Capital One — my capital one credit card rate increased from 4.8% to 15.9%!
I too am completely in shock by the lack of disregard and disrespect I was given by Capital One after they increased my rate from 4.8% to 15.9%. I am a perfect customer of about 3 years who uses my card on a daily basis and has never been late on a payment. I typically would pay off my (usually very high) balance each month. Note that banks (credit card issuers) make lots of money off of us credit card users by charging their merchants a percentage of our usage. So, them saying they make no money off of us "convenience" card users is an outright lie. I feel bad now for the small business owners who had to pay fees to Capital One for my usage.
When I called general customer service they explained that due to the economy they had to make a business decision that will impact millions of customers and that there was absolutely nothing he or anyone could do and since it was after 11PM CST I would have to call back tomorrow. The people who have the authority to reduce the rate are no longer available for the day was his next response. I called back the next day and talked to one of those so called Senior Supervisors at a different number that I was given by customer service the night before and I once again described my dissatisfaction in a calm voice. After being talked down to and him saying if I paid my balance each month I wouldn't have to worry about the rate anyway and that I should take my $10, 000 balance and transfer it to another card that offers a great balance transfer rate. I asked what my incentive would be to stay as a Capital One customer and he had nothing.
My Discover Card issues cash back (I have $150 so far). My Chase card offers flight miles (I have around 30, 000) and I get points for gifts with American Express (over 30, 000) and Citibank (about 10, 000). I said my incentive to use Capital One was for the lower interest rate (I had 4.8% or lower the entire time I was a customer) and with that now up to 15.9% I have no reason to stay. So, with nothing to offer me and him telling me he was "the top of the food chain in the Call Center" and that there was nothing he could do and nothing anyone would EVER be able to do, HE decided my time was up on the call. He then told me that there were other calls in the queue and that he had to go and hung up on ME. I am amazed that this company would let go such a great customer with an even greater future potential by an uncaring, disrespectful jerk like that. I had to actually call back to close my account and that is exactly what I did. I transferred my $10, 000 balance to Bank of America at 0% for 6 months with no transaction fee.
I understand the banks are suffering too in this tough economy, but so dearly are the consumers. So, instead of sending a passionate personalized letter explaining the need to raise interest rates, they send an impersonal and almost threatening in language change of account notification brochure. Did Capital One ever hear about targeted and segmented communications? Do they even know how to communicate properly to their customers when making such impactful changes to their customers accounts, especially their best customers? although I agree that no customer, no matter how delinquent they are, deserve this type of treatment, the "good and best" customers deserve more. The power of personalization goes a long way and if they would have planned their communication strategy about this with a legal sized letter with a thoughtful explanation and understanding of the hard impact this will have on many, the severity of these changes wouldn't seem as bad and we wouldn't have been so offended. They treat their consumers who are also struggling in these hard times by rewarding them with disrespect and a rate increase of 3X higher. Unbelievable!
This was a show stopper for me and my husband. I have the power of word of mouth and so do you, so don't ever bank with Capital One ever in this lifetime and make sure you let everyone and anyone know and they will follow suit. Capital One's logo is "What's In Your Wallet? Well, Capital One, it's not your card!
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