Capital One exorbitant APR Richmond Virginia
I just need an explanation...I have a Capital One Mastercard that I usually pay in full monthly. My annual percentage rate is typically 0.00% but twice it was around 5%
My problem is that when I got my current statement my APR had jumped to 151.76%...that's not a typo, one hundred fifty-one point seventy-six percent. WHY???
When I called the Customer Support number the reprentative and I both got the giggles trying to discuss this because we were both just shocked by the amount. She told me it was "just inflated" because I had done a cash advance (I never did that before) but she assured me that I wouldn't actually be charged that rate.
Can someone please explain to me how it could possibly be that high? (I only got an advance of $40.00) Is that rate even legal? I have a balance of $481.70 that I don't think I'll be able to pay in full this month. What will happen then?
HELP!!
Ann
Pittsburgh, Pennsylvania
1 Updates & Rebuttals
c
richmond,Virginia,
overall apr
#2UPDATE Employee
Sat, September 14, 2002
The overall apr that you stated came from any interest( which on a cash advance is usually 19.8, and there is no grace period on cash advances with any credit card)and any fees on the acct that statement, ex: amf, cash advance fee 3% or min 5 dollars, overlimt or even past due fees.
The Federal government requires that we reflect these fees as finace charges, therefore the overall apr will usually be very high if you do a small amount of cash, or many small amounts, if you look at the total finance charge you were being charged on that statement it was probably less than one dollar, which as we all can figure out was no way 150 some percent. Hope this helps.