After more than 10 years of holding a substantial balance on my cc, and making all but one payment on-time, Capital One has raised the interest rate on the cash advance portion of that balance. Many consumers in America have experienced this but that doesn't make it ok. Basically, my rate on the cash advance balance is now 24.99% and the way they apply the payments creates a situation where the cash advance balance is actually increasing, and then I get charged 25% interest on that money too! How is this legal? Don't loan sharks charge 25%?! Now, I admit that I am the one who charged up the card, I spent that money. But, I can't make any kind of headway in paying it down since there is such a large rate of interest. And when I called them (3 times and spoke to 7 different people) they told me that since my account was in good standing there was nothing they could do for me. If I didn't pay the bill for 3 or 4 months, they could transfer me to the "hardship department", but since I continue to pay my bills, and they are making pretty good money off of me, there was no way for them to help me. It should be illegal.
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