Report: Capital One BANK VISA Card

Reported By: (Blue Ball Pennsylvania)

Capital One BANK VISA Card Rip off interest rate..29.4% or higher Salt Lake City Utah

... Default rate

1Author 2Consumer 0Employee

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Capital One BANK VISA Card

P.O.Box 30285
Salt Lake City Utah 84130-0285
U.S.A.
Phone:
Web Address:

Category: Credit & Debt Services

Submitted: Tuesday, May 19, 2009

Last posting: Wednesday, May 20, 2009

I was-(until today) a Capital One Visa card holder since 1994.

Never paid 'minimum', never late and my credit score in above 800.

Today I received a notice that if they receive 2 payment 3 days late, then the interest rate goes to 29.4%, or higher depending on prime.

I can get ripped off less by the local loan shark.

Send payments registered mail; I don't think so.

If you get a nice blue "information about your account"; make sure that you READ it.. Then transfer any Capital One balance to a reasonable Credit Card and kiss Capital One goodbye!!

Note: Contrary to what Capital One will tell you; unless you already have credit problems, canceling one credit card won't hurt you.

Former Capital One
Blue Ball, Pennsylvania
U.S.A.

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REBUTTALS & REPLIES:

1Author 2Consumer 0Employee

Consumer Suggestion

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ORRRRRRRRRRR

Dee - Florida (U.S.A.)

SUBMITTED: Tuesday, May 19, 2009 POSTED: Tuesday, May 19, 2009

just don't make your payments repeatedly late... This is NOT a rip off... most credit card companies are raising rates... and not due to any fault of the cardholder... be thankful Capital One is not raising rates, UNLESS you are late 3 times in one year... that is MORE than fair. CRedit card companies can raise rates if you are late once... or evern if you have never been late....

Consumer Comment

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Default rate

Kevin W - Coeur D'alene (U.S.A.)

SUBMITTED: Tuesday, May 19, 2009 POSTED: Wednesday, May 20, 2009

I do agree that that penalty rate of 29.4 is extremely high. However this has become an industry wide trend in the credit card business! Capital one has just gone to what has become the standard. All of the major issuers have default or penalty rates that are in the neighborhood of 30%. Some are a point or two lower some are higher (Chase just raised theirs to 31.99%) One of the good things is that Capital One's policy is that it takes two late payments in a 12 month period to trigger the penalty rate. Again a lot of issuers will put you there after just one! Never pay late and you will never see that rate!