Originally Posted by
netuser900
I am not familiar with anything that has happened since I signed up with the card, although that really is beside the point with what they did.
I know with most all other card mileage programs, if anything happens to the card, one still keeps their miles.
With Capital One, what they do not tell you, is that your points are not protected at all. It simply takes an 'executive' decision for one guy to decide to close your account for any reason at all and do what they want with your points and there is nothing you can do about it.
Even if you have a perfect credit rating with no late payments and have been a 100% perfect cardholder, you should definitely worry. It's very alarming that they think this is acceptable behavior and I would think everyone should be concerned about a company using these tactics to steal reward points from their loyal cardholders.
I sure never want to spend my life accumulating points only to worry every day about losing my points like this and will most assuredly never risk this happening with Capital One ever again.
You picked the WRONG program to accumulating your points. Not the bank's fault. You should have known that the "mile" is NOT the same "mile" in an airline's FFP - it is just a fancy name on the 1 penny worth of the "currency" you earned. Again, it works the same as Citi's TYP or Chase UR point or US Bank's Flexi point or Barclay's "mile" earned thru the Arrival+ card - all of them are not "protected" currency sit in the bank's own proprietary program. If you do not know that before you put in effort to earn such, then the onus is on you, not the bank.