Credit Card rates doubled, NO notice...how to fight it!

[nmbud]

My Capital One interest rate doubled and I did not pick up on it until my second statement. When I called them, they said I waited to long and there is nothing they would do! I do not recall getting any notice that explained the new interest rate and my options. I did file a complaint with the Banking Commission, but to date have not heard anything. How should I fight this?

[Tons_of_Debt]

The best thing you can do is to not carry a balance.

[DI]

Pay in full is your best option.  No reason contacting Banking Commission.  Cap One haven't done anything illegal.  Cap One could have easily closed your account instead. 

[MarineVietVet]

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@nmbud wrote:
My Capital One interest rate doubled and I did not pick up on it until my second statement. When I called them, they said I waited to long and there is nothing they would do! I do not recall getting any notice that explained the new interest rate and my options. I did file a complaint with the Banking Commission, but to date have not heard anything. How should I fight this?

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Welcome to the forums.

I just gave this same advice to another new poster.

One of our long time posters, creditwherecreditisdue, has suggested many times that a person call and ask for a retention specialist to bypass the regular CSR's. It's worth a try.

Good luck to you.

[nmbud]

No kidding "Sherlock!"

Thanks for the advise....

[nmbud]

Again....no kidding "Sherlock!"

If I had $16000.00 I'd gladly pay it off....I incurred the debt at 9.9%....

I was living with that....don't recall getting any notice of the change and what opitions I might have, example closing the card to maintain the old rate...

I would have gladly done that! When I found out and called they said there was nothing they could do.....(mind you, I never missed a payment and never went over the Credit limit....the card has been very active for over 5 years!

So I simply asked for advise....I don't buy that!

That's like me pumping gas into your car and changing the price while your waiting, and you didn't notice my doing it, because you were busy on your blackberry...You wouldn't pay it without a fight....would you!!

[nmbud]

Best advise so far...Thanks

[haulingthescoreup]

Hi, nmbud, welcome to the forums! I hope you can get someone at Cap One to listen to you. It's pretty amazing how banks don't seem to need to give folks a heads-up on some pretty important stuff.

That being said, you were getting answers to questions you'd asked. I'm glad that marinevietvet was able to help you out, but the other answers were equally valid, even if they weren't what you wanted to hear. Sarcastic replies aren't going to get you terribly far, I'm afraid.

Once you have the time to read through posts here, you'll see that all the credit card companies are rate-jacking anyone they can, and there are not a lot of options on the consumer's part. It's quite possible that the best deal that you will be able to get from a specialist or another type of supe is to close the card, but keeping the original APR. Unfortunately, the banks are like sharks smelling blood --once they see a consumer with a nice big balance, they're going to see how much they can get out of you.

Good luck! I hope you can get some sort of cooperation from Crap One.