• Report: #880009

Complaint Review: capital one

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  • Submitted: Wed, May 09, 2012
  • Updated: Wed, May 16, 2012

  • Reported By: Kitten3660 — citrus heights California United States of America
capital one
capitalone.com Internet, California United States of America

capital one fraud and a scam Internet, California

*Author of original report: Good idea

*General Comment: Raising the rate...

*Author of original report: yes its a scam

*Consumer Comment: Reword my last statement

*Consumer Comment: I challenge you for the third time

*Author of original report: why dont you worry about yourself

*General Comment: Questions for the FA/OP...

*Author of original report: Your not Listening

*Consumer Comment: Your option

*Consumer Comment: Competitive rates?

*Author of original report: Your wasting my time

*Author of original report: Your wasting my time

*Author of original report: Your wasting my time

*Consumer Comment: josey/charles

*Consumer Comment: No advice

*Consumer Comment: Fraud is a crime, and also a civil law violation...

*Consumer Comment: Kim

*Consumer Comment: josey/charles

*Consumer Comment: Your writing is not that of someone with financial skills

*Author of original report: From the Financial Advisor you so doubt

*Consumer Comment: Hey financial advisor

*Consumer Comment: Financial Advisor, yeah right.

*Consumer Comment: Team Rebutt at work

*Consumer Comment: You are a financial advisor?

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capital one was recommended to me, i had two credit cards with them one for 13.99 percent and one at 16.99.  i am a financial advisor and recommended this to all my clients to get a card from them.

today i find out they have raised all credit cards to 29.99 percent.  I was in shock.  shame on capital one, we will now withdraw all cards and all my clients.

they did this underhanded, i have never ever seen a credit card company do this.  I have been with them for years and never missed a payment.  this is the thanks i get.  screw capital one

whats in ur wallet, satan at its best

This report was posted on Ripoff Report on 05/09/2012 12:54 AM and is a permanent record located here: http://www.ripoffreport.com/r/capital-one/Internet-California-/capital-one-fraud-and-a-scam-Internet-California-880009. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
8Author 16Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

Good idea

AUTHOR: Kitten3660 - (United States of America)

Yes, i am in the process of having them re-send me any and all information regarding the rate changes, etc.  Once I have that in hand I will pursue this as there are many that i am sure will join in.  It will have to take a backseat until September, but then im going in with full force.  Take Care.
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#2 General Comment

Raising the rate...

AUTHOR: Striderq - (U.S.A.)

If indeed they sent a letter saying the rate would be 22.99% and they raised it to 29.99% you've got a valid complaint. However, instead of posting here you should file a lawsuit against them. Please be sure to post the court and docket/case number so you can show us once and for all that your (sic) right in your claims.
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#3 Author of original report

yes its a scam

AUTHOR: Kitten3660 - (United States of America)

Letters went out to many of my clients stating their would be rate increases, none of them matched what was raised.  To go from 13.99 to 29.99 is a scam especially when i got a letter they supposedly sent to that said it would be 22.99.  Yes that is a scam and i have the entire company and most all the clients that had them agree and have made changes accordingly.  I will not banter any longer with you.  I have answered your question.  That certainly at least in ca is a scam and illegal at best. 
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#4 Consumer Comment

Reword my last statement

AUTHOR: coast - (USA)

If your claim is valid that an interest rate increase is fraudulent and a scam, you could turn the credit card industry upside down.
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#5 Consumer Comment

I challenge you for the third time

AUTHOR: coast - (USA)

"I am not about to sit here and re-explain myself to you."

Re-explain? You evaded my question twice.

If your claim that an interest rate increase is fraudulent and a scam, you could turn the credit card industry upside down. You would be loved by millions of borrowers. Why do you refuse to answer my question?

For the third time: How is a rate increase fraudulent and a scam?
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#6 Author of original report

why dont you worry about yourself

AUTHOR: Kitten3660 - (United States of America)

I am not about to sit here and re-explain myself to you.  I have given you for too much information already.  Really, get a life and go out and do something good for people instead of making accusations and sitting in judgement of me.  Frankly, you have too much time on your hands.  Enough already.
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#7 General Comment

Questions for the FA/OP...

AUTHOR: Striderq - (U.S.A.)

