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Capital One Credit Card / unreasonable apr of 28.15%

1 United States Review updated:

I also am a longtime personal and business client of CapitalOne, current on all my payments.

I run a small start up business and over the past 18 months was late on a couple payments, neither more than 30 days. To my surprise, this month, my APR soared to 28.15%!

I contacted CapitalOne and asked for a rate reduction and explained the circumstances and trials of being a small business. Their answer... "Tough Luck".

I cancelled my business card and intend to cancel my personal card as well. 28.15% APR is criminal and completely unreasonable even for a few late payments, when all other credit factors, score, personal card from same company, etc.. are impeccable.

Use CapitalOne at your own risk!

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Comments

  • Su
      27th of Oct, 2008
    0 Votes

    I have been a Capital One Customer for 10+ years. I always pay my bill in full and on time. I pay electronically through a bill pay service. I use the card for business and charge probably $40K a year. My husband is also a card holder, and charges probably $18K a year. Same deal, we pay the bill in full on time every time. This past summer, we were on vacation and forgot to pay the bill before we left. We realized and called the payment in on the due date. Apparently, when we read back the bank account number we reversed a number. No one called us to let us know. Two days later we called again because the check hadn't cleared. They fixed the error and withdrew the money successfully. Last month we were changing electronic bill pay services, and something happened. Again, no call from Capital One, but we noticed the money hadn't cleared, and proactively called, again a couple days after the due date. We asked why we weren't notified when we were set up for email payment warnings, and they claimed they didn't know. We got our bill, and were charged not only the $40 late charge, but also our interest rate was hiked to 27.9% and $180 in interest charges for the couple days late payment. We called, and were told tough luck. So much for 10+ years business. A couple of honest mistakes, and a payment late by 2 days both times, and they write us off. Lucky for us we always pay the bill off, so we're not saddled with a debt at that outrageous rate. We obviously will never do business with them again and will tell everyone we know to stay away from these predators.

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