Consumer complaint received 2024-03-19
Product: Credit card — General-purpose credit card or charge card
Issue: Advertising and marketing, including promotional offers — Confusing or misleading advertising about the credit card
Company: CAPITAL ONE FINANCIAL CORPORATION (TX)

My concerns revolve around the potential for deception in the online consumer application process. I have questions that need clarification. 

I recently obtained a Capital One credit card and signed the application. My main query is whether you identify me as the creditor or the consumer in this scenario. 

The reason for my inquiries is to determine whether I have entered into a standard contract or a consumer credit contract. While both may be referred to as contracts, as per my understanding and research in accordance with 16 CFR 433.1, these contracts hold distinct meanings.

A contract, as defined in 16 CFR 433.1, refers to any oral or written agreement, formal or informal, between a creditor and a seller that involves cooperative or concerted activities related to the sale of goods or services to consumers or their financing. 
On the other hand, a consumer credit contract, as defined in 16 CFR 433.1, refers to any " instrument '' that serves as evidence of a debt resulting from a " XXXX XXXX XXXX '' transaction or a " financed sale '' as detailed in paragraphs ( d ) and ( e ) of this section. For further clarity, ( d ) Purchase money loan is a cash advance received by a consumer in exchange for a " Finance Charge '' as per the Truth in Lending Act and Regulation Z, which is utilized, wholly or substantially, for the purchase of goods or services from a seller who either refers consumers to the creditor or shares common control, contract, or business arrangement with the creditor. 
Extending credit to a consumer in connection with a Credit Sale within the meaning of the Truth in Lending Act and Regulation Z. 

Based on my understanding, I am the consumer in this scenario and I have signed a consumer credit contract. However, I did not receive an open-ended credit plan. According to 16 CFR 433, an open-end consumer credit contract is a consumer credit contract through which open-end credit is extended. 

The document I signed as a consumer is how the open-ended credit plan is provided. Given that Capital One had me sign a consumer credit contract to establish my credit card/Charge card, where is the doubt about my ability to make payments, especially since they ran my credit using my SSN as per 15 US Code 1602 ( l )?

The term credit card as defined in the law refers to any card, plate, coupon book, or other credit device designed for obtaining money, property, labor, or services on credit. Could there be a specific form or process I need to be informed of to access my open-ended credit plan? That includes my social security Card Moving on to the second question, considering that Capital One deals with instruments, I understand that the statements come with payment coupons that are considered negotiable instruments. What is the address where I can send the payment coupons negotiable instrument and who do I pay to the order of. the servicer? or the depositor? according to the prospectus? According to Capital One, the payment would be treated as an item, which encompasses a check, draft, money order, or any other negotiable instrument used to pay the Account. This definition excludes an Access Check.

3rd question, it is evident that I value clarity and transparency in your interactions and transactions. I have expressed concerns about being misled by deceptive language or forms. my desire is for your credit card/Charge card to genuinely operate as an open-ended account in accordance with the laws and definitions provided. 

Provided that Capital One may receive numerous complaints, I seek a reasonable resolution. my aim is for my card to function as a true open-ended credit account per 16 cfr1433.3 ( 3 ) Open end credit : consumer credit extended on an account pursuant to a plan under which a creditor may permit an applicant to make purchases or make loans, from time to time, directly from the creditor or indirectly by use of a credit card, check, or other device, as the plan may provide. The term does not include negotiated advances under an open-end real estate mortgage or a letter of credit.. I have referenced specific laws and rights, including 16 CFR 433.2 and 15 U.S. Code 1692j, which address deceptive forms and practices in debt collection.

According to 15 U.S. Code 1692j : ( a ) It is illegal to create and provide any form with the knowledge that it could lead a consumer to falsely believe that a person other than the creditor is involved in collecting or attempting to collect a debt owed to the creditor when, in reality, such a person is not engaged in such activities. ( b ) Individuals who violate this section are subject to liability to the same extent and in the same manner as a debt collector under section 1692k for failing to comply with the provisions in this subchapter. 

I have the right to assert my rights in this situation. My securities has been compromised and that there as there will be attempts to charge the consumer for United States obligations. It is crucial for all parties involved to act honestly and with integrity in resolving these matters.