- Last Updated: 12:13 AM, June 21, 2012
- Posted: 11:51 PM, June 20, 2012
Maybe it shouldn’t be in your wallet.
Capital One, the lender known for its aggressive attempts to woo new credit-card customers with its “What’s in your wallet?” ad campaign that features Vikings and like-minded actor Alec Baldwin, accounts for 20 percent of card complaints, according to a study by the new federal consumer watchdog.
For now, the US Consumer Financial Protection Bureau data only goes back to June 1. But via a public records request, Reuters obtained a fuller data set: all credit card-related complaints filed between the CFPB’s opening on July 21, 2011 and May 15 of this year.
The data show that of the 13,502 complaints filed in that period, 2,713 were lodged against Capital One, which has less than 6 percent of the US credit-card market by purchase volume.
That was about 300 more than the next-closest complaint subject, Citigroup, which has a market share of about 9.5 percent. US Bank had the lowest number of complaints among top-10 issuers: just 2.1 percent of the total.
In the most recent period, after June 1, Capital One’s numbers actually ticked up slightly — it accounted for 22 percent of all issues raised in the period.
“Our goal is to exceed customer expectations,” a Capital One spokeswoman said.