Capital One Sued Over Marketing Practices

From MSNBC: "Capital One sued over marketing practices," by Bob Sullivan--

The Minnesota state attorney general’s office has sued one of the nation's largest credit card issuers, claiming it is misleading consumers with promises of “fixed“ interest rates, then hiking their rates as much as 400 percent.

Capital One and its subsidiaries are using bait-and-switch sales tactics, according to Attorney General Mike Hatch.  While the firm markets credit cards as having the nation's lowest “fixed rates,“ rates can and often do change, the lawsuit alleges.  In fact, 40 percent of Minnesota residents who've signed up with a Capital One card thinking their rate is fixed have hit a “tripwire,” causing an overnight rate hike, Hatch said.

Comments

[charles]

here is collection of articles that i put together on credit cards