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Capital One ads deceptive, Hatch says
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| Parent(s) |
Candidate
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| Contributor | Eric |
| Last Edited | Eric Dec 31, 2004 01:27pm |
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| Category | News |
| Media | Newspaper - St. Paul Pioneer Press |
| News Date | Friday, December 31, 2004 06:00:00 AM UTC0:0 |
| Description | Minnesota Attorney General Mike Hatch on Thursday filed a lawsuit against Capital One, alleging the credit card issuer violated state law by using deceptive advertising and committing consumer fraud.
Several Minnesota consumers named in the suit responded to Capital One's TV or direct mail advertising for a 4.99 percent "low and fixed rate." The consumers suddenly saw their interest rate increased to as high as 14 percent or their credit limit reduced and they incurred penalty charges, Hatch said Thursday at a news conference at the State Capitol.
"Capital One has cooperated fully with the attorney general's investigation and believes it has acted properly and in full compliance with the law," said Diana Don, a spokeswoman for the Virginia-based company. Capital One will continue to work with the attorney general's office to resolve the issue, she said.
The Capital One credit cards carry a variable interest rate and only in fine print does the company disclose that it can change the rate at any time, Hatch said. Capital One's disclosure isn't good enough, he said. He wants Capital One to "clean up its advertising," though he had no specific suggestions. |
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