Consumer complaint received 2023-01-30
Company: CAPITAL ONE FINANCIAL CORPORATION
State: CA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Other features, terms, or problems
Sub-issue: Other problem

Complaint:
XXXX  Dear Regulator, Last year, I opened a Venture X card with Capital One ( ending in XXXX ). In a period of approximately 3 months, from XXXX though XXXX XXXX I spent a total of {$16000.00} on the account before my card was restricted by the bank, my earned credits and rewards were seized, and all the benefits I had paid a {$390.00} annual fee for were taken away from me. I still don't even know why! 

Capital One effectively defrauded me of {$2200.00} in rewards points, annual fees, and earned to date account credits which were not honored when they haphazardly closed my account. And they also reported inaccurate information to the credit bureaus, harming my credit even though I opened the account and I paid the bills on time, every time. 

I messaged, wrote, and called Capital One time and again requesting information about WHY my card was not working and later WHY my account was restricted and WHAT was happening but was never provided an explanation beyond a verbal promise to 'send you a letter '. I waited but I never received any letters regarding this issue. 

The only things I know are that my account disappeared from my online login on XXXX  and when it returned a month or so later it was marked as restricted in the online portal. I am confused by this entire experience because I opened the account and linked it to my existing online login and I still have another capital one card that was not restricted tied to the same account ( XXXX ). I have never been able to get an explanation from Capital One outside a verbal discussion with one call agent, I believe in XX/XX/XXXX, who indicated the bank most likely suspected the account was opened fraudulently because another department was involved. That is all I know. 

The facts are that the account was NOT opened fraudulently. The only party who committed a fraud here was Capital One. I paid an ANNUAL FEE of XXXX for BENEFITS that were never provided in kind. I SPENT over {$16000.00} on this card and EARNED rewards with a cash value of over {$1800.00} that were stolen from me without recourse. And I didn't do anything wrong. The information on my application was accurate. I also paid the full balance of my card bills. 

So I opened the account. I paid my bill on time every month. I stayed within my credit limit. And what did I get from this? A {$2200.00} cash value loss. But don't you worry, it gets worse! 

Because Capital One may have convinced itself that I committed fraud opening up a credit card for myself and using it to earn rewards points ( which Capital OnXXXX STOLE from me ), they also left unacceptable marks on my credit report showing that I had entered into a structured settlement payment plan with them. I did no such thing. I paid all my bills on time. 

Why did this happen? I still have no details. Why is a regulated bank allowed to steal so much money from me when I didn't do anything wrong and used the account as agreed? Why would they ever be allowed to keep an annual fee if they did not provide an annual benefit? Why were they allowed to steal all my rewards points and credits without any compensation, particularly provided the information they seem to think they have acted on is false? 

There. Was. No. Fraud. The only fraudulent party at play here is Capital One. This bank can not be allowed to steal from US citizens this way and should be fined or enjoined from issuing new cards for its actions in this case. {$2200.00} taken. My credit was affected. My time wasted. All for nothing. 

Please do something to help. I don't think a bank should be able to act like this and get away with it. 

Respectfully, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX

Company response to consumer: Closed with monetary relief