Consumer complaint received 2020-07-31
Company: CAPITAL ONE FINANCIAL CORPORATION
State: MD
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Closing your account
Sub-issue: Company closed your account

Complaint:
I received an email from Capital One that they would be closing my account due to inactivity. I am temporarily laid off from work due to COVID-19 and I can not accept that this is necessary for them to do at this time. It has been a while since I have used this credit card but I'm currently not in a good financial position to start any new payments. It affects my credit score and standing if an account is closed and they would not consider allowing me to keep the ac count open. In the past I have had car loans with Capital One and I do have another card with them that I am afraid that they will close that card account also. This could have a domino effect on my credit score and credit standing. I am nearing retirement age and am a renter. My credit score is my only lifeline since I do not own a home or have savings or assets of significant value. 
This is devastating to my financial predicament and Capital One seemed to not be willing to move on this decision. I do remember back in XXXX during the financial crisis another bank closed a credit card account that I had a significant balance outstanding and the Office of the Comptroller of Currency heard my complaint and was able to  persuade that bank to reopen that credit card account. That account is still open today. I do appreciate my rights being protected. I feel we are in quite a similar situation here where big banks are closing accounts for no reason other than perceived inactivity. I would have used the card and provided some activity if Capital One would have requested that under warning of account closure. I have had other credit card companies issue closure warnings, so I simply make a few gas and grocery purchases to satisfy their requirement for activity and to keep my account open and in good standing. This is crucial to my credit score and standing to keep my accounts open and in good standing. I truly need Capital One to reverse their decision about closing my account. Here is a copy of the Capital One email : Re : Your account ending in XXXX XXXX XXXX XXXX, Its been over 3 years since youve used this credit card account. As a result, the account will be closed due to inactivity on XX/XX/XXXX. Until then, the account has been restricted and cant be used for transactions or unrestricted prior to closure. We want to remind you that this account has a rewards balance of XXXX miles, and you have until XX/XX/XXXX, to redeem your rewards before the account closes. Youll be unable to redeem rewards after that date. Heres how you can review your redemption options and redeem your rewards : Sign in to your ac count at capitalone.com. Access your account using the Capital One Mobile app. For your security, we recommend you destroy all cards associated with this account and notify any other account users. If you need to call us, you c an reach us at XXXX. Please be aware that wait times may be longer than usual.

Company response to consumer: Closed with explanation