Comments on: Capital One Raises Interest Rates After Balance Paid Off! What happened to Customer Loyalty?

By: Sandra

Sandra — Sun, 07 Mar 2010 04:49:52 +0000

Loretta – same thing happened to me. Capital One can be very difficult to reason with and seems to be ignoring the new rules. I wonder how many others are being charged illegally by Capital One. You can imagine how much money they make by continuing to charge interest to customers who have paid in full.

Here is what the new rules are regarding double cycle interest.

No more double-cycle billing: Finance charges on outstanding credit card balances would be computed based on purchases made in the current cycle rather than going back to the previous billing cycle to calculate interest charges. So-called two-cycle or double-cycle billing hurts consumers who pay off their balances, because they are hit with finance charges from the previous cycle even though they have paid the bill in full.

By: loretta

loretta — Wed, 24 Feb 2010 21:03:04 +0000

I paid off my credit card with Capital One on the 11th of this month. I received a statement and was charged interest on the 23rd on a zero balance. I called the credit card company and they said they could charge interest for two billing cycles. Is this legal?

By: Holy Crap! Capital One Did a Good Thing!

Holy Crap! Capital One Did a Good Thing! — Tue, 06 Oct 2009 10:33:26 +0000

[...] have complained before about my credit cards. More than once. With all the griping I have done, both here at Financial Methods and to people I [...]

By: Miranda

Miranda — Sat, 26 Sep 2009 19:02:35 +0000

My boyfriend went online to pay his Captial One payment today only to find that his interest rate had been raised from 7.99% to 17.99%. He has been a customer for 10 years and has had the card long enough to increase the limit from 500 to 5,000. There was only one last payment made and that was because the website was down, the payment was only one day late. He called the customer service line and was told that notificaton had been sent in the mail. We never received such a warning. Now we have no idea if they will let him cancel the card or not. I have been researching other customers’ experiences and so far I have only found one story out of thousands where they approved of such an action. If anyone has and suggestions please inform me. I don’t understand why we haven’t filed a lawsuit against them yet. The interest on the bill is more than 100 and the payment was set at 25. With the house, truck, insurance, and bill payments along with this absurd interest hike I don’t see how we will stay afloat.

By: Michael Mathieu

Michael Mathieu — Wed, 12 Aug 2009 19:26:50 +0000

American Express informed me that they were raising the rates on my American Express Costco card by 2%. My credit scores from the Big 3 are 798, 802, and 798. I’ve been a customer for 22 years and haven’t had a late payment in over 12 years. I pay my balance in full and charge about 1500.00 per month. The representative refused to negotiate and stated I had to accept the increase or close the account. I closed the American Express Costco account and my Gold card account (22 years of membership). My solution was to get a Mastercard from USAA with an interest rate of 8.69% and a 1.25% cash back rewards program. The heck with American Express!

By: b.j.

b.j. — Fri, 24 Jul 2009 21:25:14 +0000

It’s time that everyone get together and start a class action suit against some of these credit card companies.
also, if people can, they should start pulling out their checking accounts from some of the banks behind this insanity, because they are making money on every check you write.

By: Milosava Bulajic

Milosava Bulajic — Thu, 25 Jun 2009 15:07:13 +0000

American Express just raised my interest rate from 9.9% to 12.9% (with a 15 day notice). When I called to inquire about it, I stated that I have been a loyal customer for 15 years and have never been late on my payments and that I was very disappointed at this action, the rep’s response was that the interest rates are being raised across the board and that I was not the only one targeted.

I guess one way for me to view this is as an incentive to pay off my balance ASAP and to never carry one again.

By: Kathy

Kathy — Sun, 14 Jun 2009 03:19:33 +0000

I just paid off another card with Chase which originally was a Washington Mutual card due to the fact that they raised their interest rates too high for my comfort. I was told by the customer service rep that I would not have any further charges and that the card would be closed. Then today I receive a bill in the mail for an interest charge of $1.00. Now that might not seem like much and it really isn’t but it is the prinicipal of the thing. I paid off the balance in full well before the due date so why should they be allowed to charge me more interest. I am not sure what I can do about this but I know enough to know that if I pay this charge it will not end there. There will be interest charges on this $1.00 balance!! Ridiculous. Anyone have any ideas on how to fight this?

By: Janet

Janet — Thu, 21 May 2009 03:43:52 +0000

I have been a loyal customer of Capital. Always paid early. Sometimes had a balance. Never a late payment. They just sent notice they are jacking my 7.9% fixed to a 17.9% variable rate!! Of course I called customer service. I was given the line of BS about bad economy. Cutomer loyalty? What a joke. They “screw” their good customers. I’ll pay higher rate with a different card, but the Capital card is in my “to shred” pile. I hope all their good customers go elsewhere. Let’s stick them!!!

By: My First Guest Post

My First Guest Post — Fri, 15 May 2009 16:04:43 +0000

[...] and I have decided that a swap in posts could be good for our readers, so I have provided him with “What Happened to Customer Loyalty”?This piece is about a conversation I recently had with Capital One about raising my interest rate [...]