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Credit & Debt

Some Capital One Customers Getting a Refund

Here's what credit cardholders need to know about the money they will receive as a result of an enforcement action taken by the Consumer Financial Protection Bureau against Capital One.

If you have a Capital One credit card, you might be entitled to a refund. That's because the Consumer Financial Protection Bureau (CFPB) recently ordered Capital One Bank to refund $140 million to about 2 million customers who were pressured or mislead into paying for credit-card products they didn't understand, want or, in some cases, even need.

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Capital One call-center vendors offered consumers with low credit scores or low credit limits payment protection, which allowed them to ask the bank to cancel up to a year of payments if they encountered certain life events, such as unemployment. The vendors also offered credit monitoring with identity-theft protection and access to credit education specialists.

Consumers were led to believe that the products would improve their credit scores and sometimes were told the products were free. Some consumers were enrolled without their consent, and some were sold the products even though they were ineligible for them, according to CFPB.

Capital One will automatically refund customers with open accounts by crediting their accounts. Customers who have closed their accounts will receive a check in the mail. The CFPB says customers should expect to receive refunds later this year. If you have questions about the refund, contact Capital One directly by using the customer service number on your credit card.

The CFPB also is warning consumers to watch out for scammers who may try to charge a fee, ask them to cash a check or divulge personal information to claim their refund.

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