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Cap One adds credit spending alerts

By Jeanine Skowronski ·
Thursday, June 12, 2014
Posted: 7 am ET

Capital One is making it easier for its credit cardholders to spot unauthorized or unwanted charges.

The bank has introduced Second Look, a new service that alerts cardholders when:

  • Multiple charges are incurred at the same merchant on the same day.
  • There is an unexpected and potentially unwanted increase in recurring charges, such as a monthly utility bill.
  • Auto-renewing subscriptions and memberships services begin charging after a free introductory trial period.

Cardholders will be notified about these types of charges via email. The emails will include instructions on how a customer can question the charge to their account, either by contacting the bank or the merchant directly.

Capital One says it introduced the alerts to promote smarter spending.

"Many of the flags can be easily explained," says Amy Lenander, Vice President for Card at Capital One. "This is really about helping customers stay on top of their spending and helping customers understand what they are spending on."

Second Look is currently in the pilot phase with a small subset of customers, but will be available to all Capital One credit cardholders in a few weeks. There will be no need to sign up.

The bank expects to expand the new service over time. Cardholders can currently make suggestions about what other transaction alerts they would like to receive on Capital One's website.

Do you think Capital One's new alerts are useful? What charges would you like issuers to flag? Let us know in the comments below.

Follow me on Twitter: @JeanineSko.

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