I have had my Capital One Platinum VISA card since August. At the beginning, my credit wasn't very good, so I accepted an APR of 19% variable abd an annual fee of $59.in the last three years, my credit score has improved and I have managed this account responsibly. I have never gone over the credit limit and have a record of not being late on my payments; I also pay more than the minimum due.
Over time, the APR has increased to 20.3%, then 20.8% and now, 21.05% to keep up with the Prime Rate.
(Last month, I was accepted for another VISA card with a different bank with much better terms. No annual fee, 14.10% APR after the first five billing cycles (at 3.9%) and no balance transfer fee - which I took advantage of and transferred half of the Capital One balance.)
I called them a couple of months ago to request that my fees be lowered and it sounded like I was speaking with someone in India. She said that she couldn't do anything but put in a note of my request and that they automatically reviewed the accounts every six months.
A month ago, I mailed them my request in writing. Their form letter reply stated that they were "unable to accomodate my written request based on their existing credit policies" and that I should contact the Customer Relations department by phone.
The commercials say "No Hassles" but Capital One is a big hassle. If they really valued my business like they say, you'd think that they would have at least offered something better, even if it wasn't much. My advice to anyone considering Capital One is to look around for better terms because the low fee offers are just to get you lured in. Don't give Capital One your business.
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