Colson Hicks Eidson Files Class Action Lawsuit Against Capital One For Negligence In Massive Data Breach". Colson Hicks Eidson. August 16, 2019. Retrieved February 28, 2020.
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  109. ^"Capital One Bank fined $100 million over money-laundering controls". Reuters. October 23, 2018. Retrieved February 28, 2020.
  110. ^"OCC Assesses $100 Million Civil Money Penalty Against Capital One". occ.treas.gov. October 23, 2018. Retrieved February 28, 2020.
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  112. ^"FinCEN Announces $390,000,000 Enforcement Action Against Capital One, National Association for Violations of the Bank Secrecy Act FinCEN.gov". www.fincen.gov. Retrieved October 3, 2021.

External links[edit]

Источник: https://en.wikipedia.org/wiki/Capital_One

CFPB Probe into Capital One Credit Card Marketing Results in $140 Million Consumer Refund

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced its first public enforcement action with an order requiring Capital One Bank (U.S.A.), N.A. to refund approximately $140 million to two million customers and pay an additional $25 million penalty. This action results from a CFPB examination that identified deceptive marketing tactics used by Capital One’s vendors to pressure or mislead consumers into paying for “add-on products” such as payment protection and credit monitoring when they activated their credit cards.

“Today’s action puts $140 million back in the pockets of two million Capital One customers who were pressured or misled into buying credit card products they didn’t understand, didn’t want, or in some cases, couldn’t even use,” said CFPB Director Richard Cordray. “We are putting companies on notice that these deceptive practices are against the law and will not be tolerated.”

Through the supervision process, CFPB’s examiners discovered Capital One’s call-center vendors engaged in deceptive tactics to sell the company’s credit card add-on products. These products included “payment protection,” which allows consumers to request that the bank cancel up to 12 months of minimum payments – roughly one percent of their credit card balance – if they encounter certain life events like unemployment and temporary disability. It also provides debt forgiveness in the event of death or permanent disability. Another product was “credit monitoring,” with services such as identity-theft protection, access to “credit education specialists,” and, in some cases, daily monitoring and notification.

Consumers with low credit scores or low credit limits were offered these products by Capital One’s call-center vendors when they called to have their new credit cards activated. As part of the high-pressure tactics Capital One representatives used to sell these add-on products, consumers were:

  • Misled about the benefits of the products: Consumers were sometimes led to believe that the product would improve their credit scores and help them increase the credit limit on their Capital One credit card.
  • Deceived about the nature of the products: Consumers were not always told that buying the products was optional. In other cases, consumers were wrongly told they were required to purchase the product in order to receive full information about it, but that they could cancel the product if they were not satisfied. Many of these consumers later had difficulty canceling when they called to do so.
  • Misled about eligibility: Although most of the payment protection benefits kicked in when consumers became disabled or lost a job, some call center representatives marketed and sold the product to ineligible unemployed and disabled consumers. Despite paying the full fees, they could not get all the benefits of payment protection; some later filed claims that were denied because their “loss” (e.g. loss of job or onset of disability) occurred prior to enrollment.
  • Misinformed about cost of the products: Consumers were sometimes led to believe that they would be enrolling in a free product rather than making a purchase.
  • Enrolled without their consent: Some call center vendors processed the add-on product purchases without the consumer’s consent. Consumers were then automatically billed for the product and often had trouble cancelling the product when they called to do so.

Enforcement Action
Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB has the authority to issue Consent Orders and take action against institutions engaging in unfair, deceptive, or abusive practices. To ensure that all affected consumers are repaid and that consumers are no longer subject to these misleading and high-pressure tactics, Capital One has agreed to:

  • End deceptive marketing: Capital One has ceased all marketing of these products, and will not resume doing so until Capital One submits a compliance plan, acceptable to the Bureau, which helps ensure these unlawful acts do not occur in the future.
  • Complete repayment, plus interest, to two million consumers: Capital One will pay approximately $140 million to all of the estimated two million consumers who either initially enrolled in a product on or after August 1, 2010, or who tried to cancel a product on or after August 1, 2010, but were persuaded to keep the product after speaking with a call center representative. In addition to the amount paid for the product, cardmembers will receive a refund of the associated finance charges, any over-the-limit fees capital one bank prepaid credit cards from the charge for the product, and interest.
  • Pay claims denied based on ineligibility at enrollment: For any of these eligible consumers whose payment protection claims were previously denied because their loss occurred prior to enrollment (because of unemployment, disability, etc.), Capital One will pay their claims as if they had been eligible, if that amount is greater than the refund for that consumer.
  • Convenient repayment for consumers: If the capital one bank prepaid credit cards are still Capital One customers, they will receive a credit to their accounts. If they are no longer a Capital One credit card holder, they will receive a check in the mail. Consumers are not required to take any action to receive their credit or check.
  • Independent audit: Compliance with the terms of this agreement will be assured through the work of an independent auditor, who will determine if Capital One has complied with the CFPB’s Consent Order.
  • $25 million penalty: Capital One will make a $25 million penalty payment to the CFPB’s Civil Penalty Fund.

