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Capital One Cuts Card Limits Amid U.S. Jobless-Aid Impasse

  • The lender known as pioneering risk-taker is closely watched
  • Company says cuts are part of periodic review of accounts
A Capital One Financial Corp. Location Ahead Of Earnings Figures
Photographer: Mark Abramson/Bloomberg
Updated on

Capital One Financial Corp. is cutting borrowing limits on credit cards, reining in its exposure as the U.S. reduces support for millions of unemployed Americans.

The adjustments, which the company said it makes from time to time, set off a swift outcry on social media. Some customers have complained in recent days their limits have been slashed by a third to two-thirds, eroding their ability to borrow in an emergency during a pandemic or potentially hurting their credit scores.