The short story is:
When I was transferring a balance to Capital One credit card, I was told that I was going to get 0% APR on the transferred amount (and on purchases) for 12 months.
From the very first month, they charged me 14.37% on the balance transfer. Now they tell me I was never offered a 0% rate on balance transfers
I got an offer for Capital One credit card on the mail, with 0% introductory rates for balance transfers and purchases for 12 months.
After I got the card, I confirmed that I actually received the introductory rate of 0% and transfered around $19, 000 from one of my old credit cards to the new Capital One credit card
From the very first statement, I was charged 14.37% interest on the balance, which came to more than $200 per month.
There is no reason for them to change the higher interest rate, as I had not/have not defaulted on the card, not violated any terms in the contract. I have auto-pay setup to more than cover the minimum payment.
I made the blunder of not reviewing the monthly bills carefully until 5 months later, as I trusted the autopay to work not requiring any intervention from me. It did not help that I chose to have electronic delivery of statements. I remember checking the first or the second bill quickly, making sure the autopay amount appeared on the bill, obviously not bothering to check the rest of the details.
When I realized in Nov 2008 what I was paying I right away sent a message through their web-site asking for an explanation, as I contemplated paying the entire balance, as I did not have good feelings about the bank. I sent 3 messages over a period of 2 weeks, none of which were answered.
Then I called them, only to be told by the representative and his manager that I never had a 0% balance transfer deal! I told them that that's not what I was told when I received the card and also when doing the transfer, but they simply didn't listen to me or cared. They just said their records don't show the 0% rate, so their unstated position was I was obviously lying.
I fought, for a while, but it seemed to be a losing battle. Then I told them that I had the documents that came with the card stating I did have 0% rate, and they asked me to send it over.
It's crazy that I have to go through this, but I will send them the documents and recoup every penny they don't deserve. To stop the bleeding, I paid the entire account balance.
However, unfortunately, I have been away from the country since Oct 2008, with all my stuff in two storage places in NY and NJ. I am not sure when I will be back. Hoping it will be the end of Feb, but not too sure.
I have a fair filing mechanism, so I think I will be able to locate the docs that came with the card, but in case I can't, Capital One will have shamelessly rob me of $1000+ with total impunity.
I read on their web site that complaints need to be made in WRITING within 60 days of the date on which a statement is issued. I am way past that date for quite a number of months. So I don't know what I can recover from this outright robbery.
I don't know what it is about Capital One...perhaps their pervasive ad campaign...made me think they are in the top tier of credit card companies. As far as I am concerned, no matter what their market position, they are at the bottom of my list. I should say off my list. No business ever from me and my family with Capital One. I have had times I was desperate for money, but I never robbed anyone.
Yes, I don't think this is a mistake on their part. Even if it is, the nature of the mistake and their response (or lack of it) is not excusable. I would have given them the benefit of doubt, if the error would have been on my favor.
If you are a bank issuing millions of credit cards, keeping track of billions of transactions, and then can't remember what rate I was promised a few months ago...well that's a level of total incompetence or fraud I will not tolerate. I have dealt with multiple banks for 2 decades and I don't remember a discrepancy of this kind, or lack of concern over it, ever in my dealings with them...except for one time almost 20 years ago. So Capital one, in my world, you are two of the worst and I see enough idiocy and treachery around that I don't want to deal with you.
Let me repeat: no Capital One product/services for me and my family, ever. And Capital One shouldn't be thrilled about the "word-of-mouth" coming out of my mouth either.