Capital One Bank Master Card - Capital One Changed My 7.9% Fixed Rate CC to Variable 17.9%
Spoke to Alex - Account Supervisor - Complaint
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.