To accomplish this, card issuers may consider things like the ratio of the customer’s debt obligations to their income. “A card issuer must not open a credit card account for a consumer under an open-end (not home-secured) consumer credit plan, or increase any credit limit applicable to such account, unless the card issuer considers the consumer’s ability to make the required minimum periodic payments under the terms of the account based on the consumer’s income or assets and the consumer’s current obligations,” states this ability-to-repay rule. Is This Legal?Īlthough Sean felt Capital One was being intrusive, it’s not only legal for credit card companies to ask for income information, they’re also required by law to keep records of that info current: According to federal regulations, credit card issuers have to make an “ability to repay” evaluation when considering potential customers, or when contemplating credit increases to existing customers. “Maybe it was just an error because I have a credit card with them too, but this feels really unethical,” Sean wrote, wondering if it was legal to require that information before allowing him to log in to see any of his accounts. He was frustrated that he couldn’t access his non-credit card accounts without entering something in that field. He said he suspected it had something to do with him having a Capital One credit card, and acknowledged that other financial institutions had asked for such information in the past, but that he’d never seen anything “so intrusive” because there was no option to opt out. That’s what happened to Consumerist reader Sean, who was just trying to log on to, where he has both a savings account and a credit card, only to be faced with a demand for his latest income info: But have you ever gone to your bank’s site only to be told you must update your income with the bank before going any further? Uber Terms of Use and Uber Terms and Conditions for Renewable Membership apply.By now you’re probably used to going to your bank’s website and being upsold on everything from car loans to mortgages to retirement accounts before you can move on to see how your money is doing. Once your credited membership period expires, your Uber One membership will auto-renew every month and your card on file will be charged, unless you cancel your membership prior to the expiration of your credited membership period and the next billing day thereafter. Such termination may result in the forfeiture of any benefits. We reserve the right to disqualify any cardholder from participation in this offer in the event of fraud, abuse, or a violation of the terms as determined at our discretion. Offer valid for consumer, non-commercial use only not eligible for Uber Freight or Uber for Business. One Uber One membership offer per cardholder. If you upgrade or change your account to another card, you will not be eligible for this offer. Your eligible card must be open and in good standing at the time of statement credit fulfillment. Each Uber One monthly membership credit, as applicable, will be applied to your account within 1-2 billing cycles. Your account must be open and in good standing to be eligible for this offer. If you cancel your membership prior to the end of the consecutive six (6) months credited membership period, the benefit may terminate and you may not be eligible for any additional statement credits. only Uber One monthly membership within the U.S. Qualifying Uber One monthly membership fees must post to an eligible Capital One account between 12:00 a.m. Eligible Quicksilver (excluding Quicksilver Student) and QuicksilverOne cardholders can receive a monthly statement credit for an Uber One monthly membership for up to six (6) consecutive months now through Novemwhen paying for Uber One monthly membership fully with their eligible card (the first monthly membership payment, after an Uber One 30-day free trial, if applicable, must post by Jto be eligible for a full six (6) consecutive months of statement credits within the offer period).
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