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Capital One Changed My 7.9% Fixed Rate CC to Variable 17.9%
Posted by Cybersocialworker1 on 07/06/2013
On 7/5/13 I called Capital One to explore if I could reduce my 7.9% fixed interest rate credit card only to learn my Capital One credit card interest rate had been changed to a variable interest rate of 17.9% without my consent. I have held my Capital One credit card since 2003 and have great credit.

When I asked why I had never been notified, and that I never consented to a change in terms, I was told Capital One "mailed" me a letter notifying me of the change. When I shared I never received this information, Alex (the account supervisor) stated Capital One reserves the right at any time to modify the terms of a written contract.

I am very concerned with this arbitrary practice and have decided to no longer use my Capital One credit card. While I do not like posting negative comments online, I do believe it necessary to educate others so they are fully aware of organizational practices prior to signing contracts.

If you have a Capital One credit card, please call customer service and inquire about your current interest rate. If you too have had your interest rate modified without your consent, discontinue using the card immediately. Do not cancel the card as it may negatively impact your credit history depending on how long you have held the card. Given the length of my history with the card, I cannot cancel the card, but Capital One will no longer receive my business through my use of the card.

     
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Posted by jonthethird on 2013-07-06:
The notified you of the changes in interest rates in one of the small print advisements sent with the statement. You accepted the new rate by continuing to use the card.
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Good for Credit Building but USELESS for Actual Use
Posted by Rob.leg on 07/03/2013
SALT LAKE CITY, UTAH -- I started to build a credit history. Capital one approved me for 2 cards for $500. 3 years later they refuse to increase my credit limit even with very good credit. Always paid on time every time and stayed well below my limit. What do I do with $500 credit line? Good card to build credit history but absolutely useless for monthly purchases even if full balance is regularly paid in full. I will use my American Express card and forget about CapitalOne. No longer in my wallet.
     
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Avoid Capital One and Affiliates at All Costs
Posted by Jnkmail44 on 06/10/2013
COLUMBUS, OHIO -- After being charged outrageous interest for an extended period, and despite many calls and letters to to GM card (formerly HSBC - Now Capital One) I have not been unable to speak with anyone who actually seems like a human being. It almost seems the customers service agents are "numb" to dealing with irate customers, which is a really bad sign. I was never late, never missed a payment, they just arbitrarily decided to raise my interest rate to 29.9% and bury the opt out notice in fine print on the back of one of the last pages of a monthly statement. So now I'm trying to pay this off completely and they won't even give me a straight answer as to the amount so they can keep me "on the hook" and charge more fees. They've closed my account and lowered the credit limit to within a few dollars what was owed so any interest automatically gets them an over limit fee.

Note they also "trolled" their system and found a Best Buy card I had and cut the credit line by 85%. So I called to pay that one off too - same evasive methods.

Unscrupulous, unethical, and evasive. Any consumer should avoid them at all costs.
     
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They Stole Your Money Right in Front of Your Eye
Posted by Phuongphuong2312 on 03/13/2013
NEW ORLEANS, LOUISIANA -- I went to a Capital One ATM to deposit $1500. Then they gave a receipt saying that the total deposit was $900. What ?? $600 went missing. I came inside the bank to report it to the banker and showed them the receipt. They told me that they couldn't do anything and give me this customer service to check.

I had called three times and talked with the same girl whose name is Sandy. She told me that they couldn't do anything until next day because they were waiting for pending process. I called them again and they told me I needed to come back to see the banker. Then the banker told me to wait for her manager. And that man had never showed up. And the manager tell me to file the claim. Then I have been waiting forever. What should I do? I need the money for emergency.

     
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Posted by leet60 on 2013-03-13:
I am sorry to hear of your situation, it is unfortunate. There is little you can do until the bank completes an audit of the ATM, and with most banks this is not done daily. You need to file your claim if you have not already done so, and hope for an honest audit of the ATM. Once the additional $600.00 is discovered it will likely be returned to you.

Posted by Bill on 2013-03-13:
I would never deposit a check through an ATM.
I always go inside to a teller, that way if you have a problem it can be resolved right there.

