Consumer complaint received 2021-03-13
Company: U.S. BANCORP
State: VA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Other features, terms, or problems
Sub-issue: Problem with rewards from credit card

Complaint:
I had a U.S. Bank FlexPerks Gold XXXX XXXX Card ( ending in XXXX ) that I closed in XX/XX/XXXX. I also have a FlexPerks Select+ XXXX XXXX Card that is open. Both of these cards deposit their rewards in the same FlexPerks Reward account. But when I closed the FlexPerks Gold card, XXXX points were taken away from my FlexPerks Reward account. At the time of closing the Gold Card ( ending in XXXX ), I agreed to the disclosure that points associated with the Gold card will be forfeited. However, when I provided my consent to the disclosure I was under the impression that the Gold card only had less than 100 points and the Select+ card had more than XXXX associated with it which I was not closing. That is the reason I gave my consent to the closure. Had I known that the Gold card had so many points, I would not have consented. The bank failed to provide me the information about how many points I was going to lose if I closed the Gold card. I say so because - 1. At the time of closure, the agent on the phone read a quick 2-minute disclosure without mentioning how many points I was going to lose. 
2. If you look at the attached monthly statements from XX/XX/XXXX for Gold Card ( Exhibit A ) and Select Plus Card ( Exhibit B ), both statements do not give me a breakup of which card has how many points. Both statements provide a combined points total from both the cards as both cards were linked to the same Flexpoints Rewards account. This is the primary reason for my wrong impression about how many points I had in my Gold card. 
3. The bank 's website in XX/XX/XXXX ( before the recent changes in the website ) used to show a combined points balance for each Flexpoints account without any breakup of each card 's points balance. I don't know if the breakup was buried multiple levels deep in the bank 's website but from at-a-glace level, I didn't see how many points belonged to the Gold card that I was going to lose. 
4. Monthly statements for Select Plus card continued to show XXXX points ( Exhibit C ) as late as XX/XX/XXXX, six months after Gold card closure. This further reaffirmed my misunderstanding that most of my points belonged to Select Plus card and not Gold card. The points were taken away in XX/XX/XXXX as per the XX/XX/XXXX statement ( Exhibit D ). While I appreciate that the bank ( theoretically ) gave me six more months to use my points associated with the Gold card but that was of no practical use to me because the bank failed to notify me ( either verbally or written ) that those points will be forfeited soon and hence, I was in no rush to use those points. 

To summarize, I believe that the bank failed to inform me how many points I was going to lose if I closed the Gold card. That led me to consent to the disclosure under the wrong impression that I was not going to lose more than 100 points. I didn't have the correct facts when I provided my consent to the account closure disclosure. I didn't have the correct facts because neither the monthly statements nor the bank 's website nor the closing agent informed me how many points I was going to lose by closing the Gold card. As much, I request the bank to reinstate XXXX points which were forfeited because of the closure of my Gold card to my flexperks account.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation