Complaint Review: Capital One - Internet

Who will you do business with? I'm not a Capital One customer, but all of my accounts with other banks have done exactly the same thing. The problem is not Cap One. It's keeping a balance on a credit card. The rules are such that you can never know what you'll ultimately pay for something that you charge today. The new CC rules to be implemented next year don't change that. Personally, I don't care what they do with interest rates, since I refuse to carry a balance under credit card terms. Credit cards rank just under payday loans on the list of bad ways to borrow money.

Who will you do business with? I'm not a Capital One customer, but all of my accounts with other banks have done exactly the same thing. The problem is not Cap One. It's keeping a balance on a credit card. The rules are such that you can never know what you'll ultimately pay for something that you charge today. The new CC rules to be implemented next year don't change that. Personally, I don't care what they do with interest rates, since I refuse to carry a balance under credit card terms. Credit cards rank just under payday loans on the list of bad ways to borrow money.

Who will you do business with? I'm not a Capital One customer, but all of my accounts with other banks have done exactly the same thing. The problem is not Cap One. It's keeping a balance on a credit card. The rules are such that you can never know what you'll ultimately pay for something that you charge today. The new CC rules to be implemented next year don't change that. Personally, I don't care what they do with interest rates, since I refuse to carry a balance under credit card terms. Credit cards rank just under payday loans on the list of bad ways to borrow money.

Who will you do business with? I'm not a Capital One customer, but all of my accounts with other banks have done exactly the same thing. The problem is not Cap One. It's keeping a balance on a credit card. The rules are such that you can never know what you'll ultimately pay for something that you charge today. The new CC rules to be implemented next year don't change that. Personally, I don't care what they do with interest rates, since I refuse to carry a balance under credit card terms. Credit cards rank just under payday loans on the list of bad ways to borrow money.

The same thing happened to me this statement. My interest rate went from 6.85% to 15.9%. Have had the card since August 2004. Asked the customer rep how many late payments and over the limits I have had in 5 years and here answer: "ZERO sir" She couldn't give me an reason as to why the rate hike other than "market conditions." What a BS answer. What they should have said was, "Since you pay your bill on time and aren't late and value your credit, we are raising your rate so we can bolster our accounts with fiscally responsible people." I will NEVER use Capital One again... EVER! I have my car loan though them as well. Once my accounts are paid off (and will be as quickly as possible), I will never do business with them again.

Capital One and other credit card banks raised the interest rate on the 'fixed rate for the life of the loan promotion. The companies sent an opt in letter that required me to respond to a change in terms from low to exorbant buried somewhere in the text. The companies would not honor their contract. SO, I sued them this morning in magisrate court for breach of contract. At the least, they will have to defend in my home town. It didn't cost much to file, so the pain is disproportionate. At the best, I will win. Now, if the 100s of thousands of like affected victims sued the companies....

What's In Your Garbage? Capital One Capital One did the same to me, took my rate up 10% just 15 days after they gave me a check for $15000.00 on a special rate transfer. I also was never late and always paid well over amount owed each month. When I called to complain the response I received was "we cannot change it since the rate was increased already." Funny they could increase upward but could not decrease downward. So I am starting a campaign called "What's In Your Garbage?" Capital One. Feel free to join me, post "What's in Your Garbage?" Capital One. Wherever possible. Get everyone you know to cancel Capital One Cards and give the reason, What's In Your Garbage? Post pictures of Capital One Cards in your garbage.

What's In Your Garbage? Capital One Capital One did the same to me, took my rate up 10% just 15 days after they gave me a check for $15000.00 on a special rate transfer. I also was never late and always paid well over amount owed each month. When I called to complain the response I received was "we cannot change it since the rate was increased already." Funny they could increase upward but could not decrease downward. So I am starting a campaign called "What's In Your Garbage?" Capital One. Feel free to join me, post "What's in Your Garbage?" Capital One. Wherever possible. Get everyone you know to cancel Capital One Cards and give the reason, What's In Your Garbage? Post pictures of Capital One Cards in your garbage.

What's In Your Garbage? Capital One Capital One did the same to me, took my rate up 10% just 15 days after they gave me a check for $15000.00 on a special rate transfer. I also was never late and always paid well over amount owed each month. When I called to complain the response I received was "we cannot change it since the rate was increased already." Funny they could increase upward but could not decrease downward. So I am starting a campaign called "What's In Your Garbage?" Capital One. Feel free to join me, post "What's in Your Garbage?" Capital One. Wherever possible. Get everyone you know to cancel Capital One Cards and give the reason, What's In Your Garbage? Post pictures of Capital One Cards in your garbage.

