I'd like to share with you the letter I just sent to Capital One after receiving their Incredibly Important Notice about how they plan to rape me:
March 8, 2009
Capital One Bank (USA), N.A.
P. O. Box 30285
Salt Lake City, UT 84130-0285
To Whom It May Concern:
Yesterday I received your Notification of Change in Terms increasing my Annual Percentage Rage from 9.99% to 29.4%.
Are you people out of your minds? I can get a better rate from a loan shark.
Perhaps if you weren’t opening branches of your alleged ‘bank’ all over the place you wouldn’t need to raise the APR.
I have been one of your cardholders for many years, but I have opted out of these changes and will no longer be using your card. In fact, it was with great pleasure that I just ran it through the shredder.
I sincerely hope that your other customers opt out as well. Lenders such as you need to learn that the American public will not lie down like doormats and accept outrageous terms such as these.
Sincerely,
2 comments:
I have to wonder who came up with that figure, 29.4. Why "point four". I can't help but picture hours in the board room trying to figure out how to make this raise in rates more palatable. Some guy says,"I got it, we'll make it 29 "POINT" 4! And everybody just says, "yeah, point four".
I work in Capital One's customer service group, and I just wanted to explain the change you’re referencing in your post.
The 29.4% APR that was referenced in your letter is Capital One’s penalty default rate, which is the rate your APR goes to if you pay late two times in a 12-month period.
If you do pay late twice and your rate increases to 29.4%, you will automatically go back to your old rate if you make 12 payments in a row on time. There may or may not be another rate referenced in your letter that defines the actual purchase rate increase.
I am sorry for the confusion and hope this helps further explain the issue.
Please feel free to contact me at executivecustomerservice@capitalone.com if you’d like to discuss your account and/or any terms that may be changing.
Kathy
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