Capital One Complaint - Unfair Interest Rate Increase
NORTH CAROLINA -- I recently received an offer from Capital One for zero interest for 12 months on transferred balances in connection to an account I have with the company (at least until the first of next year when I pay it off again). This offer stated under the heading "no hassle fact pact" and the subheading "how your actions could affect your aprs" and I quote, "unlike some companies we won't increase your aprs because you pay late only once, you go over your credit limit, your credit record changes with another lender. We may increase your aprs if you pay late twice in 12 billing periods." End quote. The honest statement under that heading is that Capital One will increase a customers aprs anytime they feel like it regardless of how well a customer handles their account. I have never been late once in all my years as their customer, my credit is spotless, I have a low balance which has been paid in full many times, and I have never gone over my credit limit, however, they recently raised my interest rate from a fixed 9.9 To 15.9 Variable and when I called and asked why, their customer service rep told me that it was not because of anything I did or didn't do; that they had the right to change the terms of my agreement anytime they wanted to and that I could opt out if I wanted to, which I did. I know from reading on the internet that I am not alone.
Their deplorable and unfair company tactics need to be shouted from the hill tops so that what goes around can come around and bite them in their fat pockets!
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