Consumer complaint received 2022-02-20
Product: Credit card or prepaid card — General-purpose credit card or charge card
Issue: Other features, terms, or problems — Other problem
Company: CAPITAL ONE FINANCIAL CORPORATION (WV)

Hello. I went online to find a 0 % interest credit card. I found one on Capital One 's website. I read the rates and disclosures to make sure there were no stipulations on the 0 % interest. It states : 0 % introductory APR for the first 15 months that your account is open. After that, your APR will be 14.99 %, 20.99 % or 24.99 %, based on your creditworthiness. This APR will vary with the market based on the

Prime Rate. I would not have applied for the card if it was not guaranteed. I was specifically looking for a card that had 0 % interest rates. After charging on the card, I noticed the charge of interest on my card.

I called customer service and was told that my interest rate is even more than the rates stated for after the 15 months. It is 26.99 %. I asked to speak to a supervisor. I explained the situation and she told me that it was in my cardmember agreement.

I would not have applied had it said that the 0 % interest rate had stipulations. I had just under 800 on my credit score when applying so I wasn't concerned on the approval. I also hadn't applied for a credit card in years so that wasn't an issue either. I admit I didn't read the agreement before charging on the card because I had read the information before applying so I never imagined it would be different. Live and learn. 

She was telling me she was on the website and where I could find the information. I was asking her to go to where I was at on the site and she said it didn't matter where I was at because she was on capital one 's site and saw the info. I explained I too was on the site and was reading word for word on their site and that the matter needs addressed. She didn't care. I asked the supervisor to speak with someone about the website or a way to send a screenshot of exactly what I was seeing and she said there was no way to contact anyone higher than phone support supervisor except by a fax number or by mail to address my concerns. This is why I am writing here.

I was a customer of Capital One for years and always paid my payments on time. I had a credit score of over 800 until capital one closed one of my accounts for non-usage which brought my score down because of the lack of credit available and having a balance on another credit card for the first time in 20 years because I have lost my job. I still have a score of over 700 and am working any contract I can find to get my debt paid off to get my score back up over 800 because I have always been diligent to have excellent credit.

Credit card companies should not be allowed to take advantage of people like this. It should be clearly stated on the application site under the rate and fee information and it is not. I am attaching the screenshot of exactly where I read everything on the website.

It is completely unfair that credit card companies have all the power to just close accounts and XXXX up people 's credit. It should be against the law to entice people to apply for a card without letting people know if they qualify for the terms stated until after they apply. And with this situation it doesn't even state that there are stipulations on the 0 % interest which is even worse.