Dec 08 Capital One mailed a solicitation RE: balance transfer. The info proclaimed no fees and enjoy the same interest rate you currently have, which in my case was 0%.
I called and obtained more info on this offer. The 1st rep gave the same info: no balance transfer fee and I would enjoy a 0% interest rate for a full year on any balance transfer - she confirmed 0% was my current rate.
Suspicious as always, I asked numerous questions. I spent 40 minutes w / her asking questions! What's the catch I said. Where are the hidden fees? She chuckled good naturedly and tell me none. She explained this was a new offer and only for customers meeting certain criteria. She went over the whole process. I asked what was the difference between terms; i.E. Was a balance transfer different from a convenience check? She told me no difference, and the fastest way was for her to take care of the details over the phone. I finally asked frankly why in the world would Capital One want to offer me what amounted to an interest free loan for 12 months? The rep replied I was a good customer and they wanted to keep my business.
I summarized what she told me, made careful notes and then asked to speak with her supervisor so I could confirm. I noted each person's name and ID numbers. I asked them to repeat the terms and then I repeated them in my own words to be sure I had everything correct. I asked of the supervisors again why would Cap One offer me this balance transfer at 0% interest, where did they make any money? They said it was good customer relations.
I ended that call in Dec after confirming this info with 3 different people. I executed 2 balance transfers that day from cards at 7.99% and 8.99%, plus got a "convenience check" for $900. I figured, hey, it's 0% interest. I'll put that $900 in the bank, use it to make the first few payments on the Cap One card.
First bill Jan 09 had — yep, you guessed it — a finance charge! At 18.99%!
I called and found myself against a huge stone wall. I continued calling over 7 days trying to get someone different to listen. The pattern is the underlings all understand and sympathize, but they have to get a senior manager to fix the problem. When I get to a "senior manager", those folks become nasty, negative and some have been downright abusive. They all say similar things: I was misinformed, I was given the wrong info, there are no notes on my account stating 0% interest, do you have an offer code to refer to. When I give names & ID's from my notes, that info corresponds, but only that I talked with those people on those days. I've been told again and again no actual info is recorded. When I point out the solicitation actually says "You will receive the same APR you currently enjoy on purchases made with your credit card. It's really pretty straightforward." they reply a balance transfer isn't a purchase. When I point out that I called as directed to accept their offer and learn the details, I was told there was no need to use the "checks", that the rep doing the transfer was the same as using the checks. Then the merry-go-round would start again with I was given wrong info.
I relied on Cap One reps to give the info needed; I made financial decisions based on what I was told by 3 different people; it didn't make sense to transfer balances from significantly lower rate cards to Cap One at 18.99%.
I'm filing complaints w / FTC, Florida's AG and anyone else I can find. I strongly urge, if you are reading this report, to stay away from Capital One. There's just too much info out there of deliberate shenanigans. I thought I was being thorough and consider myself a savvy consumer - look what happened to me!
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