I applied for a Capital One Credit Card to transfer balances from a high interest rate card to the 0% card Cap One advertised. Cap One granted me a card and a limit of $5000. They transferred the balance and life was good.
A week or so later I received my first bill. I see that they are charging the transferred amount 13.9%! I assumed they had made an honest mistake, so I called them to inform them of the issue with full expectations of a quick and painless resolution. Well, needless to say, my expectations were not met.
After being put on hold and transferred several times, the final account manager I spoke with told me that there would be no resolution and my transfer amount would continue to accrue interest at 13.9%. Cap One stated that I had applied for a card that had a purchase APR of 0% and no special balance transfer rate. I was asked if I had any supporting documentation to my claim that I had applied for a 0% balance transfer card; I did not. I applied for the card and transfer all online and honestly never thought to print out the offer. That was my mistake. Cap One's website makes it easy to see what the benefits of each card they offer is and the terms and conditions as well. I have no doubt that the card I applied for was billed as a 0% card.
I know that I have no recourse with Capital One. My only hope is that if anyone is considering transferring a balance to Capital One that they make sure they are getting what they want. If I were to do it over again, I would call to apply for the card, get the operator's id number, and then have Cap One email or fax me the terms and conditions of the card I was approved for Before they did the transfer.
As it happened I just transferred the Cap One balance to Discover and was out a total of around $30 in what I consider fraudulent interest charges.
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