Today’s action is being taken in coordination with the Office of the Comptroller of the Currency (OCC), which is separately ordering restitution of approximately $150 million from Capital One. This amount includes the same $140 million refund to be paid to the approximately two million customers harmed by the deceptive marketing practices identified by the CFPB’s examiners. The OCC’s order also includes separate restitution for additional consumers harmed by unfair billing practices taking place between May 2002 and June 2011 in violation of Section 5 of the Federal Trade Commission (FTC) Act. For the combined activity, the OCC is assessing a $35 million civil money penalty against Capital One.

In conjunction with today’s enforcement action, the Bureau is releasing two Consumer Advisories. Https adminservices optumhealth com advisory is intended to make Capital One customers aware of today’s action and the other serves as a general warning to consumers who may encounter such deceptive practices.

Complaints received by the CFPB indicate – and the Bureau’s supervisory experience confirms – that other consumers have been misled by the marketing and sales practices associated with credit card add-on products. To further protect consumers, the Bureau is issuing a compliance bulletin that puts other institutions on notice that the CFPB will not tolerate deceptive marketing practices, and institutions will be held responsible for the actions of their third-party vendors. Companies engaging in deceptive practices will be expected to refund fees paid by consumers and, particularly where practices are widespread, pay an appropriate penalty.

The full text of the CFPB’s Consent Order is available at: https://files.consumerfinance.gov/f/201207_cfpb_consent_order_0001.pdf

A factsheet on the Consent Order is available at: https://files.consumerfinance.gov/f/201207_cfpb_ending_deceptive_marketing_practices.pdf

Источник: https://www.consumerfinance.gov/about-us/newsroom/cfpb-capital-one-probe/

Everything you need to know about the Capital One Venture X $300 travel credit

As the saying goes, don’t judge a book by its cover – and the same phrase can be applied to a credit card’s annual fee. 

Take the Capital One Venture X Rewards Credit Card, for instance. While this recently launched premium rewards card sports a $395 annual fee, there are a number of ongoing, valuable perks that help offset the full cost of that figure. 

Those perks are in addition to a stellar sign-up bonus: 100,000 bonus miles after you spend $10,000 on purchases in the first six months from account opening. In addition, new applicants also get up to $200 in statement credits for vacation rental purchases like Airbnb and Vrbo charged to the card within the first cardholder year.

One of the ongoing principal benefits that Venture X cardholders receive each year, however, is up to $300 in annual statement credits that apply towards bookings made on Capital One Travel.

Today, let’s take a closer look at the Venture X annual travel statement credit and how you mortgage payment calculator with taxes make the most of it.

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What is the Venture X $300 travel credit?

Venture X cardholders receive up to $300 in statement credits each cardmember year (not calendar year) toward travel, including the year you open the card. That means you can get $300 in value from the Venture X right off the bat.

But there is one caveat: The credit only applies to bookings made through the Capital One Travel portal.

The Capital One Travel portal is an online travel agency (OTA) and can be best compared to those offered by other issuers, such as Amex Travel and the Chase Ultimate Rewards portal. What sets Capital One’s portal apart is that it has partnered with Hopper, a travel booking startup with excellent predictive pricing technology that can help cardholders ensure they get the best deals.

Cardholders can log into the Capital One Travel portal to book things like airfare, hotel stays and rental car reservations, then apply the $300 statement credit to them.

Even better, the credit can be used across one or multiple transactions until the $300 limit is reached and there is no registration required. The credit capital one bank prepaid credit cards be automatically applied to transactions until you hit the $300 mark.

Related: A full review of Capital One Venture X

Booking through Capital One Travel vs. booking direct

At face value, the requirement to use the Capital One Travel portal might feel like a limitation, especially when you consider the benefits of booking travel directly.

For instance, when booking certain hotels or car rentals through any third-party service – including Capital One Travel and other credit card issuers’ travel portals – you will typically forfeit elite-status benefits along with the ability to earn elite-qualifying credits and points within these loyalty programs.

However, for flights and independent hotels (including Disney resorts, for those who love visits to the Disney parks), booking through the Capital One Travel portal still makes a lot of sense since you wouldn’t earn hotel points anyway. Flights booked this way usually still earn award and elite-qualifying miles the same as booking directly.

