- Report: #534832
Complaint Review: Capital One Business Credit Card - Salt Lake City Utah
Reported By:
Yaniv -
Hollywood, Florida, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Capital One Business Credit Card
P.O. Box 30285 Salt Lake City, 84130-0285 Utah, United States of America
Phone:
1-800-867-0904
Web:
www.capitalone.com
Categories:
Business Rating:
(0)
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Capital One Business Credit Card Capital One 0% Loan Scam Salt Lake City, Utah
Report Attachments
On August 6, 2009 I have taken on a 12 month 0% loan from capital one in which cost me $390 in processing fee as was displayed as a financing charge on my first statement after getting the loan.
The following month I have noticed a $67.01 in financing charge on the second statement which I found strange but did not make so much of it as I was hoping it's a mistake and won't happen again and just didn't have the time to deal with it. A month later on my third statement of November of 2009 since the 0% loan I again noticed a finance charge of the amount of $133.58.
After receiving my third statement and finance fee, I have decided to call them to find out why I'm getting these charges as I was hoping it's just a mistake which they would easily be able and adjust. After explaining my situation to the agent on the phone I have been told by her that Capital One policy is to charge a finance charge on balances with higher APR rate first. I explained the lady that I pay my full balance every month so there should not be any balance to pay finance charges on except my loan which was anyway at 0%. Then the lady explained to me that any payments that I am making are paid first to the 0% loan instead of the purchases that I have been making as usual on that card. I tried to explain to her my point of view that this doesn't make sense because base on this system I'm never going to take advantage of their offer and the only thing I have accomplished is paying them the $390 processing fee as well as start paying them finance charges which I didn't pay before. I also asked her to send me a copy of me agreeing to this loan type. She told me she will be sending over my agreement and I will receive it in the mail.
A short time after my phone call with Capital One, I received in the mail a letter stating the following: (a copy of the letter is also attached to this post)
"
Dear ***********:
Thank you for your recent inquiry about the manner in which payments are applied to your Capital One account. Capital One will apply your payment to pay off lower-rate balances before paying off higher-rate balances.
We hope this explanation will help you better understand how we apply your payments. Our primary goal is to provide the highest level of quality service to you. If you have additional questions, please give us a call at 1-800-867-0904. Our Customer Service Representatives are available Monday through Sunday, 9:00am-10:00pm Eastern Time.
Sincerely,
Capital One Services, LLC.
"
I guess they could not come up with anything on file that I agreed to this type of loan arrangement.
To me this is a definite scam and if anyone is looking for a Class Action lawsuit partner, I'm in.
