Consumer complaint received 2023-12-12
Company: CAPITAL ONE FINANCIAL CORPORATION
State: MS
Product: Credit card
Sub-product: General-purpose credit card or charge card
Issue: Closing your account
Sub-issue: Company closed your account

Complaint:
On XX/XX/XXXX, I attempted to use my Capital One Venture Visa Card ending in XXXX and it was declined. I logged into my account and discovered that Capital One closed my account stating fraud and that the usage of my card was not in alignment with their card agreement. To provide context to this matter, my relationship with Capital One dates back to XX/XX/XXXXXXXX XXXX XXXX  and the account in question was opened XX/XX/XXXX, so there is no upside for me to have simply thrown away my longest credit relationship which has helped me tremendously and has been profitable to the company as well in terms of interest paid to them. 

On XXXX XXXXXXXX, I reached out to Capital One and read the letter to them. I asked them to provide me with the specific transactions that they deemed were fraudulent, which caused them to close my account. They could not articulate nor provide to me any transaction that were of fraudulent nature. On page 5 of their credit card agreement, it states that they may close or suspend customer 's accounts ( Credit Cards ) at any time and for any reason permitted by law, even if you are not in default. They stated a reason, but their reason was unlawful, frivolous and fabricated as I have done no such thing related to fraud ever. They have assassinated my character and accused me of something that I'm not and accused me of something that I have never done. I work for a national bank and understand credit cards, disclosures, the right to cancel and close, etc., but this is a tactic to cover up the real reason why I have been retaliated and discriminated against. 

On XX/XX/XXXX, I received a letter informing me about an account review because my balance had been significantly lower than my credit limit of $ XXXX. The review could lower my credit limit but they gave me an option to opt out of review if I anticipated the spending activity to change and so I did just that. I opted out on XX/XX/XXXX and started using the card more for restaurant, travel and entertainment only. The confirmation stated that my credit limit of $ XXXX was not changed. 

On XX/XX/XXXX, unbeknownst to me, I received the frivolous fraud letter stating that that they closed my account. I've had this card for nearly a decade, and I've maxed the card out twice. During those times where I had balances, Capital One increased my credit limit because their algorithms would suggest that I would be someone who would continue using the card, which makes them more profitable. I would be considered a high-valued customer because they are generating revenue from me. I paid the balances off twice. I've asked for credit limit increases on a number of occasions, and they have declined me every time stating that my card usage was too low. They've essentially punished me for being a good steward and responsible card holder that pays his debts. 

I do strongly believe that I have been discriminated against by Capital One as I was a plaintiff in a recent class-action lawsuit against the company and was successful. I've attached all correspondence pertaining to my recent statements to show my spending habits/patterns along with the notices and frivolous fraud letter to have my account reinstated with my $ XXXX credit limit with prejudice.

Company response to consumer: Closed with explanation