Consumer complaint received 2024-09-30
Product: Credit card — General-purpose credit card or charge card
Issue: Other features, terms, or problems — Problem with rewards from credit card
Company: U.S. BANCORP (RI)

Dear XXXX, Subject : Formal Complaint Against Elan Financial Services - Cash Back Discrepancy and Lack of Resolution I am writing to formally file a complaint against Elan Financial Services ( a subsidiary of U.S. Bank XXXX regarding the handling of my Fidelity Rewards Visa Signature Card account. Despite my repeated attempts to resolve this matter with Elan, including elevating my complaint to their executive office, they have failed to provide a satisfactory resolution. Therefore, I am seeking assistance from the Consumer Financial Protection Bureau ( CFPB ). 

Background In XX/XX/XXXX, Fidelity and Elan Financial Services publicly announced an upgrade to the Fidelity Rewards Visa Signature Card cash back program, increasing the rewards rate from 1.5 % to 2 % ( Please see included article ). However, despite this change, my account was not updated to reflect the 2 % cash back rate, and I continued to receive only 1.5 % cash back on all purchases for eight years, from XX/XX/XXXX to XX/XX/XXXX. The cash back rate on my card remained at 1.5 %, while the cash back rate for other existing customers and all new customers was raised to 2 %. 
During this period, I spent an average of {$100000.00} annually on this credit card, and the failure to apply the 2 % cashback rate has resulted in a significant shortfall in the points and rewards I should have received. 

Attempts to Resolve with Elan In XX/XX/XXXX, I contacted Elan Financial Services after realizing that my cash back rate had never been updated to 2 %. At that time, Elan immediately increased my cash back rate to 2 %, but they refused to offer any form of restitution or correction for the missing rewards from the previous eight years. Instead, they offered me 10,000 points ( worth {$100.00} ), which is drastically insufficient compared to the XXXX XXXX  ( worth {$4000.00} ) I should have received over the past 8 years. 
When factoring in the lost investment opportunitieshad those points been invested in an XXXX XXXX XXXX XXXX XXXX XXXX  over the past eight yearsthe total loss amounts to the equivalent of XXXX points ( worth {$8000.00} ). Elan profited over this shortfall by pocketing and investing the additional 0.5 % over the past 8 years. 

Issues with Communication and Transparency Throughout this period, Elan failed to adequately communicate important changes to the rewards program. They did not notify me that the cash back rate on my card had not increased to the widely advertised 2 % cash back rate in XX/XX/XXXX, nor did their Fidelity Rewards Visa Signature monthly statements ever clearly indicate the cashback percentage I was earning. This lack of transparency made it virtually impossible for me to track and verify the accuracy of the rewards I was receiving. When I called Elan in XX/XX/XXXX to inquire about this, they were quick to change my rate but dismissed my concerns about the missing points. 

Request for Assistance I have made every effort to resolve this matter with Elan Financial Services, but they continue to assert that they have done nothing wrong. I strongly disagree with their position. Given the lack of transparency, communication, and their refusal to offer fair restitution, I am seeking the CFPB 's assistance in investigating this issue and compelling Elan Financial Services to provide the points I rightfully earned but did not receive. 
I respectfully request that the CFPB investigate this case and help resolve this matter in a fair and just manner. Enclosed are copies of my correspondence with Elan Financial Services, along with supporting documentation of my account activity and a competitor 's credit card statement showing clear and transparent reporting of cash back rewards.