Capital One Fined For Deceptive Credit Card Practices

The nation’s new shopper watchdog — the Shopper Monetary Safety Bureau — has fined Capital One $25 million for misleading advertising ways associated to bank card add-ons like credit score monitoring and fee safety, and Capital One has additionally agreed to refund $140 million to its clients that will have been misled into shopping for these merchandise.

The company says Capital One used a wide range of ways to get clients to comply with the add-on services and products, together with insinuating the merchandise have been free or permitting clients to imagine they have been required so as to preserve the cardboard.

The Shopper Monetary Safety Bureau was created by the Obama administration to guard customers from a wide range of points associated to the monetary merchandise they purchase or are marketed to them.

You may see the CFPB press release related to the Capital One action here.