Why does your story keep changing? You first stated that ALL Capitol One cards were going up. You then said that 85% of your clients were going up. And now it's 80% are going up. So which fact is correct. If you change things so much in the few posts you've placed here, it seems like you're just pulling the numbers out of thin air. Not a good thing for a FA to be known for.
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#8 Author of original report

Your not Listening

AUTHOR: Kitten3660 - (United States of America)

This is the last time i will take any time to respond to you at all.  You obviously think you know it all.  When we had signed up Capital One, there was low interest rates on a majority of the cards, mine included.  In the two years since i had them the interest rates rose up tremendously on some of our clients, which we advised to take over with another credit card company.  My rates were 3.99.  After 2008, they rose, but i chose to say with capital one, now they have gone way above and beyond.  You think you know it all.  I dont get any kind of kick back from the credit card companies at all and if you knew anything about the finance industry you would know this is immoral and illegal.  We advise based on our client needs.  I have found low interest rates on chase that i recommended seeking out what the clients needs were at the time.  It makes no sense to transfer a balance with a huge fee.  I do not need to justify myself to you by any means.  I have had 22 years in the industry with over 400 clients and have helped thousands in the mean time.  My duty is to all that are in need of financial planning on all levels.  You have an ego problem to attack me and tell me what is right.  I have never recommended something to a client that was not in there interest.  Your seriously delusional to think i had capital one funding me.  My question to you is "are you for real"?????  Tend to your clients, and get a clue.  Don't assume you know me or my intentions.  Shame on you for your unkind accusations.  I forgive you.  Now go up your meds and get a frigging life.
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#9 Consumer Comment

Your option

AUTHOR: coast - (USA)

You do have the option of discontinuing use of the card so you can pay off the balance at the previous rate because the rate increase only affects new charges.
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#10 Consumer Comment

Competitive rates?

AUTHOR: Robert - (USA)

i had two credit cards with them one for 13.99 percent and one at 16.99.

You think either of these are competitive rates?  And you claim to be a financial adviser?  Good lord!  I can't recall either of these rates as being competitive since before 1995!  What era are you talking about?  Back in the late 70s when interest rates went through roof (at one point T-bills were paying over 10%!)

I've had the same VISA account since I returned to the U.S. in 1994.  Over the years, the card has been replaced for security issues and once due to attempted identity theft from some scum in NY City, but the interest rate on this account HAS NEVER gone above 12%-and that was short lived-I immediately called FIA (BoA) and informed them I would close the account if the rate wasn't returned to the previous level.  They immediately complied.

As a consumer, I would be hesitant to seek financial advise from someone who is paying such high interest rates on  revolving credit cards.  You either have credit issues yourself or you're getting a kick-back (or finder's fee) from the credit card companies you sign your "clients" up with.
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#11 Author of original report

Your wasting my time

AUTHOR: Kitten3660 - (United States of America)

I did recommend the cards with the lowest interest rates which at that time was very competitive.  So Capital one was recommended not only by myself but by a good portion of our company as we all keep abreast of the rates.  We also use CLS as a money manager which has gained more than lost for most all of our clients.  The rates after fees are amazing.  I have had clients for over 20 years that are very happy with my services.  Most of them do not need to worry about credit card balances and transfers but the newcomers that are starting out do and did.  Capital one did this across the board to 80 percent of our clients.  I myself was given the option to opt out and was told that there would be an increase to 22.9 percent but it went to 29.99.  Never missed a payment or late.  They are not paid off, but we have notified and had contact with all those we recommended to capital one.  In the end Capital one lost thousands as they are certainly no longer competitive in the market.  No one is forced to do anything.  We represent the facts, they make the choice.  I would not want to be your financial advisor, you sound like you think you know it all.  You don't.  I care about my clients, not corporations.  This is a scam at its best.  You don't know anything about me or my clients, so best you do what you do best and leave the rest of it up to me. 
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#12 Author of original report

Your wasting my time

AUTHOR: Kitten3660 - (United States of America)

I did recommend the cards with the lowest interest rates which at that time was very competitive.  So Capital one was recommended not only by myself but by a good portion of our company as we all keep abreast of the rates.  We also use CLS as a money manager which has gained more than lost for most all of our clients.  The rates after fees are amazing.  I have had clients for over 20 years that are very happy with my services.  Most of them do not need to worry about credit card balances and transfers but the newcomers that are starting out do and did.  Capital one did this across the board to 80 percent of our clients.  I myself was given the option to opt out and was told that there would be an increase to 22.9 percent but it went to 29.99.  Never missed a payment or late.  They are not paid off, but we have notified and had contact with all those we recommended to capital one.  In the end Capital one lost thousands as they are certainly no longer competitive in the market.  No one is forced to do anything.  We represent the facts, they make the choice.  I would not want to be your financial advisor, you sound like you think you know it all.  You don't.  I care about my clients, not corporations.  This is a scam at its best.  You don't know anything about me or my clients, so best you do what you do best and leave the rest of it up to me. 
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#13 Author of original report

Your wasting my time

AUTHOR: Kitten3660 - (United States of America)

