Help Capital One Increase APR

Willow147

I was getting worried about these interest rates so I contacted capital One to check my rate, I was surprised to find it's gone down (now it's 3.98% PA or 0.33% monthly). I always thought that my rate was about 8.5%.

INT1

Well I previously wrote on this thread I sent a letter in to Capital ONE about their interest increases.
I got dozens of missed calls off a with held number on my mobile. Last night I managed to answer one of these as I don't normally.

I got someone calling from the "Exec" office (probably customer complaints team with a fancy name!)
Anyway, acknowledgement of my letter then said where do I go, so I referred him to read my letter :rolleyes:

To cut a long story short, he firstly said he couldn't understand why i was complaining as I settle my bill in full every month. So I said exactly, why increase my rates then, am I deemed as high risk?
He couldn't answer that and blamed it on their marketing department, I said marketing are to sell products and don't you think it would be your credit risk department making these decisions.
Anyways, as confirmed, they are quite within their rights to do this, and also as they offered 2 options
Pay off & Close
Settle remainder of balance at current rate
He has done me a favour as legally they are not obliged to offer those 2 services and could of sent us all letters just increasing the rates from X Date.
Fair enough comment, I then went on to new customers not getting the same high rate.
Well every company wants new customers, so I said why pi$$ off the customers you already know and know their history of running an account instead of leaving yourself open to taking on new customers that could go pete tong.
The call must of lasted 25 odd minutes.

So in short, for those to complain, I very much doubt you will get anyway. He also explained I was the first full payer customer to complain, but I said it was the principle of the matter.

I was also warned that most independant credit card companies will most likely do this...

Watch this space!

Wannabedebtfree

When I received the infamous letter, I went for the pay it off at the old rate and then close the account. Since then I managed to get a good BT offer and have cleared my C1 account.

When I rang them to close it, they asked me why! So very politely, I informed them that I was doing this on their request. It took a while for him to realise that it all stems from a letter they sent out to lots of customers giving them three options.

I've now got a little over 3 weeks to wait for a nice letter from them confirming the closure. :j

Kane99uk

Had my letter through, immediately went and succsssfully applied for the Virgin 0% balance transfer deal and closed the account. Done deal.