Complaint / review text:
In March of 2008, Capital One sent me a letter regarding my credit card account. It read as follows:
As a valued Capital One customer, you qualify for free upgrades to your credit card including the following:
* Start earning No Hassle Rewards (or earn them faster)
* Improve other card features
* Lower your APR
In May of 2008, Capital One sent me another letter as follows:
After conducting a periodic review of our existing customers, we noticed that you haven't used your Capital One credit card in the past 36 months. Because of recent lack of activity, we're letting you know that we have closed your credit card account.
I have not used the Capital One credit card because they have not sent me a current card and because they are consistantly the HIGHEST INTEREST RATE and lowest credit limit out of all my credit cards.
I had repeatedly called requesting that they lower my interest rate or increase my credit limit, but to no avail. My other credit card companies consistantly do both and are extremely competitive, offering me regular credit line increases and extremely low down to 0% interest rates.
My complaint is this; when a credit card company closes your credit card account, it negatively affects your credit score. When I called them regarding this, I was told by Theresa, a Senior Accounts Rep, that it would indeed lower my credit score, but by just a few points. They acknowledged that this course of action would negatively impact me and they simply do not care!!!
Capital One is the only credit card I have EVER had in my life that has canceled me. They make no apology for what they are doing! Please help me to devise a plan of action I can take against Capital One.
To all consumers out there, PLEASE be wary of doing business with CAPITAL ONE! They have a very catchy come on and cute commercials, but THEY ARE NOT CONSUMER FRIENDLY! Use them at your own risk!