Capital One ripoff, Denied reasonable request to lower Annual Percentage Rate, annual fee Richmond Virginia
I have had my Capital One Platinum VISA card since August of 2002. At the beginning, my credit wasn't very good, so I accepted an APR of 19% variable abd an annual fee of $59. In the last three years, my credit score has improved and I have managed this account responsibly. I have never gone over the credit limit and have a record of not being late on my payments; I also pay more than the minimum due.
Over time, the APR has increased to 20.3%, then 20.8% and now, 21.05% to keep up with the Prime Rate.
(Last month, I was accepted for another VISA card with a different bank with much better terms. No annual fee, 14.10% APR after the first five billing cycles (at 3.9%) and no balance transfer fee - which I took advantage of and transferred half of the Capital One balance.)
I called them a couple of months ago to request that my fees be lowered and it sounded like I was speaking with someone in India. She said that she couldn't do anything but put in a note of my request and that they automatically reviewed the accounts every six months.
A month ago, I mailed them my request in writing. Their form letter reply stated that they were "unable to accomodate my written request based on their existing credit policies" and that I should contact the Customer Relations department by phone.
The commercials say "No Hassles" but Capital One is a big hassle. If they really valued my business like they say, you'd think that they would have at least offered something better, even if it wasn't much. My advice to anyone considering Capital One is to look around for better terms because the low fee offers are just to get you lured in. Don't give Capital One your business.
Pamela
Tallahassee, Florida
U.S.A.
2 Updates & Rebuttals
Jessica
Long Beach,California,
U.S.A.
Suggestion for you...
#3Consumer Suggestion
Tue, August 23, 2005
I also had a Capital One card for many years. During this time, I was re-building my credit and after I got some credit cards that had really good interest rates, I called Capital One to close my account. They asked me why I was closing, so I just told them it was due to the APR. So right away they offered me a better rate.
I would call the customer service number and try what I did. I do think they have outsourced to India. I actually closed my account at the end of July, spoke to someone with a very thick accent, and closed the account. I requested a confirmation letter that I never received. I have a feeling they never closed the account.
If that doesn't work, maybe speak to a supervisor. When it comes down to it, they don't want to lose your business.
Cory
San Antonio,Texas,
U.S.A.
WARNING WARNING WARNING
#3Consumer Comment
Sun, August 14, 2005
Don't know how much is accurate but it might pay you to find out. Was watching TV the other day and they were interviewing some guy who was going on about the new federal laws coming into effect on credit cards. I think he said that in Sept. the laws would change to make the minimum payment due on your credit card 4% instead of the current 2%. On a balance of $5000 you had to pay like $100 PLUS the interest of $30 to $60 or whatever your interest is, maybe $160. With the new federal laws in effect, it might be closer to $300. Under the old laws, making the minimum 2% payment, it could take you up to 30 years to pay off the balance. Under the new, 13 years. I got some paperwork from Home Depot about my $0 balance charge account, telling me something to that effect taking place as of Sept. People, you have been warned. I expect we'll see dozens of posts from people about their credit card payments doubling and how they didn't know and how are they going to make ends meet. Christ, 20.3%,20.8%,21.05% and now she's happy with 14.1%.