Consumer complaint received 2024-01-23
Product: Credit card — Store credit card
Issue: Advertising and marketing, including promotional offers — Didn't receive advertised or promotional terms
Company: CAPITAL ONE FINANCIAL CORPORATION (MA)

Saks card and Special Purchase Promotions- FRAUD There are several transactions for a period spanning at least XXXX & XXXX that were rung as " no interest '' amount ( XXXX promotions ) for 6 or 12 months that were instead accounted as interest bearing from Capital One side and I was charged for them at an interest rate of 25-29.9 % on the balances that should have been at 0 interest. I was led to believe that I was paying the installments as required by promotion so I would not accrue interest. However, most of the transactions that were rung as XXXX and qualified as XXXX per Saks record, were not posted as such by Capital One. 
I noticed the discrepancy in XX/XX/XXXX and have pushed for an explanation and reconciliation of number since committing 100+ hours to get to the bottom of it. 
SAKS general manager finally agreed to be directly involved, but he got pushed back by SAKS Upper management. Same for CapitalOne. 

HENCE I paid XXXX {$75000.00} XXXX in interest in XXXX and XXXX in XXXX ; BOTTOM LINE : Saks and Capital agree that there were several transactions that were posted erroneusly as interest bearing and therefore I was charged interest fees that should not have applied. However, it is not clear who generated the problem and who owns it Saks maintains that it is CapitalOne problem as they do not do the accounting. Capital One says that it is Saks ' fault because they may have not entered the transactions correctly NOBODY is taking responsibility for this, and nobody is willing to rectify and reimburse me. 

TIMELINE In XX/XX/XXXX, I verified with Saks all the transactions in doubt : in most ( XXXX % ) cases, they were correctly inputed as SPP. 
Several Cross checking with Capital One confirmed that These same transactions WERE NOT posted as SPP although they QUALIFIED In XXXX, a Capital1 customer support rep, generated a request to amend many of the transactions. 
In XX/XX/XXXX, letters were sent by Capital1 mostly rejecting the requested adjustments I called to know why, and Capital 1 maintained it was Saks decision When confronted, Saks GM said that it was Capital 1 decision On XX/XX/XXXX, upon my almost daily solicitations, we finally had a three way call with Saks GM and a rep from Capital1. We were over 4 hours on the phone to verify all qualifying transaction with BOTH sides present. Capital One rep agreed that the transactions were wrongly posted and should be reclassified and the interest reimbursed. He send the requests to amend to his superiors., Tuesday XXXX XXXX : We had scheduled another call for the next Tuesday XX/XX/XXXX and was informed that his superiors DENIED any wrongdoing or inaccuracy on their part and therefore they would not adjust my charges. I informed Saks GM and asked for a meeting. 

XXXX XXXX I went again to Saks GM. He acknowledged Capital One refusal to correct ; he said that his hands are tied and he offered me again a XXXX {$5000.00} gift card and one month pardon on interest. I refused and asked to talk to the decision makers within company and told him I would not stop there. 
I shared that this seems to me Credit Card fraud and that Saks may be a conniving participant since they do not go to the bottom of this although they know there is a problem.

At that point, the GM agreed to reach out to the upper echelons of Saks. I have not heard from any of them since.

I have excel spreadsheets that go o ver all the transactions I made, with the notes from my calls with both Saks and Capital1. I also have ( and shared with Saks ) the response letters that capital one sent when the Capital One rep that helped me in XXXX reviewed the account. I do not any paperwork from the second batch of requests generated in XXXX.