Unfortunately the terms and conditions agreement essentially allows these companies to do what they want and be protected. They know that. That's why they kept referencing me to the terms and conditions.

They said the terms and conditions 'allows them to cancel my account at anytime without any reason and withhold any rewards or points accumulated at their discretion'.

I will NEVER use Capital One again, as this is what can happen with them. When you use a card associated with a frequent flier program, the airline has to take away the points, regardless if your credit card account is canceled.. and the odds of that happening as long as I follow all the rules are essentially nil.

When using a reward card like Capital One, they can cancel the card for any reason at a whim and just take all your reward/miles away without any recourse on your end at any time.

How would you like to spend your life accumulating 275,000+ reward/miles points, planning to use them for a family trip that everyone is excited about in the near future.. only to wake up and be told they are gone because 'they can' (even though you were a perfect cardholder with a perfect credit score, without any negative marks on your credit report, having always made your payment on time..) and there is nothing you can do about it. Shame on Capital One to think this is acceptable behavior.

Capital One doesn't indicate this in their advertisements...