Okay - I've been a customer of CapitalOne for twelve years, always paid my bill, and for the past four years, paid the entire balance on a monthly basis. My credit rating is about 780.
Last month I missed a payment of $3.76. Realizing I missed the payment, I called and told customer service that I was sending an electronic payment for the entire balance and ave them the EFT Details from my on line banking account. They waive the late fee because I am a solid customer with no history of problems. CapitalOne has been pulling a credit report on me and everyone else with regularity to make sure we are okay - they know what is going on with my credit - nothing, I'm as solid as a rock.
Here is where this story gets crazy... About the same time this happens they send me a letter asking what they can do do improve our relationship. I understand this letter was sent to a select group of people. I call, thank them for waving the late fee and promptly get my interest rate dropped.
Twenty-four hours later, without warning they suspend my card for missing the $3.76 payment. I call the 800 number. I get an overseas person, I'm polite, I listen to the ridiculous scripts they have to read, I sit on hold for 20 minutes while they see what they can do. I suspect they are helping someone else while I'm on hold but I can't verify this. They come back on the line and tell me they can do nothing. I very calmly state the opening paragraph of this issue and they hang up on me.
I call back and try to get a US agent. No luck. Then I think, Hey! I have that 877 number from the special letter. I call and what luck a US agent in McLean, VA who will listen. I tell her the story and she says she can do nothing. She transfers me to someone that can, an overseas agent who starts reading me a script and the process starts all over.
If you want a relationship with someone you have to think outside a $3.76 payment CapitalOne. I have six cards with zero balances to choose from. I am closing my account and it will cost you $125 or more to replace me. Chances are, the next person will cost you more to manage.
I realize the credit market is a mess and that more people are falling behind. I listened to your last investor call. Now the question is, are you all smart enough to assign a person to comb the Internet, find problems like this and rectify them or are you all just a group of old school players who don't see how a conncted world can work against you.
Wake up and smell the coffee.
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