Posted by clutzycook on 2013-03-13:
You know, I've thought about using my bank's ATM on occasion in the rare instances when I've had deposits to make, but things like this always stay my hand. I'd rather just go through the drive up window and have a real person put my money in. There's just way too much room for error with machines.
Posted by Obsfucation on 2013-03-13:
I saw this exact same situation recently. It turned out that there was nothing wrong with the machine or the transaction. The customer took the 'No Receipt' option, but then pulled the receipt sticking out of the machine, which was left there by the previous customer.
Check with the bank today and see how much was credited to your account. You are probably fine.
Posted by Jeff on 2013-03-14:
Ive used the atm deposit in the past, but I wouldnt recommend using cash.
Posted by JR in Orlando on 2013-03-14:
If one needs the money for emergency, then one should go directly to the back teller or drive through to make sure the "cash" is properly processed. To put $1,500 cash into an ATM invites problems since machines may or may not be accurate or correct. The bank has their procedures. Having chosen to deposit cash in an ATM, the OP is stuck with having to wait until the bank finishes it audit of the machine.

Depending on the denominations of the bills, perhaps the videotape of the ATM would show the number of times that you put a bill into the machine.
Posted by Ms Marian on 2013-08-24:
I work @ Capital One, wouldn't advise anyone to do business with them unless you have funds to GIVE away. Been in banking since 1984 and recommended for a position there but it's not the bank it's the managers in charge and a good number of them don't not have ANY banking experience......
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No Protection From Fraud!
Posted by Jerpat on 03/07/2013
RICHMOND, FLORIDA -- Capital One is a lousy company that offer no protection against fraudulent online sites. I was billed $19.95 for a service that I never received. Spent almost two months and several mailings trying to get a refund. No luck! Since I have great credit I just paid the bill. I decided not to cancel the card because that would be doing them a favor. Keeping the card account open will cost them money. The ONLY reason I can think to have any credit card from Capital One would be to purchase things from or in a foreign country since they have no transaction fee.
     
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Posted by trmn8r on 2013-03-08:
Did you give fraudulent websites your credit card information, or did they obtain it illegally?

Did you file a dispute, and if so was there a reason given for denying it?
Posted by mbdeuce on 2013-08-07:
You are actually doing them a favor by keeping the card and I would suggest cancelling it. It more than likely has an annual fee that you will be responsible to pay.
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Scammed Into Paying Off Credit Card Early
Posted by Summerguthery on 02/25/2013
LOS ANGELES, CALIFORNIA -- I have a platinum Capital One card I wanted to use to rent a car because it provided insurance saving me $20 a day with the rental agency. At the airport while out of town I called the credit card company to pay down my balance enough in order to have the funds for the rental transaction.

I was told the only way for it to go through immediately was to pay western union or moneygram and call them back with the transaction number, all other methods would be the next day. I was fine with this and found an airport terminal with a western union where I set up this transaction paying over $400. I called back with the number for it to go through to be told it would not go through for two more days.

My account had been over balance for 28 days which could not be released. So the lie by the first agency was in order to trick me into paying off my entire balance when I could have just paid them $80 as my regular payment. They tricked me into spending all of my travel money on the card that was not unavailable to me. Also I had to pay for the rental car agencies scam insurance (I don't own a car and have private insurance) this cost me another $20 a day for the length of my trip adding up to another 200.

I can't split the rental into different transactions and it must go on that scam of a card with Capital One in order to get the insurance. The agents the second time around told me first it would be available tomorrow then realized they were again correct and it would be available in a few more days because of the cut off time and weekend. In response to stealing $600 dollars from me and ruining my vacation they gave me a $35 credit.

If I had not been lied to in the first call I would have just had to pay the expensive insurance and be done with it. Now I have paid off a credit card and paid for the expensive insurance because they are scam artists.
     
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Posted by clutzycook on 2013-02-26:
On the bright side, your card is paid off now.
Posted by trmn8r on 2013-02-26:
As clutzy said, the good part of this is your card is paid off.

I use my cards regularly and heavily, and pay them off each month. It is a great convenience, and it costs me $0. Personally, I would find it very stressful to be near my "max" and also be paying interest.
Posted by JR in Orlando on 2013-02-26:
What is the scam? The op had an overdrawn credit card account. He waits until he is out of town at the airport to try to pay it down, instead of doing so prior to taking the trip.

