Complain about a product or service

Capital One

Dana of New York, NY June 16, 2009

I have had a Capital One credit card for several years and always pay on time and much more than the minimum due. I received my regular email (I have paperless electronic billing)notifying me that my bill is ready for viewing. I was shocked to see that my interest rate had jumped from 7.17% to 15.9% - more than doubled! I called customer service and spoke with a representative and later a supervisor who both never strayed from their script and robotically explained that this was due "to the economy". They emphatically told me that a letter went out in February giving me the option to "opt out" of my card and pay off the balance at my old lower rate but essentially the account would be closed.

I NEVER received a letter as I am extremely meticulous about these matters. It is their word against mine (and all of the other countless consumers that did not receive this letter). It seems that this should not be legal to say that the "time has passed" for opting out by the time one views the statement. There was no certified or registered mail sent so there is no way for them to prove that I received this - which I did not.

On top of this, if they truly wanted their customers to have the chance to decide, they should have sent an email notification for such an important matter to all those who have opted out of paper billing. I receive emails from them all of the time for much less important notices and to pay my bill. This seems like a shakedown - I "borrowed" money at one rate, remained an excellent customer and then have my rates more than double. I will NEVER work with company again.

Ed of Roselle, IL July 2, 2009

I've enjoyed a 7.9 percent 'Rate for Life' on my Capital One credit card for about 10 years, now. I have a 789 credit score, and have no delinquent payments on any financial account I possess. 'Due to the economy', Capital One raised the APR on my balance to 24.93 percent!!! During my phone call to them this morning, they asked me if I would like the rate for new purchases moved to 15.9 percent(and if I did so, it would disqualify me from making any changes to the account in the future...), then asked me if I would to add another person onto my account?!? I told him 'no', and now I'm furiously venting about these jerks any way I can.

When I entered a contract with Capital One agreeing to abide by their rules in exchange for a 7.9 percent 'Rate for Life', aren't they legally bound to honor their end of the bargain? Could I send them a 'Change to your Agreement' (by the way-I never received one of these from them pertaining to this rate hike) and just as easily set my own terms, say, they pay for all of my transactions free-of-charge, and be on as equal legal ground as they are in doing this? We are equal members in our reciprocal contract - so why do they get to change the rules and I don't? The 'opt-out' is a B.S. loophole that lets them wiggle-out of their contractual obligation by offering a choice, but both options are still under their control. How can consumers hold them to their original contract?

wanda of Simon, WV June 10, 2009

I tryed to get a loan for my home. I was in a flood and my home was a total lose and they told me capital one has me owning them 1,400. i do not have any card with capital one. they have me turned over to a collection company and this has coused me trouble getting the loan

Michele of Tehachapi, CA June 10, 2009

I have been a Capital One customer for 4 years. Never late and always have paid over the minimum amount. This month the interest rate is 17.9%, last month the interest rate was 7.1%. When I called the toll free number I informed the person that answered that I could barely understand her and she sounded like she was under water. She tried to speak up and then I asked her location...Asia.

Outsourcing to another country makes it so difficult to even ask any questions. Extremely frustrating. The interest on the balance went from 80.00 one month to over 200.00 the next month. Cannot retire as soon as I had planned.

Joseph of Indianapolis, IN July 2, 2009

I have the Capital One Credit Card. My credit card precentage increased to 17.4% from 10.9%. My payments have always been on time and I maintain my debt but also stay within the credit limits (so my rates stay low). Capital One sent out a statement indicating I could have opted out of the increase. However, when I did read the notice, I figured how can I opt out of the increase if I don't have the money to pay off the debt all at once, so I did not call. When I did experience the increase and called to complain, I was told that there was nothing I could do now, and I could not opt out as I missed the deadline.

I guess I could have converted the debt and kept the same 10.9% rate had I called earllier. I did not know this. The problem is like most consumers I don't react to the notices, but when I see my drastic increase in the finance charge on my bill and call it is too late. This is a classic "bait and switch" and credit card companies should not be allowed to increase rates for no reason other than we sent out a notice, but because we failed to act prior to feeling it in our wallet, be declined the same rate we would have received had we called a month earlier. Capital One is one of the reasons our country is having so many problems.

Srini of Columbus, OH July 2, 2009

This morning I opened my July credit card statement and found to my shock that my APR for purchases had shot up from 5.9% to 15.9% - a huge jump of 10%. I have always paid my bills on time and never exceeded the credit limit. When I called the customer service rep, the lame excuse offered was that a letter had apparently been sent in Feb 2009. I never received this letter and I don't understand the logic of mailing a letter when I have signed up for online statements and information delivery. I feel this is an excuse given to legally swindle honest tax-payers. The irony of this is that the huge bailouts given to these hell-holes called banks has been done using tax-payers money and now they are doing this to us. Is the justice system also in a meltdown here? Come on, what can we do about this?

Alan of Salt Lake City, UT July 2, 2009

About 5 yrs ago in response to to an offer from Capital One for a no interest loan of 25,000 for either 6 or 9 months. I foolishly accepted and made monthly payments. After a while I received a notice that my payment was late and I would be penalized. I called them up and told them my payment had been mailed in plenty of time. They agreed to waive the "late" charge. A couple of months later the same thing happened only this time they not only refused to believe my check had arrived on time but wanted to charge me 500 in interest. I immediately sent them the balance of the loan but refused to pay the 500. I sincerely believe that they deliberately held on to my checks beyond the due date to make them "late" I later sent them a certified letter explaining my reasons for refusal. No response. Now I have a black mark on my credit report until 2012.

Dianne of Port Orchard, WA July 2, 2009

Because they are raising the rates on my business cc I am unable to keep my website for my business unless I obtain some other credit. I have never been late nor have I ever missed a payment. I have had this Capitol One cc for many years and do not owe a lot on it. Usually in fact I have been able to pay it off monthly. The amount owed right now is about 300.

Joyce of Meshoppen, PA July 2, 2009

I received my statement and was surprised to see that my interest rate was increased 10%, so I called up Capital one and asked why the interest rate was increased. I was told that a letter went out, that various accounts were reviewed with mine being one of them, that they decided that the interest rate needed to be increased, although I make my payments on time, pay more than the minium payment it didn't matter. I asked if my rates could be lowered, they said no they could not lowered them, but would put me on a waiting list, in case they looked at accounts that might get lowered in the future. I told them I would evaluate them when I paid off the card, as to rather I would keep the card or not.

Nate of Oakland, CA July 1, 2009

I like the others here have also had run-ins with Capital One and their immoral business practices. Same story - opened bill to find out interest rate has almost doubled. Called Capital One, total run around. Decided to opt out. Between their already aggressive late charges, over limit fees, and poor customer service, a rate increase is too much to bear. I think they prefer that you not pay off your balance as it entitles them to more and more of your money. Explains why the CEO of Capital One made 100 million a year for the past five years. This is incredible to me that they are doing this in light of the 3 billion dollars of tax-payer money Capital One was given earlier this year. Guess the terms of the bailout - to make borrowing money easier for the consumer - escaped them. What ever happened to fairness?

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