What's In Your Garbage? Capital One Capital One did the same to me, took my rate up 10% just 15 days after they gave me a check for $15000.00 on a special rate transfer. I also was never late and always paid well over amount owed each month. When I called to complain the response I received was "we cannot change it since the rate was increased already." Funny they could increase upward but could not decrease downward. So I am starting a campaign called "What's In Your Garbage?" Capital One. Feel free to join me, post "What's in Your Garbage?" Capital One. Wherever possible. Get everyone you know to cancel Capital One Cards and give the reason, What's In Your Garbage? Post pictures of Capital One Cards in your garbage.

The changes to credit cards will take at least a year. Ultimately, giving time for CC companies to restructure. The rate increase was standard and fairly reasonable. Also, most cc companies reassess your risk quarterly and if your debt to income or risk level has changed, you will see a rise. If you live in Fla, AZ, CA, NV, MI, or almost any other large city, your LTV has adjusted dramatically or you are upside down. Also, if you do not use the card, are paying off low rate transfers, or recently closed other cards (raising your risk exposure and lowers your FICO), you will see a rise. More likely than not, as a response to Pres. BO's changes, we will see rates rise across the board, a shortening of grace periods, and a return to annual fees.

The changes to credit cards will take at least a year. Ultimately, giving time for CC companies to restructure. The rate increase was standard and fairly reasonable. Also, most cc companies reassess your risk quarterly and if your debt to income or risk level has changed, you will see a rise. If you live in Fla, AZ, CA, NV, MI, or almost any other large city, your LTV has adjusted dramatically or you are upside down. Also, if you do not use the card, are paying off low rate transfers, or recently closed other cards (raising your risk exposure and lowers your FICO), you will see a rise. More likely than not, as a response to Pres. BO's changes, we will see rates rise across the board, a shortening of grace periods, and a return to annual fees.

The changes to credit cards will take at least a year. Ultimately, giving time for CC companies to restructure. The rate increase was standard and fairly reasonable. Also, most cc companies reassess your risk quarterly and if your debt to income or risk level has changed, you will see a rise. If you live in Fla, AZ, CA, NV, MI, or almost any other large city, your LTV has adjusted dramatically or you are upside down. Also, if you do not use the card, are paying off low rate transfers, or recently closed other cards (raising your risk exposure and lowers your FICO), you will see a rise. More likely than not, as a response to Pres. BO's changes, we will see rates rise across the board, a shortening of grace periods, and a return to annual fees.

The changes to credit cards will take at least a year. Ultimately, giving time for CC companies to restructure. The rate increase was standard and fairly reasonable. Also, most cc companies reassess your risk quarterly and if your debt to income or risk level has changed, you will see a rise. If you live in Fla, AZ, CA, NV, MI, or almost any other large city, your LTV has adjusted dramatically or you are upside down. Also, if you do not use the card, are paying off low rate transfers, or recently closed other cards (raising your risk exposure and lowers your FICO), you will see a rise. More likely than not, as a response to Pres. BO's changes, we will see rates rise across the board, a shortening of grace periods, and a return to annual fees.

Why do you say "bull"? Unless I'm mistaken, you appear to agree with what I said. The good customers paying for those that default, is the definition of the banks covering their increased risk.

"As people lose their incomes, they are defaulting on their credit cards. The banks are just upping the rates on everyone to absorb the increased risk. " Bull! They are triyng to get those who are GOOD customers to make up for the ones who can't or won't pay their bill! They are trying to "make up the difference" off of those who can and will pay!

Your orginal agreement with Captal One said that they could raise the rate at their discretion, and all they had to do was notify you. Just about every card agreement I've ever read says this. That is how credit cards work. Consider yourself lucky that the increase was only 4%. Many other cards have increased rates much higher than that. It is because of the flagging economy that rates are going up. As people lose their incomes, they are defaulting on their credit cards. The banks are just upping the rates on everyone to absorb the increased risk. No surprise there. If you want to borrow money and you want the interest rate to remain the same, get a conventional bank loan. The terms on any credit card are governed by the federal rules for Revolving Credit Lines. These are skewed in favor of the banks and assure that you cannot guarantee what you'll ultimately pay in interest on a purchase. In short, borrowing via credit card is a roll of the dice. You have no control over what you will ultimately be required to pay back. Even under the new rules being passed in congress, this remains the case. The only way to avoid being at the mercy of the credit card issuer is to not carry a balance on the card.