The OP's rush, does not make a crisis for the credit card company. Regardless of what they said, one should not expect that a payment made today (depending on time of receipt like a bank) may not be posted until several days later, especially because of an intervening weekend, e.g. A deposit after hours on Thursday, may not be processed until Friday and not appear until Monday in one's account.
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Teen MONEY Account can overdraft!
Posted by Consumer925 on 02/23/2013
KNOXVILLE, TENNESSEE -- I opened a Teen MONEY account for my son over a year ago with ING Direct. ING guaranteed the account could not over draft. I never had a problem until Capital One took over. I called Capital One and the Supervisor advised me the account CAN overdraft, but without a fee. Be warned, this account is just like a normal checking account but doesn't fall under normal regulations. Overdrafts must be covered by parent.
     
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Posted by leet60 on 2013-02-23:
These accounts are basically a debit card based account. The issue I see with this type of account is that it is not likely that a checkbook register is provided with the account. As it is basically a convenience it is also a learning opportunity for the teen.

As it is not addressed in most schools, I feel it is important for parents to teach teens money management. You should obtain a checkbook register for the teen and teach them how to utilize it consistently and effectively. This can only foster good money management skills in the future for your teen.

If you are already doing so, and the overdraft was inadvertent, then I applaud you as a parent. Many, many adults that have normal checking accounts with a debit card attached have exactly this issue - they do not keep a checkbook register, forget about a transaction made and believe their balance to be higher than it is resulting in multiple overdrafts.

I also suggest you make it very clear to your teen that the balance online is NOT one that can be considered accurate. Banks are very creative about posting debits before a deposit is actually credited to an account.
Posted by clutzycook on 2013-02-23:
Then it's important to teach your son the importance of monitoring his balance closely because if he overdrafts you will hold him responsible for reimbursing you (maybe charge him some interest too for good measure). It'll be good for him.
Posted by clutzycook on 2013-02-23:
Leet, you're right that it's important to learn how to balance a checkbook. Getting a checkbook register should be no problem. My parents taught me how to balance my checkbook when I was a teenager and I even took a class in high school where this was covered as well. With the advent of online banking and the ability to view my account 24/7, I haven't kept a register in about 7 years. This is because I use my debit card 99% of the time and when I do write a check, I can generally keep in mind that it's still floating out there before the recipient cashes it since I write so few. I usually put a note on my computer monitor to remind myself to mentally subtract that check from whatever my bank balance is saying.
Posted by yoke on 2013-02-23:
The only way for the account to overdraft is for the teen to have spent more than what is in the account. This is an excellent time for the parents to explain to the teen what will happen if you spend more than what you have. Having 3 teens myself I would pay the overdraft to get the account in good standing, I would not blame the bank. I would also make sure that the account does not have an overdraft option and have it so it is declined. In order for the account to have overdraft you have to sign for it, it is not automatic.
Posted by CUontheFlipSide on 2013-02-23:
The bank can set up an account so that it cannot overdraft, and they probably did. The rub is that if someone uses a debit card, and the merchant does not get an authorization for the transaction, the bank still has to pay the charge whether there are funds or not. The overdraft is out of their control.
Yoke's advice is spot on. Use this as a teaching experience, and if it doesn't hit home, close the account until he gains some maturity.
Posted by yoke on 2013-02-23:
You do not need to get a checkbook register. You can make your own with a paper and pen, lol.
Also, there are now apps for checkbook registers. In this day and age there is no excuse, lol
Posted by Churro on 2013-02-23:
Who still uses a checkbook register? It's 2013 and like it or not checkbook registers are as obsolete as checks.
Posted by DebtorBasher on 2013-02-23:
*Ahem*
Churro... I STILL use a checkbook register!In fact, I just asked the Teller for a couple of checkbook registers the other day. (YES, I still walk inside and wait in line to talk with a TELLER...not an ATM)... I print up my own checks with VersaCheck and get the register books from the bank.

Posted by trmn8r on 2013-02-24:
If the account can overdraft but there is no fee, it seems like the only harm is the youth ultimately having to pay for what he spent.

The warning that parents are responsible is the kicker here. This arrangement may not be for the average youth.
Posted by Nohandle on 2013-02-24:
You are correct Churro. It is 2013. Last year 8-8-12, to be precise, there was a direct lightning strike at my home. Well over a month later I finally got my computer system replaced, internet, etc taken care of. I still don't have an operational answering machine properly set up.

