- Report: #453415
Complaint Review: Capital One BANK VISA Card - Salt Lake City Utah
-
Author Confirmed
Why?
Capital One BANK VISA Card
P.O.Box 30285 Salt Lake City, 84130-0285 Utah, U.S.A.
Web:
N/A
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Capital One BANK VISA Card Rip off interest rate..29.4% or higher Salt Lake City Utah
I was-(until today) a Capital One Visa card holder since 1994.
Never paid 'minimum', never late and my credit score in above 800.
Today I received a notice that if they receive 2 payment 3 days late, then the interest rate goes to 29.4%, or higher depending on prime.
I can get ripped off less by the local loan shark.
Send payments registered mail; I don't think so.
If you get a nice blue "information about your account"; make sure that you READ it.. Then transfer any Capital One balance to a reasonable Credit Card and kiss Capital One goodbye!!
Note: Contrary to what Capital One will tell you; unless you already have credit problems, canceling one credit card won't hurt you.
Former Capital One
Blue Ball, Pennsylvania
U.S.A.
Never paid 'minimum', never late and my credit score in above 800.
Today I received a notice that if they receive 2 payment 3 days late, then the interest rate goes to 29.4%, or higher depending on prime.
I can get ripped off less by the local loan shark.
Send payments registered mail; I don't think so.
If you get a nice blue "information about your account"; make sure that you READ it.. Then transfer any Capital One balance to a reasonable Credit Card and kiss Capital One goodbye!!
Note: Contrary to what Capital One will tell you; unless you already have credit problems, canceling one credit card won't hurt you.
Former Capital One
Blue Ball, Pennsylvania
U.S.A.
5 Updates & Rebuttals
Kevin W
Coeur D'alene,Idaho,
U.S.A.
Default rate
#2Consumer Comment
Wed, May 20, 2009
I do agree that that penalty rate of 29.4 is extremely high. However this has become an industry wide trend in the credit card business! Capital one has just gone to what has become the standard. All of the major issuers have default or penalty rates that are in the neighborhood of 30%. Some are a point or two lower some are higher (Chase just raised theirs to 31.99%) One of the good things is that Capital One's policy is that it takes two late payments in a 12 month period to trigger the penalty rate. Again a lot of issuers will put you there after just one! Never pay late and you will never see that rate!
Kevin W
Coeur D'alene,Idaho,
U.S.A.
Default rate
#3Consumer Comment
Wed, May 20, 2009
I do agree that that penalty rate of 29.4 is extremely high. However this has become an industry wide trend in the credit card business! Capital one has just gone to what has become the standard. All of the major issuers have default or penalty rates that are in the neighborhood of 30%. Some are a point or two lower some are higher (Chase just raised theirs to 31.99%) One of the good things is that Capital One's policy is that it takes two late payments in a 12 month period to trigger the penalty rate. Again a lot of issuers will put you there after just one! Never pay late and you will never see that rate!
Kevin W
Coeur D'alene,Idaho,
U.S.A.
Default rate
#4Consumer Comment
Wed, May 20, 2009
I do agree that that penalty rate of 29.4 is extremely high. However this has become an industry wide trend in the credit card business! Capital one has just gone to what has become the standard. All of the major issuers have default or penalty rates that are in the neighborhood of 30%. Some are a point or two lower some are higher (Chase just raised theirs to 31.99%) One of the good things is that Capital One's policy is that it takes two late payments in a 12 month period to trigger the penalty rate. Again a lot of issuers will put you there after just one! Never pay late and you will never see that rate!
Kevin W
Coeur D'alene,Idaho,
U.S.A.
Default rate
#5Consumer Comment
Wed, May 20, 2009
I do agree that that penalty rate of 29.4 is extremely high. However this has become an industry wide trend in the credit card business! Capital one has just gone to what has become the standard. All of the major issuers have default or penalty rates that are in the neighborhood of 30%. Some are a point or two lower some are higher (Chase just raised theirs to 31.99%) One of the good things is that Capital One's policy is that it takes two late payments in a 12 month period to trigger the penalty rate. Again a lot of issuers will put you there after just one! Never pay late and you will never see that rate!
Dee
Florida,Florida,
U.S.A.
ORRRRRRRRRRR
#6Consumer Suggestion
Wed, May 20, 2009
just don't make your payments repeatedly late... This is NOT a rip off... most credit card companies are raising rates... and not due to any fault of the cardholder... be thankful Capital One is not raising rates, UNLESS you are late 3 times in one year... that is MORE than fair. CRedit card companies can raise rates if you are late once... or evern if you have never been late....
