Capital One Canada Upcoming change in General Terms and Agreement - Highly Suspect Scarborough Ontario

Although they didn't address the issue of the ridiculously high interest rates many credit card companies have charged their customers, the Canadian government must have received quite a few complaint similar to mine from other disgruntled Capital One customers. Why? Because this initial complaint filed was in regards to Capital One making a decision to remove the grace period from their credit card, which when you really think about it defeats the actual purpose of a credit card. The government agreed and decided effective immediately that all Credit card companies, financial institutions etc. must provide a 21 day grace period on their credit cards! They must also make the interest rates they charge clear and understandable to customers and must make sure that they indicate on statements how long it would actually take to pay off the credit card if the consumer only paid the minimum monthly payment. It isn't a magnificent success but in light of my original complaint it is and I will take it! Thanks Rip off report for providing a forum such as this to make sure organizations can be held accountable and consumers can be protected.

Now if only the ridiculously high interest rates of the credit cards could be lowered somehow...

Hello...

I have received news that the Minister of Finance is actually continuing the government's investigation into the Credit card industry. Apparently Jim Flaherty began an investigation back in March of this year to address the fees credit card companies were charging merchants and consumers.
As of this time, he has decided to expand that investigation to examine the actual practices of credit card companies because he says that there is little if any regulations on that industry in Canada. I haven't even sent my letter yet and it is very clear to me that Capital one's general terms and agreement conditions continue to scream "SUSPECT!!!"

Now in response to the rebuttal...
in actual fact what is being contested and it probably will be proven is not the fact that capital one decided to pull the grace period from its credit card.
What is being raised is the reason behind that decision.
The reason that the company has decided to do this, appears to be based on the status of Capital One in the US. This is where the legality issue is raised. According to reports from one of the Business network channels, it appears that the US- Capital One along with a host of other financial institutions in the states made a similar decision because of the country's economic climate as well as tumbling profits and skyrocketing losses. However, what needs to be noted here is that, this is happening in the US --- NOT CANADA.
From what I understand, Capital One in Canada is doing quite well fiscally.
Therefore, to make a decision to remove the grace period and make the claim that it is based on the "economy" for starters and even worse that Capital One is the only financial institution to do this indicates that they've made the decision based on their US counterpart. That is where the question of legality is raised.
The other issue regarding legality is the fact that Capital One made an internal decision about this, which means that they probably didn't address this with the governing body that oversees banking and financial services. Also if it was just a run of the mill change then why the convoluted message that is so confusing, you have to speak to 3 different people to find out the truth...It makes you say hmmmmmm....
So with that, I will send in my letter to the Ombudsman of Capital One and along with that because I believe I will get the run around, I will send it to the government agencies as well as the minister who probably would want to know this is going on.
So to the employee who sent the rebuttal...I am not out to get you or even to stick it to Capital One...I am simply a consumer who is tired of big business thinking that it is okay to in essence plunder the pockets of people in order to pad their own. I just want business to actually have a conscience and for its employees to know the truth. If my little note can contribute to even a drop of that happening then ---FANTABULOUS!!!
And as they would say in your neck of the woods...
THANK YOU AND HAVE A NICE DAY!

So, i work for Capital One in Canada. We have gotten more than enough calls about these change in terms. Basically, if you pay your balance off every month you will not be charged interest. So lets say right now you have a balance owing and you buy a new TV. Whats going to happen is your going to be charged interest right away, which makes sense in my books. Your using money thats not yours to buy something thats going to be yours. As for illegal? Not at all. Interest is added right away on cash advances as well as any checks you do, this just makes it all the same even if its a purchase. The grace period was a perk, nothing more. Best thing to do is suck it up, your looking at paying five extra bucks for that TV. Best of luck with whatever you investigate though, I just work there and am trying to make it clearer.