My question would be for those depending on the internet for on line banking and the like in order to determine their balance? Go to the public library to access a computer? I don't think so.

I maintain a check register and you better bet I know what's in my accounts at any given time. Might be old fashioned but I don't overdraft. It works for me. It's high time folks learned to add, subtract, multiply and divide. Simple math. Go back to the early grades and master the concept.

I don't rely on anyone else to tell me what's in my account. I already know. If I call, it's for verification only.
Posted by Churro on 2013-02-24:
Reminds me. I need to stock up on magnetos for my horseless carriage.
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3.9% Fixed Offer Not Given
Posted by Sgs335 on 02/08/2013
I have two different accounts w/Capital One. I deposited two checks for a 3.9% fixed rate and never received on my statement. Calls and letters have accomplished nothing. We are still battling over.
Has this happened to anyone else? It is odd it happened to me twice on two different accounts.

     
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Outsourced Junk
Posted by Jeremy582 on 09/07/2012
PHOENIX -- I just canceled my card because each time I have tried to login to the website, I get an 'account has been locked' message. I have called in to their 'support' and was of course transferred to India. While each person I spoke to had a cheerful attitude, I had a hard time understanding what they were saying, and they had a hard time understanding what I was saying.

I told them I wanted to cancel my card, and was transferred to someone who spoke about 10 minutes worth of dialogue in some language that I think was English, but I'm not sure. Then I was transferred to the automated phone system.

Thankfully, I was able to cancel using the automated system. It's pretty bad when the automated system works far better than your call center employees.
     
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Posted by prince caesar on 2012-09-08:
Welcome to America.
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Deceptive Business Practices
Posted by Bcso319 on 08/28/2012
I purchased a washer and dryer from Best Buy on the 18 months deferred interest. The offer would expire May 17, 2012. I made another purchase two months later on the same offer which the 18 months would expire July 2012. I made all of my minimum payments of $25 early every month. On May 15, 2012, two days before the offer on the first purchase expired I paid $800.00, which by my calculations based on the first terms should have more than paid off the first purchase. 12 days later I paid the remaining ballance on the May statement of 611.49. Mid August of 2012 I got a phone call from Capitol One saying I was 60 days late on my payments and I owed $652.00. I told them it was a mistake on their part and went home to find my records. I called them back and explained what I had done as discribed above. They said when I made the $800 payment I actually owed $872 by May 17 because when I made the second purchase it changed how each payment was applied to each balance so I had mis calculated what I owed on the first purchase, so they charged me over $600 interest plus late fees. They said I should have read my statements and checked my online statement even though I thought it was paid off ( who does that?). I paid the full amount they requested and asked if they would not report the late payment on my credit because I had paid over $1,400 in a two week period. They said they had done nothing technically wrong, it was all my fault. They did refund half of the $652 I paid but refused to remove the late payment from my credit even when I asked they keep the refund and remove the late payment. In 20 years of credit, several of those with Capitol One accounts, I have zero late payments until now. They are obviously more interested in trying to destroy a persons credit than anything probably because then they can charge more interest. I immediately canceled my account and filed complaints with BBB and everywhere else I could think of.....CAPITOL ONE IS A DECEPTIVE COMPANY.
     
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Posted by unhappy999 on 2012-08-28:
You said yourself, you failed to read your statement which would have told you what you had to pay to pay off the first purchase with no interest. It wasn't nice what Capital One did but they were within their rights to do it. It was nice that they refunded part of your money.
Posted by jonthethird on 2012-08-28:
My Capitol One statement, the old fashioned paper kind they mail each month, has a breakdown of what is owed on each purchase under terms and what was paid last time on each.
Posted by trmn8r on 2012-08-28:
When you have one of those interest-free offers, and make an additional purchase on the same account, it can throw a wrench into things. What you have to do is contact the credit company and ask ahead of time how it will impact the existing interest-free loan.

Also, when one of these offers is about to expire, it is safest to contact the company and find out what the payoff amount is. Unfortunately, you assumed that you were paying enough, but you were not. This can trigger getting whacked with interest for the entire interest-free period - because that is how all these offers work. They wait for you to make a mistake, and then smack you in the face. It's like playing with snakes, and you have to keep your venom anitdote handy at all times and make sure not to misstep. All banks do pretty much the same thing.
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