Capital One Hit with Class Action Over Allegedly ‘Deceptive’ Quicksilver, SavorOne Rewards Credit Card Sign-Up Bonuses

New to ClassAction.org? Read our Newswire Disclaimer

A proposed class action lawsuit accuses Capital One of engaging in a bait-and-switch scheme wherein it lures consumers into applying for certain credit cards by promising a cash sign-up bonus it later fails to issue.

Want to stay in the loop on class actions that matter to you? Sign up for ClassAction.org’s free weekly newsletter here.

The 18-page lawsuit says that since at least 2019, Capital One Financial Corporation and Virginia-based bank Capital One, National Association have “consistently misrepresented” to consumers that they would receive a sign-up bonus ranging from $150 to $500 if they applied for a Quicksilver credit card or SavorOne Rewards credit card at an “excellent” credit level or through a targeted offer and subsequently spent a certain amount within a specified time period.

The suit claims that although a qualified consumer may receive word from Capital One that their credit card application had been approved, the company “deceptively” renders them ineligible for the promised sign-up bonus by “[switching] the applicable terms to those associated with ‘good’ instead of ‘excellent’ credit.”

Because Capital One fails to inform the consumer that they are no longer eligible for the advertised bonus, the new cardholder reasonably believes the sign-up promise’s terms still apply and spends the required amount with the expectation that they will receive the cash bonus as advertised, the case explains.

However, Capital One fails to issue the promised sign-up bonus despite the fact that the consumer has fulfilled the requirements to receive it, the complaint alleges.

According to the filing, scores of consumers have complained to the Consumer Financial Protection Bureau and in online forums about Capital One’s “deceptive” Quicksilver and SavorOne Rewards credit card promotions.

The plaintiffs, two California residents who applied and were approved for Quicksilver credit cards in the past few years, say they each spent $500 in the first three billing cycles, as required by the terms of the promotion. Although they expected to receive a $200 cash sign-up bonus after fulfilling the requirements, the company has failed to issue either plaintiff their promised bonuses, the case claims.

The lawsuit looks to represent any Capital One accountholder residing in California who, within the applicable statute of limitations period, signed up for a Quicksilver or SavorOne Rewards credit card that offered a sign-up bonus but did not receive the advertised bonus despite timely meeting a spending requirement.

Get class action lawsuit news sent to your inbox – sign up for ClassAction.org’s free weekly newsletter here.