For TalkPoverty, a publication of the Center for American Progress, I wrote about the fact that the Capital One breach put Capital One’s secured card customers at the greatest risk. Secured cards give people who ordinarily wouldn’t be approved for credit a chance to put down a security deposit and get a credit card — but often at a high price, since 3 in 4 secured card customers end up carrying a revolving balance, paying late fees and interest rates of 25%+ to borrow what is effectively their own money.
TalkPoverty: I worked at Capital One. Hacks like these are most dangerous for low-income people.
On LinkedIn, I express the opinion that while the data breach may have been a “pure accident,” Capital One deserves close scrutiny from regulators for other reasons. I am especially concerned about the fact that a large number of customers on Twitter are reporting that Capital One is pulling forward their credit card due dates, in what appears to be a money grab.
LinkedIn: Capital One has failed customers, but not (just) because of the breach.