Congress Asks Capital One: ‘What’s in Your Wallet?’

WASHINGTON – A representative for Capital One, the nation’s largest credit card bank that has broadcast a nationwide ad campaign asking consumers ‘what’s in your wallet?, was taken to task by members of the Senate Banking Committee yesterday for a variety of practices popular in the credit card industry. Several senators assailed John Finneran, president for Corporate Reputation and Governance for Cap One, for engaging in ‘tricks and traps’ that allow it to earn billions of dollars from unknowing consumers, particularly the practice of changing rates in the middle of a contract with cardholders. Several senators and consumer advocates testifying at yesterday’s hearing insisted the practice amounts to changing the price of a product after the purchase, while adding additional costs to previously purchased goods and services. “We don’t build a business model on tricks and traps. We’re all in the business to build customer relationships,” asserted Finneran. “If you build your business model on tricks and traps you’re not going to last in the marketplace.”