|
With a nod to the late Paul Harvey, The Capitol Forum has given us the hidden background on the big banks’ misdirection on credit card rewards.
On July 11th, The Capitol Forum reported “Capital One/Discover Financial: Bank Voided Credit-Card Rewards After Closing Customer Accounts”
This is ironic given that Capital One along with Visa, Mastercard, and a handful of Wall Street giants have spent millions doubling down on claims that credit card competition would hurt rewards, even though those claims have been thoroughly discredited here, here, and here.
It turns out that while falsely fear-mongering about the theoretical possibility of rewards disappearing, Capital One has been taking away peoples’ rewards in actuality.
According to The Capitol Forum “Over the last five years, hundreds of Capital One customers have told the CFPB about problems with the rewards program. Many describe how the bank shut down their accounts without warning due to alleged concerns about fraud and then canceled their rewards.”
The Capitol Forum reported:
- 66,000 complaints against Capital One had been filed with the CFPB between June 2019 and June 2024
- Some consumer complained that rewards were canceled after a single missed payment – and Capital One wouldn’t even let them apply their rewards balance to cover the payment (even one as low as $28).
This certainly gives a new spin to the big banks’ doomsaying about rewards.
Let’s not forget, the largest banks charge consumers a whopping $6 billion in annual fees, $14 billion in late fees and $1,100 per American household in hidden swipe fees.
Don’t let the banks pretend they are friends to consumers. They charge them hidden fees with every chance they get . . . and even take away their rewards.
Now, you know the rest of the story.
|