Finally, Capital One Travel has several unique features thanks to its partnership with Hopper.

Among them for flights and hotels are an integrated price prediction and matching tool and a best price guarantee. Capital One will also add the option to purchase cancel-for-any-reason (CFAR) coverage on flights and price freeze protection, which will allow folks to lock in a price they find on the portal for a fee until they’re ready or able to book.

Earning miles through Capital One Travel

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Aside from how easy it should be to maximize that $300 travel credit, there is one other excellent reason to use the Venture X to book travel through the Capital One Travel portal: the bonus earning opportunities.

The Venture X has a simple earning structure, accruing 2 miles per dollar on most charges. However, it features elevated earning rates for bookings made via Capital One Travel:

  • 10 miles per dollar on hotels and car rentals booked via Capital One Travel
  • 5 miles per dollar on flights booked via Capital One Travel

So by using the Venture X for Capital One Travel purchases, you can ensure you take full advantage of your $300 annual travel credit and then earn potentially tons of bonus miles on your other bookings above and beyond that threshold.

Earn miles while using the credit

Venture X cardholders can receive the $300 annual Capital One Travel statement credit while still earning miles (at the applicable rate).

For instance, let’s say you booked a hotel for exactly $300 through the Capital One Travel portal. You’d be credited $300 on your statement, and you would also earn 3,000 miles ($300 multiplied by 10 miles per dollar) for the “purchase.” That’s very generous on Capital One’s end.

How does this travel credit compare to other premium cards?

Two major competitors to Venture X in the premium card space are The Platinum Card® from American Express and Chase Sapphire Reserve.

Both the Chase and Amex products carry higher annual fees, but also extend an array of additional perks that may be useful to some consumers. For the sake of this comparison, let’s restrict our look analysis to their travel-focused credits.

Chase Sapphire Reserve

The Chase Sapphire Reserve charges a $550 annual fee, and one of its standout perks is a highly flexible $300 annual travel credit. Unlike Capital One’s requirement to use a proprietary booking portal, Chase allows Reserve cardholders to earn their $300 back on a wide variety of travel transactions, whether they book directly or through Ultimate Rewards.

Among the types of purchases that should trigger the credit are:

  • Airlines.
  • Hotels.
  • Timeshares.
  • Campgrounds.
  • Car rental agencies.
  • Cruise lines.
  • Travel agency services.
  • Trains.
  • Buses.
  • Taxis and car services.
  • Toll bridges and highways.
  • Parking lots and garages.

Chase cardholders do not earn any Ultimate Rewards points on purchases to which the $300 annual travel credit is applied, but can earn points on expenditures made beyond it.

Amex Platinum

The Amex Platinum now charges a $695 annual fee (see rates and fees), with an array of at least 10 built-in statement credits that help offset the yearly cost of the card.

The two perks that are most similar to Capital One’s are an up-to-$200 airline incidental fee statement credit each calendar year and up to another $200 in statement credits on prepaid Amex Fine Hotels + Resorts or The Hotel Collection bookings made through Amex Travel when you pay with your Amex Platinum. Enrollment is required for select benefits.

Both these feel somewhat more limiting than Capital One’s version, though.

The airline credit (typically) does not apply toward airfare but instead works on “incidental” purchases, such as checked bag fees and lounge passes. Plus, you have to designate a U.S. airline to apply it to each calendar year, which requires some forethought.

As for the hotel credit, while that’s easy enough to use if you book a hotel stay or two through Amex Travel, you’re still restricted to prepaid bookings, are white grapes good for you limits your flexibility. By contrast, you can pretty much just book what you like through Capital One Travel and the Venture X’s up-to $300 annual statement credit should apply.

Bottom line

Premium credit cards have high annual fees on the surface but a closer capital one bank prepaid credit cards at the benefits reveals more to the story.

In the case of Capital One’s new Venture X, a $300 annual credit applied to Capital One Travel bookings significantly offsets the card’s $395 annual fee. If you plan to apply for the Venture X – or have the card already – you’re going to want to familiarize yourself with the travel portal so you can be sure you’re getting the most out of this benefit. 

Official application link: Capital One Venture X with 100,000 bonus miles after you spend $10,000 on purchases in the first six months, plus up to $200 in statement credits for vacation rental purchases charged to your account within the first year. 

For rates and fees of the Amex Platinum Card, click here.

Featured photo by John Gribben/The Points Guy.

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Chris Dong is a reporter at The Points Guy, where he covers the intersection of credit card rewards and travel. You can follow his adventures on Instagram.

Question, comment or tip? Email him: [email protected]
Источник: https://thepointsguy.com/news/capital-one-venture-x-travel-credit/

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