Consumer complaint received 2024-04-29
Product: Credit card — General-purpose credit card or charge card
Issue: Advertising and marketing, including promotional offers — Didn't receive advertised or promotional terms
Company: CAPITAL ONE FINANCIAL CORPORATION (NY)

I am writing to you about an extremely concerning experience I had recently an experience that led me to close my account, write to the CEO of Capital One and CEO of Cabelas about how their partnership with you cost them my future business, and led me to report what I believe are predatory business practices to the Consumer Financial Protection Bureau. 

On XX/XX/XXXX, I was sent the attached letter, notifying me about potential promotional financing plans that might be offered to Cabelas Club Members. The letter included a phone number ( XXXX ) to contact to inquire about if I was eligible for such a promotion. On Sunday, XX/XX/year>, I called a customer service representative and asked if I was eligible and they said I was. I asked if I needed to do anything to secure this promotion and they said that I did not and that all I needed to do was make a purchase. 

I then purchased a XXXX XXXX XXXX XXXX XXXX from Cabelas. I chose to use the financing because I have a high interest savings account where I could continue to earn interest, while paying off a large purchase over 12 months at 0 % interest. After making my initial payment, I called the same customer service number ( XXXX ) on XX/XX/year> to confirm they received my payment and that I was all set to continue paying the promotional rate. 

It was then I was informed there was no such promotional rate. They confirmed the record of my XX/XX/XXXX call, and I was told by several supervisors that even though I was provided incorrect information, there was nothing that could be done if I did not pay the full balance, I would then be charged interest on my purchase. 

To add insult to injury, two of the supervisors I spoke with had no remorse, and one insinuated that I didnt read the letter correctly. I was told the best that could be done was that they would coach the rep who provided me incorrect information. I dont blame the supervisors, the reality is that they clearly dont have the resources to do right by customers based on Capital Ones own communications.

I called the Cabelas store in XXXX, XXXX and asked to speak to the local Cabelas Club manager. I communicated that this experience lost Cabelas my business for good. He said that he has had this happen previously with customers who received similar letters, only to find out that they didnt have the advertised financing and had to pay. He said he has seen the letters and thought they were misleading and in a few instances was able to get Capital One to reverse course, but also was unsuccessful. 

Fortunately, I have the resources and savings to pay off my balance. But what about someone else who doesnt? They would be locked into paying interest on a purchase even though Capital Ones own representative told them they werent going to have to. How is this acceptable? 

You should also know that when I asked for something in writing to confirm that you had a record of my XX/XX/XXXX call I was told that Capital One cant confirm that. How does this make sense? 

To me, it appears these are predatory practices designed to mislead customers so that the bank can trap them into a payment arrangement that benefits Capital One. Why would you send a letter about promotional financing that isnt available? Why would a representative tell me I was eligible when I called to ask when I wasnt? Then when I was responsible and called to confirm the rug was pulled out from under me, with no recourse. 

Not only have you lost a Capital One customer, but Cabelas has lost a customer. More importantly, I hope you understand that I write you not to do anything for me, but in the hopes that you will review these practices so that some other customer isnt taken advantage of like I was. 

Best, XXXX XXXX