Consumer complaint received 2020-07-28
Company: CAPITAL ONE FINANCIAL CORPORATION
State: VA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-issue: Unexpected increase in interest rate

Complaint:
For the last 6 years, I have been trying to address two Capital One credit card accounts with the financial institution. One account ( ending in XXXX ), Capital One continues to charge two separate interest rates one for general purchases and one for cash advances. More than 6 years later, Capital One is still charging me for a cash advance that occurred in XXXX. Yet when I look at my previous statements, there was no cash advanced shown on the statement. In fact, XX/XX/XXXX, I received a letter from XXXX XXXX, XXXX, phone number XXXX, ext. XXXX sent me correspondence showing dates and amounts of cash advances beginning in XX/XX/XXXX through XX/XX/XXXX. In addition to her letter, Ms. XXXX sent a stack a papers - which consisted of previous statements, which was a clear indication, Capital One is hiding something, " theft! '' when I try to reach out to discuss this matter - I just receive a blanket voicemail message with no name. However, when I go back to look at those statements, there are no cash advances whatsoever on at least 5 entries. A copy of this letter was supposedly sent to CFPB as well. 

I just made a large payment on this account in XXXX XXXX and Capital One is still charge two separate interest rates, which I view as interest rate gauging and illegal charges. I am aware of the most recent lawsuit in which a class action lawsuit accuses Capital One of forcing their customers to pay unfair credit card interest on transactions that have been paid off. For instance, if a consumer makes a {$100.00} purchase and pays {$99.00} of it by the next billing due date, one would expect that this remaining balance would be subject to interest. This is what has happened to me repeatedly. Capital One customers who pay off purchases, in full, in a given month are often shocked to find that they are still charged interest on their next months. Capital One for more than 6 years has been charging me interest rates per month ranging from $ XXXX {$100.00}. If I make a general purchase, then the interest rate for the cash advance increase as well - even though no cash advance was made. 

I am also experiencing this same issue on my account ending XXXX. I addressed this issue as well, but Capital One never responded to the erroneous charges where interest rates where nearly {$85.00} per month. 

When I asked the customer service representative for a lower interest rate on both credit card accounts, I was denied or told I have the lowest possible APR available. I am certain this was done out of malicious wounding as a lower rate would result in less profits for Capital One. 

Please refer to The Capital One Credit Card Interest Class Action Lawsuit is Dress v. Capital One Bank ( USA ) NA, Case No. 4:18-cv-40064, in the U.S. District Court for the District of Massachusetts ; as these same practices have been captured in the lawsuit. 
CFPB failure to address this globally is partly responsible

Company response to consumer: Closed with explanation