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New Member
Posts: 17
Registered: ‎09-09-2009
0

Bait and Switch NIGHTMARE!

So my husband and I both have good credit (mid 800's on FICO) and a few weeks ago I applied for a Cap. One 0% Balance Transfer card online.

 

I was approved and when I got the card it had the entire balance I wanted transferred already on it AND they had actually put it on a normal Cap One card with a 13% interest rate for balance transfers!!!.

 

I called to ask what happened and they just tell me "this is the card you were approved for"..

I know I applied for the 0% card and they gave me a different one instead.

 

The VERY frustrating thing about this is that the card that I transferred the balance FROM had a 9% interest rate!  Obviously this is a bait and switch but since I applied on line I don't know how to prove it. 

 

I have since called around to several other credit companies and had someone nice enough to explain to me that they think it is because we have so many open credit cards with 0 balances and our available credit is already too much?!

 

This confuses me because we have always been told to not close credit cards even if you no longer use them (we only have one card we use)...

 

I have since tried to go back to my old credit card and ask to transfer the balance back and they "don't have any promotional offers right now" nor will they just transfer it at the 9% rate.

 

I feel so screwed and totally lost as what to do.

We work very hard to keep good credit and have not been late on ANYTHING in over 10 years.

 

How can banks get away with things like this?

 

Any advise on what I should do now?

 

 

Established Contributor
Posts: 717
Registered: ‎03-05-2008
0

Re: Bait and Switch NIGHTMARE!

Sorry to read this happened to you. Have you tried to use one of the backdoor numbers listed here to speak to an account specialist? Maybe escalating the call will get you the promo you desire.

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Current Score: EQ:633 TU: 651
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New Member
Posts: 17
Registered: ‎09-09-2009
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Re: Bait and Switch NIGHTMARE!

Hello and thanks,

 

I am brand new to the site and have not had much time to surf around and read yet... Would you mind telling me where to find the back door numbers?

 

Also is it ok to post this problem I am having in another area here as well?

 

Thank you SO much!!!

Super Contributor
Posts: 5,744
Registered: ‎01-28-2008
0

Re: Bait and Switch NIGHTMARE!

[ Edited ]
Lesson learn:  Never do a BT until the card is in hand, and not during the application process. Sorry for what happened. :-(
Message Edited by DI on 09-09-2009 05:56 PM
Established Contributor
Posts: 717
Registered: ‎03-05-2008
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Re: Bait and Switch NIGHTMARE!


RunUndefined wrote:

Hello and thanks,

 

I am brand new to the site and have not had much time to surf around and read yet... Would you mind telling me where to find the back door numbers?

 

Also is it ok to post this problem I am having in another area here as well?

 

Thank you SO much!!!


 

Welcome to the boards ... i neglected to write that. The backdoor numbers are in a thread located at the very top of the Credit Card forum.

 

In regards to posting, you want to post in the forum that matches your specific concern. Therefore, the credit card forum is the best area for your question.


Starting Score: EQ: 633 (12/31/09) TU: 651 (12/31/09)
Current Score: EQ:633 TU: 651
Goal Score: EQ: 700 TU:700


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New Member
Posts: 17
Registered: ‎09-09-2009
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Re: Bait and Switch NIGHTMARE!

Hi DI,

 

It's a very hard lesson to learn for sure.

I find it hard to believe there is not a way out of this.

 

It's a scary situation to be in when we know we have good credit yet are experiencing issues like this.

I really don't know where to turn now. 

 

I wondered about working with a Credit Counselor but then wonder if they are really only for people with bad credit... I have read a few bad things about credit counselor companies.

 

My head is just really spinning right now.

How can having to much available credit actually hurt you?!

 

I guess it's a sign of the times that even persons with good credit are having issues.

 

I actually found out today one of our cards with a very high limit just slashed our limit in half. 

 

I think I have been making a mistake by not using cards enough?!

This kills me!

Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Bait and Switch NIGHTMARE!

Welcome to the forums!

 

It's not a bait and switch. If you read the fine print in the application terms you were presented I am sure it stated that Cap1 was considering you for all possible credit products and would approve you for the best one possible. They concluded that this CC was the best one they could offer you at this time. The way to avoid this problem in the future is to not enter the BT information as part of the application process. Only proceed with a BT once a card is issued and you know for a certain fact what the final terms are going to be!

 

BTW - Where did you obtain your scores from? FICO scores only go to 850, which is mid-800's. It is possible, but not very likely that your FICO scores are that high.

New Member
Posts: 17
Registered: ‎09-09-2009
0

Re: Bait and Switch NIGHTMARE!

Hi PurpleHaze..

 

Got ya.

 

Thanks so much to both of you.

I am bull headed, there has to be a way out of this.

 

I sure did learn a lesson for sure about how to actually DO a balance transfer.

Sad that I thought I was doing something to better or finances and actually may have hurt us.

 

 

Super Contributor
Posts: 5,744
Registered: ‎01-28-2008
0

Re: Bait and Switch NIGHTMARE!

[ Edited ]
  Since you applied for the card online you should have received an email notification approval?  There has to be some type of evidence to show which card you applied for.  Cap One doesn't have too many cards choices.
Message Edited by DI on 09-09-2009 06:07 PM
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Bait and Switch NIGHTMARE!

If you want further help you will have to lay out the details.

 

Do not go to a credit expert for help. You don't have a credit problem and they will just take your money and potentially damage your credit.

 

Try to keep your issue confined to one thread. You will get better responses that way.

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