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Capital One Services, Inc.

Self Description

September 2004: "Capital One®, established in 1995, quickly rose from a local bank card issuer to the top of the U.S. credit card industry with a current global customer base of 46.7 million and managed loans totaling $71.8 billion. Through our pioneering information technology efforts, we are in a prime position to lead the financial services marketplace through this century."

Third-Party Descriptions

July 2012: "NEW YORK (CNNMoney) -- In its first public enforcement action, the Consumer Financial Protection Bureau announced it is fining Capital One Bank for pressuring and misleading two million customers into buying additional products when they opened their credit card accounts."

June 2009: "Rising Default Rates Banks are cutting limits in the face of a deteriorating economy. U.S. credit-card default rates reached record highs in May, near or even above 10% for Bank of America (BAC), American Express (AXP), Citigroup (C), and Capital One (COF), according to Reuters. The worsening unemployment situation is causing banks to worry that even good customers could quickly become risky customers. As a result, the companies are preemptively slashing credit lines, especially those that aren't being used."

July 2006: Nonetheless, said William A. Harris Sr. in his complaints, each of the bureaus allows credit card giant Capital One to withhold the credit limits on its customers' card accounts -- knowing full well that such omissions frequently lower consumer credit scores.


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Articles and Resources

Date Resource Read it at:
Jul 18, 2012 Capital One to pay $210 million in fines, consumer refunds

QUOTE: Cardholders who enrolled in a payment protection or credit monitoring product -- or who tried to cancel one of these products but were persuaded by a call center representative to keep it -- on or after August 1, 2010, will be refunded the money they paid for the product, as well as any finance charges, over-the-limit fees or interest paid....The latest action marks the first enforcement for the bureau since it began regulating credit cards, mortgages and consumer reporting agencies as part of the Dodd-Frank regulatory reform last year.

CNN/Money Magazine
Apr 01, 2010 Pay Garnishments Rise as Debtors Fall Behind

QUOTE: One of the worst economic downturns of modern history has produced a big increase in the number of delinquent borrowers, and creditors are suing them by the millions. Concern is mounting in government and among consumer advocates that the debtors are not always getting a fair shake in these cases.

New York Times
Mar 12, 2010 Overdraft Protection: Why Bother?

QUOTE: Overdraft, in other words, is the very last resort. After a credit card. After account alerts. After tapping home equity. Or, presumably, after you’ve maxed out or ruined your credit and have no home equity left.

New York Times
Jun 23, 2009 Credit-Card Companies: Who Qualifies Now?

QUOTE: Jittery banks, eager to reduce potential risk, appear to be targeting many borrowers with low-balance or inactive accounts. About 11% of customers who saw their limits cut had no "risk triggers" during that period and generally had very high credit scores. Risk triggers include late payments, excessive cash advances, check bouncing, collecting unemployment, or having a mortgage in an area where property values are plummeting.

May 12, 2009 What Does Your Credit-Card Company Know About You?

QUOTE: credit-card companies are becoming much more interested in understanding their customers’ lives and psyches, because, the theory goes, knowing what makes cardholders tick will help firms determine who is a good bet and who should be shown the door as quickly as possible.

New York Times
May 27, 2007 A Highly Charged Relationship: Americans Can't Do Without Their Credit Cards, But the Card Companies Are Another Matter

QUOTE: The avalanche of gripes generally boils down to objections about a half-dozen practices, according to congressional staff and consumer groups. The complaints mostly center on what consumers see as unfairly high interest rates and penalty fees; confusing policies that constantly change, almost always in the lender's favor; and near-insurmountable hurdles to getting help when a consumer falls into trouble or when a company makes a billing mistake.

Washington Post
Jul 27, 2006 Choosing the right card to travel: Consumers can expect some pretty hefty charges for using credit cards overseas ... a little investigation beforehand is worthwhile.

QUOTE: For the credit card industry, fees linked to foreign-made purchases provide a nice line of revenue. MasterCard (Charts) and its competitor Visa charge bank issuers 1 percent for every purchase consumers make abroad...Banks jumped on the bandwagon, charging a fee of 1 to 2 percent of their own on top of the fees passed down by Visa and MasterCard.

CNN/Money Magazine
Jul 12, 2006 Well Spent: Read the fine print before using credit card abroad

QUOTE: Most large issuing banks are now charging this new fee. The "international transaction charge" is usually a separate fee slapped on top of any kind of currency-conversion charge a bank might also levy for expenditures abroad...The fees started popping up mostly on Visa cards about a year and a half ago. Now, almost all Visa and MasterCard issuers, which are individual banks, include the charges.

Seattle Post-Intelligencer
Jul 10, 2006 Stock Option Awards Grew For Top-Earning Executives, Declined For Others Last Year: 2005 Compensation For Top-Earning Executives Grew With Stock Option Awards

QUOTE: It was another banner year for the Washington area's highest-paid executives...Just as options buoyed compensation for the top group, a decline in the awards dragged down results for others: The median total compensation package for the next 600 executives in the study fell by 3.9 percent to $642,543.

Washington Post
Jul 01, 2006 Suits Challenge Credit Bureaus

QUOTE: In a case with potentially far-reaching significance for mortgage applicants nationwide, a South Carolina consumer has filed class-action lawsuits against the three national credit bureaus, charging that they allow a practice that lowers the credit scores of millions of people.

Washington Post
Jul 01, 2006 Suit calls unreported credit limits unfair

QUOTE: In a case with potentially far-reaching significance for home mortgage applicants across the country, a South Carolina consumer has filed class-actions against the three national credit bureaus, charging that they allow a practice that lowers millions of individuals' credit scores.

Washington Post
Jun 24, 2005 Are you being overcharged for overseas purchases?

QUOTE: This extra profit is called a foreign currency-conversion fee, and you could be paying up to 3-percent extra when you make an overseas purchase with a credit card.
Sep 16, 2002 When you go over the limit

QUOTE: Q. What happens when I charge my credit card over the limit? You will be socked with a hefty penalty fee.
Jan 01, 1111 Credit card companies' evil tricks

QUOTE: Some of the worst offenses: Huge fees exceed card issuers' costs and risks. Interest rates aren't disclosed to card applicants. Rates get jacked up even if you pay just hours late.

MSN (Microsoft Network)