Capital One Fined For Deceptive Credit Card Practices

The nation’s new consumer watchdog — the Consumer Financial Protection Bureau — has fined Capital One $25 million for deceptive marketing tactics related to credit card add-ons like credit monitoring and payment protection, and Capital One has also agreed to refund $140 million to its customers that may have been misled into buying these products.

The agency says Capital One used a variety of tactics to get customers to agree to the add-on products and services, including insinuating the products were free or allowing customers to believe they were required in order to keep the card.

The Consumer Financial Protection Bureau was created by the Obama administration to protect consumers from a variety of issues related to the financial products they buy or are marketed to them.

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