Cap1 change of terms weirdness

[Anonymous]

I got my Cap1 card a few months ago.  $300 initial CL (Credit Steps thing), $29 AF, and 16.9 APR.  It was the only unsecured card I could get at the time.  Not a bad APR, really, for the scores I had when I got the card.

It also came with an intro 0% APR on purchases until March or April 2008.  I couldn't remember exactly when that was supposed to expire, so I called just to double check.

To my surprise, the rep informed me I was guaranteed 0% through Nov 2008, but that my APR after that would be 19.8.

Ummm, what?  I told her that rate was 3 points higher than the rate I was quoted at activation, but she didn't have any explanation for me.  I didn't want argue too much about the APR, though, because if what she was saying was true, my 0% intro period got extended by 7-8 months.

I guess I'll just call the backdoor number sometime shortly before Nov 2008 and see what can be done about the APR at that time, since it doesn't really matter until then.  Still, I'm still curious about this.  Seems like a very odd change in terms, and I wasn't even notified.

BTW, looking at their site, the longest 0% APR offer I see if someone were to app right now only goes through June 2008.  How did I end up with November?

Has anyone ever seen this or anything like it?

[Anonymous]

Cap 1 is having some "bait and switch" investigations being conducted.  

Google "Capital One Fraudulent practices" and you will see many hits on this.  They bait the customer with one rate and then a lot of times without the customer knowing they jack up (switch) the rates. 

Not very nice.  Just be careful with Cap 1 - never go over the limit and never pay past the due date shown

[Anonymous]

---

ficoSaurus wrote:

Cap 1 is having some "bait and switch" investigations being conducted.  

Google "Capital One Fraudulent practices" and you will see many hits on this.  They bait the customer with one rate and then a lot of times without the customer knowing they jack up (switch) the rates. 

Not very nice.  Just be careful with Cap 1 - never go over the limit and never pay past the due date shown

---

If they were just ratejacking me that would be one thing.  In that case I just call and complain, threaten to cancel, actually cancel since I have better cards now, etc etc.  I just think that what they did to me is downright weird.

I can't imagine a CCC sitting around saying "Hey, let's ratejack this poor sucker.  And while we're at it, let's give him an extra 8 months on his 0% intro period, too!"

[Anonymous]

Let's not fool ourselves here-

When they give these 0% offers they EXPECT people to use the card and negate the 0% offer.

They also count on people not having the balance paid off at the end of the offer.

My advice to the OP is to get the terms "IN WRITING"


"I can't imagine a CCC sitting around saying "Hey, let's ratejack this poor sucker. And while we're at it, let's give him an extra 8 months on his 0% intro period, too!"