I hope you caught the interest before late fees were applied. I don’t think Capital One used double cycle billing-the interest may have been accrued since your last statement. Either way, I really do hope you escaped late fees. Many people pay off their cards and then ignore statements with a few dollars due that turn into pass due accounts with mounting late fees.

No more double-cycle billing: Finance charges on outstanding credit card balances would be computed based on purchases made in the current cycle rather than going back to the previous billing cycle to calculate interest charges. So-called two-cycle or double-cycle billing hurts consumers who pay off their balances, because they are hit with finance charges from the previous cycle even though they have paid the bill in full.

While I can see why you rightly believe that Capital One is not an understanding company, as someone who hears from hundreds of consumers, I can confidently say that they treated her much better than a number of other large banks. With the exception of Discover Card, the major credit card companies turn a deaf ear to consumers who fall into situations like Kelli’s. That is why, despite all the hoops she and her husband jumped through, I can assert that Capital One is a good credit card company. Unfortunately, it doesn’t take much to be a good company these days, but from my perspective, Capital One is behaving better than their competitors.

Capital One is not at all an understanding company willing to work with the customer. After treating Kelli in the most disrespectful and unprofessional manner, I called back. After recording 25 minutes of run around rood and unprofessional treatment, the 3rd (invisible and non existent person… there words)did cancel my credit card and reduce the rate back down. For most people with financial difficulties, simply picking up the phone and being approved for transferring to another low interest card won’t happen. We the people as a whole have to work together for a better tomorrow. I posted a video showing the credit card companies their making the same mistake the banks are doing by turning their heads on the customer. This was done in a “positive” manner since negativity never resolves anything.

First off, I’m glad to hear you got your rate reduced-the amount of money you’ll save is a lot more valuable than a few points on your credit score that you can worry about later.

I’m also glad to see that persistance paid off for you. Most of the other credit card companies are simply ignoring the pleas of their customers, but Capital One appears to be acting very fairly. If someone only saw this page, they would think Capital One was just another unreasonable credit card company. But, as your story indicates, they are being much more reasonable then the big banks and I think they are probably one of the better companies to do business with these days.

So, if you are saddled with a balance due at Capital One and they have jacked up your interest rate (ours was going up to 17.9%), call them and be persistant. It took 3 different people but when my husband did manage to get to the right department the woman was kind and agreed within one minute to allow him to lock into the 9.9 rate.

If our credit score goes down a bit due to this, it is a small price to pay when you compare the interest rate difference.

Just thought I’d share this update.

I’m not sure if this will work, but may be worth a try. If you called on your cell, or even you home phone, there should be a record that you called them and the length of the discussion. Tell them you have this, which proves you called around the time of the letter, and threaten to sue. May be the angle that persuades them. Just be sure to get a supervisor (preferrably a US rep) on the phone.

When I called to complain, I was told they had no record of me calling. That is convenient as it is now my word against theirs.

I spoke to 2 people at Capital One, and was informed there is nothing they can do. When I asked, they said no one at the entire company can lower the rate.

I will be contacting whomever I can to dispute this. Suggestions?

Augh!