My interst rate started at 9.9% on this account. 2 months ago I paid my Bill. It was approaching it's modest limit and I paid more than the minimum and stopped using the card. The next month my interest was raised 3 pts. And I was over limit again. They charged a $39 over limit fee. This fee equates to 30% interest rate per yr based on my limit.
Again I paid over my minimum to get it below the limit. Again they raised my interest to 15.9% and the finance charge took it over the limit, so they charged another over limit fee.
If this is not a scam i don't know what is.
I called them to discuss this activity and they said they were within their rights and I could cancel my card. I asked to have my card canceled.
This time i pulled out my calculator. If i pay $20 over the requested $105 min. I will $2 below the limit factoring in interest at the current interest rate. I am curious to see what they raise my interest rate to in order to charge me again!
I hope that these rip offs will be addressed by CONGRESSIONAL REGULATION OF THE CREDIT CARD / BANK INDUSTRY. RATES AND FEES HAVE RUN AMUCK.
I would advise caution to anyone thinking that capital one is the consumer friendly card as advertised on tv.
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