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Capital One / raised fixed interest rates

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To my suprise, Capital One raised my "fixed" rates from 8.9% to 13.9% without my knowledge. Yes, I'm sure Capital One has all their bases covered. I'm sure they did send a letter (that looks like every other Capital One promotion letter) giving me the option to "opt out" of an interest rate hike. But who wouldn't opt out of a rate hike? Capital One played their customers knowing a huge percentage wouldn't even open that letter. I get so much "junk" mail from Capital One that I can see how I just ripped up that letter and threw it away not thinking twice.

I'm disappointed that such a huge company has to play games and deceive customers into paying more. Lucky for me I'm down to $1,500 in debt to Capital One. Three or four more months and I'm debt free! I can't wait to cancel my Capital One card. And I will never use Capital One again. And I will persuade others to do the same.


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A  16th of May, 2007 by 
Agree Disagree 0 Votes
Capital One is a sorry company and should not be trusted by the American people. Advertise rates at being fixed and raise them without a notice, bills are paid on time but not posted, charge late fees for their mistakes. I had a fixed rate of 5.9 and it was raised to 10.9. Claim their rate is based at the APR rate when it is not. Very well known to harm individuals credit ratings. Where is our government when it comes to helping people deal with fraud like CAPITAL ONE. Everyone should view all the negative postings on Capital one before doing business with them.
A  19th of Jul, 2007 by 
Agree Disagree 0 Votes
My Capital One APR went from 4.9 to 9.9... I was baffled and outraged. I tried contacting the company by telephone for over a week but was unable to get a real person on the line -- never had that problem before. I imagined the wagons had been circled 'round the castle. I came to my senses eventually and chastised myself for having believed that I was different from everybody else who deals with a backstabbing credit card company. I had believed that my awesome 4.9 card had been issued because I was such a great guy for having paid my bills. I had believed that Capital One was a reputable company. Until this apparently across-the-board rate hike, the only horror stories I have ever heard personally about credit card companies have come from people I've known to be less fiscally responsible than I - you know, people who don't pay their bills? I am now more motivated than ever to clear my debt.

I keep my scissors close at hand.
A  28th of Feb, 2008 by 
Agree Disagree 0 Votes
Capital One changed my "fixed" rate, which I paid a 3% fee to secure, from 4.99% to 9.99%.
I was transfered from customer service, to two levels of management, and their only answer was that "the terms changed." That is not just an inconvenience, that is fraud.

I filed a complaint with the state Attorney General, in addition to closing my Capital One account.

