Capital One .. What's In Your Wallet? "Nothing" Capital One Interest Rate Hike from 9.9 fixed to 17.9 purchases and 24.9 cash advance McLean Virginia
Richard Fairbank, CEO
Capital One Financial Corporation
1680 Capital One Drive
McLean, Virginia 22102
June 20, 2009
RE: Capital One VISA
Dear Mr. Fairbank,
I am writing you because I have been a good customer of yours for years. I have paid my bills on time for years.
As of April 2009, Capital One has increased my interest rate on my credit card. I never received any written notice for this change from Capital One.
I had a 'fixed' interest rate with Capital One of 9.9 percent for purchases and cash advances for years. And then whammo, Capital One nearly doubles the interest rate to 17.9 percent for purchases and 24.9 percent for cash advances. This is incredibly obscene and punitive.
I called Capital One Customer Service to ask why I am being punished with this rate increase. I was told that due to the economic downturn that Capital One must earn more money from its customers.
My husband and I are struggling to make ends meet. We are being forced to move from Arizona to New York because of the economic downturn, i.e. there are no jobs in Arizona. But I am still unemployed, still looking for work, and thus we are surviving on ONE income.
How could you do this to me and all the other people out there who are in the same boat as we are?
And your commercials that proclaim: What's in your wallet? In response I say: Nothing! Capital One has taken all of my money for their greedy profits.
In addition, Mr. Fairbank, every time I call Capital One, I reach a person in India. Sometimes, I cannot even understand what they are saying to me on the phone because their accent is so heavy and difficult for me to understand. And we scratch our heads wondering why there is an economic downturn. It is companies, such as Capital One, who have sent all the jobs overseas while Americans here in the USA are unemployed.
I am begging you to please consider looking at my account and readjusting my obscene interest rate to a reasonable' interest rate.
cc:
President Barack Obama Commissioner of Financial Institutions
The White House State Corporation Commission
1600 Pennsylvania Avenue NW 1300 East Main Street, Suite 800
Washington, DC 20502 Richmond, Virginia 23219
Andrea in the USA
Lake Placid, New York
U.S.A.
5 Updates & Rebuttals
Noir
City,Michigan,
U.S.A.
Capital One Is Doing This To Most Their Customers
#6Consumer Suggestion
Mon, June 22, 2009
Even if you have a great FICO score, keep your balance below 40% of your line of credit and pay early and more than your minimum, you will still have your interest raised by Capital One.
If you have other credit cards, you may likely see the same thing -- a rate increase. With the recently passed credit card legislation going into effect in 2010 -- one that curtails many of the predatory creditor practices credit cards companies have been practicing (i.e. double billing cycles, holding payments to incur late fees and raising interest rates for out-of-agreement scenarios). Many credit card companies are implementing pre-emptive rate increases and changes in TOS.
Good luck getting your interest rate lowered. It is unlikely you will.
Capital One does however offer the option of locking your current rate if you close your account. This will stop the rate hike and let you pay off your current balance at your current interest rate. However, you only have a small window in which to call them to tell them this is what you want to do. And once you do that, your Capital One account will be permanently closed and after a date they specify you will not be able to use your card.
Good luck.
Lynda
Brooklyn,New York,
U.S.A.
Beware of Capital One!
#6Consumer Suggestion
Mon, June 22, 2009
I would never do business with Capital One again!
They ripped off my checking account to the tune of $205 and will not give it back.
Unfortunately, you are not alone in beings cammed by this freaking bank!
Lynda
Brooklyn,New York,
U.S.A.
Beware of Capital One!
#6Consumer Suggestion
Mon, June 22, 2009
I would never do business with Capital One again!
They ripped off my checking account to the tune of $205 and will not give it back.
Unfortunately, you are not alone in beings cammed by this freaking bank!
Lynda
Brooklyn,New York,
U.S.A.
Beware of Capital One!
#6Consumer Suggestion
Mon, June 22, 2009
I would never do business with Capital One again!
They ripped off my checking account to the tune of $205 and will not give it back.
Unfortunately, you are not alone in beings cammed by this freaking bank!
Lynda
Brooklyn,New York,
U.S.A.
Beware of Capital One!
#6Consumer Suggestion
Mon, June 22, 2009
I would never do business with Capital One again!
They ripped off my checking account to the tune of $205 and will not give it back.
Unfortunately, you are not alone in beings cammed by this freaking bank!