I had been a customer in good standing for years with Capital One and enjoyed a low rate on my cards. 2 months ago they sent me a rate change in the mail wanting to raise my raise to over 17%. I called cancelled the cards froze the rate at my low rate and continued to pay them off. I was the victim of theft with my checking account which I made my payments so my bank put a Hold on the account. Well an automatic payment went through to my Cap 1 card but was returned because of the hold and Cap 1 raised my interest to a default rate of 23.3 %. Even though I had never missed a payment and kept the account in good standing they raised the rate. I even called and explained what happen and offered to fax copies of the banks affidavits and police report and they still refuse to do anything to assist me. They want me to wait 90 days before they will consider a rate change when I had never been late before. Scoundrels at best is how I would describe them, what’s worse is that these criminals took T.A.R.P funds from the American people then turned right around and started screwing them on their interest rates. The new consumer credit protection legislation won’t help either as it doesn’t go into effect until next year. Congress likes to pretend they did the American people a favor by passing it but the fact is they wanted to give their campaign contributors enough time to nail customers with fees and interest hikes before the legislation would take effect that’s why it doesn’t take effect for 9 months. Its practices like this that gives the free market a bad name. I am going to hold off getting another credit card until after the legislation takes effect. You can be sure it won’t be with Capital One too.

Sincerely,

Another Cap 1 victim


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