I would like to write and advise of a recent experience and also ask for assistance to ensure that companies that perpetuate theft from Americans are held accountable for their actions.
I would like to file complaints against Capital One credit cards for theft and their use of convoluted terminology to defraud customers into paying exorbitant fees and service charges.
To make a long story short, I received a notice from Capital One advising that my Default interest rate was going to be raised. Specifically the letter states: variable rate equal to 29.4%, or (0.08055% daily periodic rate) is determined by adding 25.15% to the prime rate. To which, I have no idea what that means. The letter advised if I wish to decline the increase I can call and cancel my card.
I proceed to contact the Capital One customer service department and I'm eventually routed to a floor supervisor who attempted to explain the cantankerous billing method. After several minutes I asked the supervisor to provide to me (a) the dollar amount of transactions that have been added to the card within the last 12 months and (b) the dollar amount of payments that had been received by the company during the same period. We determined that in the last 12 months I have conducted $539.20 worth of transactions. During this same period I have paid Capital One $1110.32. On top of that, I still have an outstanding balance of $512.95.
How is it possible for me to be responsible for $1623.27 worth of transactions when only $539.20 was charged to the card? This is outright theft!
After learning of the theft that has been committed by this company I demanded that the floor supervisor transfer me to a manager as so we could resolve the situation, but the supervisor refused at least 10 different requests to be escalated.
I want complaints filed and consumers warned regarding the blatant theft that is committed by Capital One and their use of misleading tactics to confuse customers. This company should no longer be allowed to scam consumers with ridiculously low introductory rates only to have the fraudulent fees skyrocket after the introductory period has lapsed. $1623.27 worth of charges for only $539.20 worth of transactions is nothing short of theft. There is no other way to look at it. Despite what the company may say, a Terms of Service does not grant a company permission to commit theft of property all because they can claim' that monies are owed.
America is in the worth financial crisis that this country has seen since the Great Depression and Capital One should bear some responsibility for this catastrophe. Their tactics lure 18 year old children into the treacherous world of credit' and their despicable policies encourage these same children to wrack up massive debt that will take years if not decades to pay back. These companies charge outrageous fees and use ridiculous algorithms to distort the reality of the theft that they perpetuate on unsuspecting Americans.
And on top of all of that, when contacting the Capital One customer support line, callers are immediately directed to an agent located in India. This major American conglomerate, who shares at least some responsibility for the economic collapse of America and who robs Americans blindly of their hard earned wealth doesn't even have the decency to employ the very Americans who they strive so hard to take advantage.
This travesty has got to end!
I am asking for your assistance in ridding scandalous corporations of their despicable policies and tactics. This company has proved soulless when it comes to fiscal responsibility or moral integrity and every American citizen would be better off without such establishments
Thank you
Adam
Broomfield, Colorado
U.S.A.
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