Under-fire Capital One reacts to targeting criticism
LONDON - Credit card operator Capital One has denied specifically targeting young people with card offers, in the wake of criticism from MPs of its promotional material and the media furore over credit card companies' tactics.
Capital One's European executive vice-president Fergus Brownlee appeared before a Commons Treasury Select Committee yesterday and was questioned about an unsolicited promotional offer for a Visa card that was sent to an 18-year-old man.
Norman Lamb MP said that the offer encouraged potential cardholders to pay back only the minimum repayment, which results in onerous interest charges. Brownlee promised the committee that the promotional material would be changed to warn of the costs of making minimum repayments.
When contacted, Capital One's head of media relations Richard Holmes said: "Contrary to a story in The Times, we do not under any circumstances target young people".
The committee will meet again this week to question executives from credit card providers including Barclays, Royal Bank of Scotland, MBNA and HSBC.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the Forum here.
Latest jobs Jobs web feed
- Business Development Executive Bullfrog Digital LTD Up to £30k + Commission and benifits, Shoreditch
- Head of Strategy, Insight & External Relations London & Partners COMPETITIVE + PRP + BENEFITS, London Bridge
- Senior Account Manager Hot Cow Between £32,000 - £35,000 with discretionary bonuses., Near Chiswick Business Park, a fun and vibrant location to work with events, a lake and bars.
- Project Manager - Integrated / Digital - Superb London Agency Fill Recruitment Ltd £40k - £50k plus bonus and superb benefits!, Central London
- Retail Marketing Manager EMEA Callaway Golf Europe Ltd circa £50,000 pa plus benefits, based in Chessington, Surrey
- Account Director, partnership marketing, amazing brand! The Industry Club London Ltd Up to £50k, Central London, some travel to Surrey