I did recommend the cards with the lowest interest rates which at that time was very competitive.  So Capital one was recommended not only by myself but by a good portion of our company as we all keep abreast of the rates.  We also use CLS as a money manager which has gained more than lost for most all of our clients.  The rates after fees are amazing.  I have had clients for over 20 years that are very happy with my services.  Most of them do not need to worry about credit card balances and transfers but the newcomers that are starting out do and did.  Capital one did this across the board to 80 percent of our clients.  I myself was given the option to opt out and was told that there would be an increase to 22.9 percent but it went to 29.99.  Never missed a payment or late.  They are not paid off, but we have notified and had contact with all those we recommended to capital one.  In the end Capital one lost thousands as they are certainly no longer competitive in the market.  No one is forced to do anything.  We represent the facts, they make the choice.  I would not want to be your financial advisor, you sound like you think you know it all.  You don't.  I care about my clients, not corporations.  This is a scam at its best.  You don't know anything about me or my clients, so best you do what you do best and leave the rest of it up to me. 
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#14 Consumer Comment

josey/charles

AUTHOR: KIM - (U.S.A.)

"Not a member of Team Rebutt, just a bystander"

Me to

I don't pretend to know it all. 

Or anything

I just watch how Team Rebutt must give their useless advice. 

At lesast they have something to add, just because you do not understand it does not make it wrong

As compared to your useless posts





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#15 Consumer Comment

No advice

AUTHOR: The Outlaw Josey Wales - (United States of America)

 I don't pretend to know it all. Not a member of Team Rebutt, just a bystander. I just watch how Team Rebutt must give their useless advice. They are so funny, HAHAHA, yep i'm picking a fight!
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#16 Consumer Comment

Fraud is a crime, and also a civil law violation...

AUTHOR: Ken - (USA)

What action was taken when you reported this dastardly crime? I won't even go into "scam" since fraud is serious enough.

Please do let us know how this crime was committed and as noted above the actions you've taken to stop them from perpetrating this crime further.



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#17 Consumer Comment

Kim

AUTHOR: Stacey - (U.S.A.)

You rock!
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#18 Consumer Comment

josey/charles

AUTHOR: KIM - (U.S.A.)

So what is your advice for the op?
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#19 Consumer Comment

Your writing is not that of someone with financial skills

AUTHOR: coast - (USA)

"So hope that answers your questions."

You didn't answer my question, so I'll repeat it:

"capital one fraud and a scam"

How is a rate increase fraudulent and a scam?
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#20 Author of original report

From the Financial Advisor you so doubt

AUTHOR: Kitten3660 - (United States of America)

We are a full service team that offers IRA's, TSA's to teachers and we also go through and try to consolidate bills.  That means transferring credit debt to a lower card.  After 2008 rates went up on almost all credit cards, mine included.  Now that capital one has done this to 85 percent of our clients we have had most of them cancel them or transfer balances to a lower apr rate on another card.  I have sent out letters to all my clients.  This is not the norm to do this at all and its  not just me.  Capital One will no longer get our business.  While many of our clients are starting out with financial planning, we also have our millionaire clients that have withdrawn also.  Some of these people i have known for over 20 years.  So hope that answers your questions.  You seem to have alot of cynical anger in you.  Good luck and get some yoga, it will help.
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#21 Consumer Comment

Hey financial advisor

AUTHOR: coast - (USA)

"capital one fraud and a scam"

How is a rate increase fraudulent and a scam? It's called greed.
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#22 Consumer Comment

Financial Advisor, yeah right.

AUTHOR: Flynrider - (USA)

"   i am a financial advisor... "

  After reading this post, I really feel sorry for anyone that gets financial advice from you.

"   i am a financial advisor and recommended this to all my clients to get a card from them. "

  That would be really stupid advice.  Why wouldn't you advise your clients to get a card with the lowest interest rate? 

 today i find out they have raised all credit cards to 29.99 percent. "

  You couldn't even get that right.   What really happened is that you triggered the 29.99% default rate specified in your card agreement (which all financial advisors should read).  Since you have two cards with them, your action triggered the rate on both of YOUR cards.  Everyone else's interest rate goes on as before. 

   Care to tell us what financial blunder you made to trigger the default rate?   I'm sure your clients would be very interested.
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#23 Consumer Comment

Team Rebutt at work

AUTHOR: The Outlaw Josey Wales - (United States of America)

 Wonder how Team Rebutt has all the world problems solved. I always get a good laugh at their advice. HA HA HA
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#24 Consumer Comment

You are a financial advisor?

AUTHOR: Robert - (U.S.A.)

Going beyond your great writing skills, your other comments makes it very hard to believe that you are a Financial Adviser.

i am a financial advisor and recommended this to all my clients to get a card from them.
-As a Financial Adviser why in the world are you recommending people to get a High Interest Credit Card.  By the way why do(did?) you have these cards, 13.99% and 16.99% are no where near the best rates people with very good credit can get.

i have never ever seen a credit card company do this

- You are really saying that you never saw a Credit Card company raise it's rates?

Can you post where you found that they are raising ALL rates to 29.99%.  Perhaps it is just yours, or perhaps you are correct and many people would be very interested in this information.

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