Complaint / review text:
After being a loyal customer to Capital One, I had my APR raised to over 22%. Capital One claims to have sent a change in my terms of service and, as such, refuses to lower my interest rate to it's previous level.in an e-mail response, Capital One says this change was due to "changes in the interest-rate environment or other business circumstances". They also point out that the Customer Agreement reserves the right to make changes to my account as long as "we provide you written notification" before making such changes.
Since I never received this notice, Capital One failed to "provide" me with such. Simply mailing the notice does not mean it was provided to me. The upper level representative that I spoke to told me it was noted on my account that the notice was mailed in February. It could also be noted on my account that I was a Siberian Husky but that would not make it true. Further, I believe Capital One has acted in BAD FAITH in the execution of the Customer Agreement.
I believe the interest rate increases are in response to legislation scheduled to take effect next year which would specifically prevent them from doing just this. I believe Capital One is raping their customers now because they can't rape them later. I believe this constitutes BAD FAITH and, therefore, carries malicious intent. I believe there is evidence here for a CLASS ACTION against Capital One.