Capital One is slapping cardholders like Will Smith. In the last few days, many new cardholders for the Capital One Venture X Rewards Credit Card and Capital One Spark Cash Plus Business are being slapped with a restriction on their account and are being asked to send in 3 consecutive months of bank statements or pay stubs. Here are the answers to many FAQS regarding this matter.
Does the income need to match what I wrote on the application?
No. As long as your bank statements (or pay stubs) will show a few thousand dollars coming in every month, you should be good.
How do I send the bank statements?
You can ask Capital One to email a link to upload the documents.
Should I send bank statements or pay stubs?
Capital One likes bank statements rather than pay stubs. Preferably try to send bank statements.
Does it need to be a full bank statement or just a screenshot?
You need to send a full bank statement showing all the transactions.
What else on the bank statement will they look at?
They will not like it if they see overdraft payments or a negative balance on the bank statement.
How long does the review take?
The review usually takes 5-7 business days once the documents are submitted. You can try to contact Capital One to see if they can expedite the process.
If my bank statement shows very little income should I still send it in?
I always recommend trying your luck and sending in whatever you have. If you do not send anything then your account will definitely be shut down. But if you try, then you at least have a chance to pass. In the worst case scenario you will get shut down, so sending in docs can only help.
Does my name have to be on the bank statement?
Yes. If you have a business card and they are asking for business bank statements then the business name will need to match.
If I'm a student and don't have my own income, what can I send instead?
You can send them a support letter signed by your parents stating that they support you with $X each month and they plan on continuing. For some people, this worked instead of bank statements or pay stubs.