With as many complaints as I am now discovering people have against Capital One, I contend criminal charges should be filed against them.
N  10th of Jun, 2008 by 
Agree Disagree 0 Votes
I recently got a 50 dollar gift card through Capital One
The charge was 10, 000 points.
I ordered the same card through Bank-One and was
charged 6000 points.
I think this is a rip-off
But there was no hassle
N  10th of Jun, 2008 by 
Agree Disagree 0 Votes
Your reward charge is over 50 percent more for the same item. I did not see any difference.
A  19th of Jan, 2009 by 
Agree Disagree 0 Votes
i was just a few days late with my payment...see i work for the school district and if there is no school i dont work ... well we had christmas break and we had a bunch of snow/ice days so i didnt work for like 3 1/2 wks which means no money they called me and i told them what happened told them will send out a check in 2 weeks when i get paid the lady on the other line told me i had to give her a check number NOW i told her i was not going to do that i didnt know her and i will send a check she kept insisting i give her a check number immediately i told her no she just kept getting ruder and more insistant i told her the check will be in the mail and hung up. i sent in the check and a a few weeks later i got a letter from a collection agency. was paying regularly then when i called for them to take out my next months payment no one would answer the phone finally got a voice mail and left a message for them to take it out they called me back and there is nothing they can do for me and 2 days later my a account was frozen for 2 wks and they told me if i wanted my account back i had to send them 3 x the amount i owed so went out a loan and sent it over night still did not release my account and took out all my money then try calling them and finally got all my money they took 3 wks later . MY RECOMMENDATION DO NOT EVEN THINK ABOUT USING THIS COMPANY !!!
A  19th of Feb, 2009 by 
Agree Disagree 0 Votes
I also received a notice of change in my terms. My fixed APR was increased from 6.9% to 15.9%. My account is in good standing and I have excellent credit. I was so furious I called and spoke to a rep that informed me that I could open a new account with a zero percent APR for two years and consolidate the accounts. Is this their idea of making lending easier to the consumers as part of the bail out? Raise interest rates so high on existing accounts that you close it and open a new one? Am I the only one that sees some ethical issues here? I filed a complaint with the FTC. This cannot be legal. The second time I called, I asked to speak to a supervisor or someone in management only to be told they could not connect me. Shame on you Capital One.
A  29th of Jul, 2009 by 
Agree Disagree 0 Votes
My husband was hospitalized from Jan 29 to March 6th in early feb I had to take 15K from cap one(I am a secondary name on the account.) - We were were at a very low interest rate - actually I had always paid them up in advance and they had always been soliciting us with the checks attached to the bill. My rate went to 17.9% I just about flipped out. I had no idea. I have called twice to tell them that we did not receive anything in the mail - because the letter would have been addressed to him and most likely thrown out sometime in march or april when he went thru mail - and according to them he had only 30 days to respond. I told them I could prove he was hospitalized out of state - they will not let me talk with anyone. I am distraught over this - and feel helpless and trapped by this company. This is Usury.
A  12th of May, 2010 by 
Agree Disagree 0 Votes
I have two accts with Capital One and they have put me in a similar situation; by claiming that they sent me correspondence that would have freed me from their predatory credit card practices had I actually received it. This correspondence was supposed to notify me and give me the opportunity to Opt Out of their new terms which, if I chose to Opt Out, would 1) close my accts and 2) freeze my interest rate so they could not increase the interest rate over the balance of the time it took to pay off the debt.

There was no way that I could have paid off my debt quickly enough and hang on the accounts to minimize the impact on my credit score. If they had actually sent me the Opt-Out as they said they did, I would have to opt out because I owed over $3k on each of the two accts. and the new terms would have given Cap One a hammer to hit me over the head with unlimited interest rate increases on the total amount that I owed.

I sent them a letter disputing the fact that they ever sent me any opt-out notices and have refused to pay them one penny until this matter is resolved. They claim sending me a notice on 2/2/09 and 5/12/09 on purchases and cash advances respectively. By the time I found out what they were up to, the dates for opting out had expired and they would not give me the time of day concerning that issue. Despite my formal Dispute Letter on each of my two accounts, Capit One is trying to disregard my dispute they did not sent me a proper timely notice and are just mailing to me over and over again the terms for which the opt out had already expired and the new term now apply.

I asked for proof of that they ever mailed me proper and timely correspondence about these important term changes and opt-out opportunity. They sent me a FORM LETTER that did not address the details of my dispute and have continued to pretend as if I'm just late paying on my two accts. They are the worst, and I refuse to pay them another cent of my very meager and dwindling finances until this is resolved.

I would love to get involved in a class action suit against Capital One--I know I'm not the only one they are trying to bamboozle with these new terms. Macy’s tried to do the same thing, but they have been sensible enough to know that maintaining good faith with their customers and took the high road in resolving the dispute I had with them. Macy’s was terrific—they put my interest rate back to what it was before the Opt-Out and even reduced the interest lower until the debt is totally paid off.
A  10th of Jun, 2011 by 
Agree Disagree 0 Votes
I also was taken advantage of by Capital One, they raised my rate to 20.99% from 13.99%. They also told me they sent me a letter last year: but I don't remember anything like that. The only thing I remember is If you are late, it may go up and I have not been late. I would never have accepted the raised in my credit limit if I had, for I am on a very fixed income. I was surprised they even gave me credit at all. They knew I was in the process of moving from one city to another and then it was Christmas time when you really need extra money. They dangled it in my face like food to a starving person. How can they expect someone to remember something over a year ago with all the stress, and the thing is they don't. You would think they would have learned from the other suit that was filed against them. I guess they needed more luxury cars and cruises for the higher up, for the the people who do the hard work want see it at all.

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