Consumer complaint received 2016-12-14
Company: CAPITAL ONE FINANCIAL CORPORATION
State: WA
Product: Credit card
Issue: Credit card protection / Debt protection

Complaint:
Before signing up with this Capital One card, I was promised 'double miles ' for my purchases and was explained to exactly how their credit card point system operated. 

They said if I charged {$100000.00} on the card, I would receive XXXX points and the XXXX points could then be redeemed for {$2000.00} in airline tickets for example. 

I was concerned that something could happen with the points and asked the man on the phone if there was any way that I could ever lose these points and he reassured me that I would 'never ever lose the points ' as long as I kept my card in good standing on my end. 

I had over XXXX points and was planning on redeeming them for $ XXXX towards an airline ticket as they reassured me I could do with my points at anytime, as long as I kept my card in good standing. 

To my surprise, this XXXX, Capital One canceled my card, for no reason at all and absolutely nothing I did on my end and defrauded me for over {$1300.00} by only giving me half the value of my points. 

I had enough points that they absolutely promised on the phone and reassured me that I would never lose to deduct a {$2700.00} plane ticket I was planning to purchase and they left me with {$1300.00}, defrauding me out of {$1300.00} in earned points. 

After this happened, I then called up the new client department and once again asked : " If I become a Capital One card holder, is there anything that will cause my points to be devalued or will I lose the full value of my points for any reason? '' I was reassured once again on the phone, as long as I kept my account in good standing that I would never lose my points and they would retain the full value as promised. 

Capital One is defrauding high point clients by waiting until they rack up hundreds of thousands of points and then canceling the accounts without notice, thus defrauding their cardholders out of thousands of dollars in earned bonuses promised to them. 

This is a serious fraudulent activity that may be impacting millions of card holders like me that are promised rewards and then when they try and cash them in, discover their card is canceled for nothing they did wrong and they lose half the value of their rewards. 

Nothing in my legal history or anything about my history has changed since I signed up with a Capital One account. They used this as an excuse, although nothing has happened to me since I signed up with the card. 

This is a serious issue of fraud on the part of Capitol One and they are making millions of dollars by defrauding high value point clients, by canceling their cards, keeping the annual yearly membership fee of the card and keeping the thousands of dollars in point value promised to clients. 

They promised me and gave me their word I would never lose the value of my points as long as I kept my card in good standing and they lied. I was promised I could cash in my points for $ XXXX and they then canceled my account and paid out half of this amount. 

I want them to stick to their word and allow me to utilize the full value of my rewards and not simply think it is acceptable to cancel my card for nothing I did wrong on my end and give me half the amount of my reward, causing me to be defrauded out of thousands of dollars in lost rewards I was promised, I would never lose as long as I kept my account in good standing, as to which I did. 

They promised me I would never lose the value of my points if I kept my account in good standing and they are STILL telling this fraudulent claim to new clients in order to get them to sign up with them.. Only so they can eventually cancel their card, defrauding clients like me out of thousands of dollars promised to them in rewards earnings. 

This is absolutely unacceptable and I want to know why Capital One is defrauding clients by telling them this will never happen and then doing exac

Company response to consumer: Closed with explanation