Capital One bash!

So yes, I'm formally writing this blog post as a bash to Capital One. I recently paid my account balance off and the new statement online now says I owe $6.46 in interest. I called them up to find out why I'm being charged interest. And they couldn't give me the specific balance that the interest was related to. Hmm, can you say improper accounting practices? Next I inquired about my interest, and found out it was an astounding 22.9%! I requested to talk to someone about lowering the interest, or I have no desire to keep the card open. I was transferred to a supervisor and discussed my interest. The supervisor was able to lower the interest to 14.9%, but get this, for only 6 months! Then it would go back up to the original APR of 22.9%! How ludicrous is that? I then said ok, let's discuss my credit limit. I've had the card since 2007 and only one increase on the card. They ran some report to determine if I'm "eligible" and came to find out, I'm not. Went through the whole explanation that I have a platinum card from my credit union with a limit of 3 times the amount and only a 11.99% interest rate. The supervisor tried to give me a lecture of credit card usage and how to effectively use the cards. Yea, um...bla bla bla....I've been in the "credit" business for over 12 years now, "not telling me anything I don't know" is what I told him. So I ended the phone call explaining that I'm now going to think about if I want to remain a Capital One customer after the conversation. So now I'm contemplating of keeping the card and just not spending anything on it, sitting with a $0 balance for a year or so; or looking elsewhere for another card that will give me a more competitive rate and much higher limit. The cost of doing business with a large institution like Capital One is ridiculous.

So, this posting is to bash Capital One and their business practices with their consumers. I hope those looking for a credit card, really consider doing business with Capital One. Just my two cents. Just Google "Capital One complaints", and see the forums that have been posted of numerous customers that have had various problems.

Until next time, blog with you soon!