Credit card or prepaid card -- Advertising and marketing, including promotional offers -- Complaint #5876113
Complaint Overview
Complaint ID: 5876113
Company: Capital One Financial Corporation
Product: Credit card or prepaid card
Sub-Product: General-purpose credit card or charge card
Issue: Advertising and marketing, including promotional offers
Sub-Issue: Didn't receive advertised or promotional terms
State: Georgia
ZIP Code: XXXXX
Date Received: 2022-08-13T12:00:00-05:00
Date Sent to Company: 2022-08-13T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Applied for XXXX credit card with Capital One and was met with an instant alternative approval situation. I have excellent credit with a high XXXX and XXXX above XXXX along with a current account that has been paid on time, all the time. And yet during the application process for the XXXX, Capital One decided to pull a bait and switch by declining the card I applied for with the new sign-up bonus ( {$200.00} on {$500.00} spend ) and instead offered the exact same XXXX card with the exact same terms minus the sign-up bonus. Not sure why exactly Capital One chooses to offer the exact same card minus the bonus but they should make the determination BEFORE doing hard pulls on all three credit bureaus for applicants. For customers that really want to do business with Capital One, this is a terrible way to obtain customers. If they let applicants know prior to completing the application that they are not eligible for the bonus, applicants can make the determination whether or not to proceed. But providing this choice to applicants after a hard pull of all 3 credit bureaus has been done seems intentional as they know most people will still accept the alternative offer given that the Capital One hard pull will remain on each of their credit reports with XXXX, XXXX, and XXXX for 2 years. CFPB please look into this terrible business practice by Capital One. Lenders such as XXXX XXXX provide a pop-up as part of a soft pull in the application process to alert applicants if theyre ineligible for sign-up bonuses. I believe these systems are in place to combat credit card churners but impact standard ( non-churn ) customers as well.
Frequently Asked Questions
What is Complaint #5876113 about?
Complaint #5876113 was filed against Capital One Financial Corporation regarding Credit card or prepaid card specifically about Advertising and marketing, including promotional offers. It was received by the CFPB on 2022-08-13T12:00:00-05:00.
How did Capital One Financial Corporation respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Credit card or prepaid card) and describe your issue in detail.
Can I see other complaints against Capital One Financial Corporation?
Yes, visit the Capital One Financial Corporation company profile at readthecomplaint.com/company/capital-one-financial-corporation to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.