Below is the exact letter I sent to Capital One discribing my problem and what to do to correct the problem. The response I recieved will be at the end.
Capital One Credit Card Offer
(Original offer and information concerning offer)
1. Original offer came to me in regular mail sometime in Nov 06? The offer was by gift check or phone; to transfer any amount of money with no transaction fees, up to my credit limit for a low 3.99% APR fixed that drops to 2.99% fixed APR after October. I was to take advantage of the offer by Dec 23,06 if I wanted the low transfer rate. {See attached photocopy of original offer sent to me.}
2. On 12-22-06 I had called and transferred $5,000 from my Sear's credit account to take advantage of the 3.99% fixed rate that was to drop to 2.99% in October of 07. I was confirmed that I would get the offer stated and the transaction was completed by phone.
3. When I received my Dec Jan statement it showed my available credit of $5,200 still opened and that the transfer hadn't been through yet, so I called to find out what was going on. On Jan 4,07 I called and talked to a person named Louis and was informed that he seen that the original was never sent or completed etc but he had the transfer information {original offer and transfer ID NVxxxx} that had taken place on his computer and would resend/redid the transfer. I asked and made sure twice that the same offer applied and was told the original offer of 3.99% APR fixed & drop to 2.99 was what I was going to get and to give it one or two billing cycles for it to take effect. At the end of talking I asked his name and case number for this contact which was Louis and info ID VXxxxx.
4. Jan Feb 07 statement came in, showed the transfer was completed with no finance charges and included acct balance premium to the total with $100.00 payment due. {See attached photocopy of my statement dated Jan-Feb 07.}
5. Feb March 07 statement came in and showed a finance charge of $37.56 along with the regular acct balance premium. The statement showed I was being charged 9.9% interest. So I called in again to question the interest and transferred money on the account on March 12th I talked to Faye she told me they were checking into the account to correct the problem, sending in for an approval of reinstate and that it would take one to two billing cycles for it to take effect and that all information and contacts were noted in the files on their computer code or ID XYxxxx. {See attached photocopy of my statement dated Feb-March 07.}
6. March April 07 statement came in showing a balance of $4,882.42 with corrections and adjustments of a $37.50 finance adjustment, balance transfer adjustment $5,000 and a. 50 cent finance charge. It shows 9.90% APR with a balance rate applied to $55.16 for the. 50 cent finance charge. {See attached photocopy of my statement dated March-April07.
{I'm just noticing, now my balance is "reset" starting at $5.000 minus the $37.56 and a $100.00 payment giving me a new balance of 4,822.42. Yet I have made a payment of $150.00 in Feb and $100.00 in March and $100.00 in April. That's $350.00 in payments off an original loan transfer of $5,000 should be a balance of $4,650 not including balance premiums. A difference of approx $172.00 how where did it go? }
7. April May 07 statement shows, $23.09 acct balance premium and. 50 cent finance charge. Doesn't show any finance charges other then the. 50 cents for the acct balance premium. I am supposed to be paying a 3.99 % interest charge which drops to 2.99 in Oct of 07 and the statement shows nothing of the sort. Again I call in to inquire about the account, April 30th 10:30am I talk to Yolanda spoke with her and was connected to an account specialist Elizabeth I again explained and informed her of the situation which she seen and noted on the computer concerning my account. I was told it would be corrected and show within the next 1 to 2 billing cycles. The ID for this information noted is ISxxxx.
8. July 10th 3:55pm. Talked to Cristina (a transfer specialist) explained the complete situation, giving reference numbers etc She sent e-mail out to correct the problem (which was the previous e-mails didn't specify the transfer details and interest rates @3.99 % and drop etc. So they just did transfer at 0% for 1 yr.) and for me to call back in 10 days should be time enough for reply to sent e-mail to correct the problem.info ID: IAP-xxx. I was told to call costumer relations and ask for a account manager and check to the status of the e-mail and progress.
9. Called August 20 @12:59 pm spoke to acct manager Shawn. I explained the situation and asked that he check the e-mail to find out on further information in re: to the problem. I was told that the transfer was 0% until March of 08 and that was what shows in the agreement. More or less there was nothing I could do, end of story.
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After all the calls I made (logged and kept reference ID's) and being told they were looking into the problem and to give it one to two billing cycles for the correction to take effect.
I mailed this letter with attached copies of all information need for them. The response I recieved was...
September 8
Thanks for contacting us about your Capital One account.
You are a valued customer, blah blah...
For any questions regarding Balance Transfer plese give us a call at - generic customer number the same one I had been using.
They now have my intrest rate on the transfer at 0% untill March of '08 which is not what I agreed to when I transfered the funds. I would rather pay the inital 3.9% fixed interest which drops to 2.9 fixed for the life of the transfer/loan then get the 0% interest untill March of '08 because I don't plan or will not be able to pay off the transfer/loan by then and the interest will go up to the high fixed rate of 9% in '08 which will cost me more in the long run.
My credit is excellent and I know I can transfer the amount to another card later but I was wanting the low fixed rate at 2.9% for the life of the transfer as offered in the mailed letter to me.
Capital One took it on their own to give me a 0% interest rate for one year instead of giving me the option of not making the transfer after informing them of the mistake or lower offer they origanlly sent. Also! Somehow they took it on their own to "reset" the Balance to the orignal transfer amount after adjustment's a couple months after the transfer was made.
I feel I was ripped a couple ways, any help is appreciated before it's too late.
Hoss
Perris, California
U.S.A.
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