Consumer complaint received 2020-10-28
Company: CAPITAL ONE FINANCIAL CORPORATION
State: NY
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-issue: Charged too much interest

Complaint:
I have been a Capital One client for many years and about two years ago I opened my Venture Credit Card account. Last year I received a multiple promotional letters and emails inviting me to take advantage of the 0 % promotional balance transfer offer which I took advantage of the offer as I thought it was a good option at the time. I always maintain enough cash on my accounts to pay the balance in full and to avoid additional interest assessed to my account, my intention was always to pay the balance in full once the promotional rate ended. I was very diligent in reviewing my statements for notification of the end of the promotional period. In my experience from dealing with the other major credit card companies, they have readily disclosed this information in the statement or sent a letter advising of the promotional rate end date to allow consumer to make a conscious decision to pay off the balance. Fast forward to XX/XX/XXXX, after failing to find this information in the XXXX statement, I called customer service to inquire about the date when promotional period will end, to my surprise I was advised the promotional period ended on XX/XX/XXXX and I will be assessed the finance charge on XX/XX/XXXX once the statement is generated. When I asked the representative why this information was not readily available on the statement or on the website, the representative simply replied this is not something that we do. 
On XX/XX/XXXX, after the interest charge in the amount of XXXX was posted on the account, I have paid the entire balance ( Including assessed interest ) of {$18000.00} cents in full to avoid further charges. I also called customer service and once again expressed my dissatisfaction with companys deceptive and somewhat predatory practices of enticing consumers with offers and consequently failing to make important financial information readily available for customers with intent of assessing hefty finance charges. Once again without any hesitation I was told that including end of the promotional balance period is not something that the company chooses to do and the finance charge will remain on the account. 
Im sure most customers, including myself, rely on the monthly statements as well as online portal to review transactions, statements and other important information. Just as many others, I pay close attention to my accounts, however in this particular case I feel company failed to transparently disclose basic, yet materially important fact on their statement or the website such as the date of the end of the promotional balance transfer and therefore entrap consumers to pay additional finance charges. Im sure that adding one line disclosure with important information that will help consumers make educated decision and avoid additional finance charges not only a good business practice, but also companys responsibility to its customers. And since all other major credit card companies employ this practice, given Capital One size and its reputation of a company who cares about its clients, Im sure adding this information to the statement would not be an issue. After speaking to several representatives, without even examining the statement, they have out right stated that this information is not disclosed on the statement which leads me to believe its a wide known issue and that company deliberately chooses to hide this information from its clients.

Company response to consumer: Closed with monetary relief