Capital One
Ripoff, Interest Increase, Can't Cancel

Attention Capital One cardholders: If you received a brochure saying that the APR will be increased in March with instructions to opt-out and cancel your account, PLEASE be vigilant and follow-up!

In January I received a brochure from Capital One, with whom I have a MasterCard, with a very low limit ($300.) The brochure explained that the default APR is being raised to 19.9% PLUS prime. The brochure informs me that these changes are NOT based on my accounty history or behavior. There are detailed instructions to opt-out, or decline the change of terms and cancel your account. The brochure states that if you do so, you have 12 months to pay off the balance AT your account terms.

On January 31 at 7:45 AM, I called the automated opt-out system at 1-800-213-5137, and went through the decline & cancel process. I destroyed the credit card at this time.

On 2/16, I logged on to the Capital One website to make a payment on the closed account. I was astounded to find a $59 annual member fee was charged to the account on 02/14, a full two weeks AFTER I cancelled the account. I immediately filed an online dispute of the charge.

On 2/20, I checked the website to see if the charge had been removed. It had not. So I called the company's toll free customer relations number (1-800-955-7070). What a joke! First, I went through this long explanation of why I did not have the entire account number (account cancelled, card destroyed), only the last 4-digits. The first operator said she would transfer me to someone who could help.

I was transferred to someone named JENNIFER, who immediately pissed me off by greeting me with, "I understand you'd like to make a payment." I explained the entire situation to this second person. She told me my account was NOT cancelled, and she couldn't remove the $59 charge. She asked if I wanted to cancel the account today and if I understood that I wouldn't be able to make any charges to the account if I cancelled it. I told her I *had* cancelled the account pursuant to the delcine of terms, and I asked to speak to her supervisor.

After placing my call on hold for about 7 minutes, JENNIFER came back and told me that she couldn't remove the charge. I repeated that I wanted to speak to her supervisor. JENNIFER advised that her *supervisor* told her to relay that information to me and transfer me to someone who could help me. After some snotty arguing, she transferred me BACK to Customer Relations.

This time, I spoke with JOSH, Operator ID "AVT8", who advised me that my account was showing as cancelled on 02/20. I reminded him that that is TODAY'S date, and inquired about my called to the automated opt-out on January 31. He has no record of my call to that system. He did assure me that he had reversed the $59 member fee. I stated that I was uncomfortable with this status; that I wanted assurance that my account would be cancelled per the terms of the opt-out, including NO increase to the interest rate in March, as I intended when I called on January 31. He tried to reassure me that it would be fine because I had operator ID. I disagreed and requested to speak to a supervisor.

The supervisor, OMAR, was even *less* interested in my concerns. He stated that he had no record that I had called the automated opt-out on January 31. And further, that if I didn't break any rules while paying off the credit card, the interest rate would not increase.

I continued to argue about this point; I wanted assurance that my account would show that *I* cancelled it because I declined the change in terms. He refused to acknowledge this. I even described to him some of the questions I answered as part of the automated opt-out. He was uninterested. I asked him if I should call the automated opt-out a SECOND time. He said yes (I suspect this was an effort to get rid of me!)

At this point, I was completely frustrated, and called the automated system 1-800-213-5137 at 8:22 AM. It was, in fact, the same process I had done on January 31. After I entered the last 10-digits of the Capital One account number to identify myself... The automated attendant informed me that "we have already received your request" and advised me to "please call the phone number on the back of your Capital One credit card". The automated attendant disconnected me at 8:25 AM.

I am still uncomfortable with this. I am suspicious of Capital One and its denial that I previously cancelled the account pursuant to THEIR instructions to opt-out of the outrageous interest increase. Are Capital One really THAT disorganized? Or is something more sinister, that Capital One is purposely not finding any record of cancellation so they can raise the interest rate to 26.9% and bilk their customer out of a few more hard-earned dollars?!

I have sent a certified letter outlining above details to Capital One and will continue to monitor my account on a weekly basis until 1) Capital One refunds the $59 member fee charged two weeks after account cancellation and 2) Capital One acknowledges that I cancelled the account per its instructions by declining to accept the change in terms.

Suzanne
Brookfield, Illinois
U.S.A.

Company: Capital One
Country: USA
State: Virginia
City: McLean
Address: 1680 Capital One Drive
Phone: 7037201000

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