Capitol One Credit Cards They are absolute lyers when the say a APR for life Nationwide
I took out a Silver Visa about 5 years ago with Guarteened life of 6.9% APR I ran up a balance and started paying down, I was paying 3 times the minum balnace like clock work each month and the balance was coing down fast, I did not charge any new purchases for 3 years in order to pay off the entire balance. Then out of no-where they raise the interst rates to 13.9% I have perfect credit with al debts.
Once I discoved they raised the rates, I call there so called customer service, put on hold for 20 minutes, was disconnected twice, finally talked to soome whom I couldnt even understand, I questioned them about why they lied to be, He said THEY changed the terms and I no have to pay 13.9%.. I feel if kind of lies my banks is whats a cuase of the recession. Banks should be acountable and held responsible for the false advertising.
Capitol one cheats
Issaquah, Washington
U.S.A.
3 Updates & Rebuttals
Bill
Logansport,Indiana,
U.S.A.
Interest Rate Opt Out
#4Consumer Comment
Mon, December 28, 2009
Just remember that when an institution raises your rate, they almost always send you an info packet notifying you of the action with the option to opt out of the higher rate by cancelleing the card and paying the remaining balance at your current rate. Alot of people are doing this and refuseing to keep the account open and pay the higher rate. You see, this is the peoples way of rebelling and and saying "no" were not going to do it. So, when thier customer base drops significantly along with the revenue, they will know why and know what they have to do to fix the problem. DO YOUR THING MAN annnd, dont forget to listen to Dave Ramsey on the radio. U will be glad u did. "Love Ya Dave" Hope u read.
Faron
Houston,Texas,
U.S.A.
Capital One will use any tactic to raise your APR
#4Consumer Comment
Mon, March 24, 2008
It doesn't have to necessarily be because you were late on a payment. What it seems like to me, that since you don't use your card and are only paying down their card; then decided you are not the kind of customer they want at the 5.99% APR because you're not making enough money for them to justify keeping the APR that low. So, they arbitrarily raised it.
What is in my wallet? Definitely not a Capital One card, that's for sure.
Wilson
Walnut Creek,California,
U.S.A.
Banks can raise credit card rates without notice. Read your card's Terms & Conditions.
#4Consumer Comment
Sun, March 23, 2008
Capital One may or may not disclose why they raise your interest rate. If you paid off your Capital One balance and you are not late with payments with your other creditors then I do not know why they raised you from 6.6% Guaranteed For Life to a new 13.9%. If you paid off the entire Capital One balance, but you were late by one day, CO can raise your rate.
My advice if you carry a high balance and you want a low interest rate credit card, search for a prime-rate-for-life card. I have had a prime-rate-for-life Visa since 1996 which has fluctuated from a low of 4.75% to 8.25%. My next statement should show 5.25%. This PRFL card came from Wachovia, then changed to Bank One, then First USA and finally the credit card operations was sold to Chase.
Bottom line: Read the "fine print", Terms & Conditions, and try not to be late by one day with your payments.