I decided to opt out of doing business with them in accordance with the notice they sent me but there was one term I wanted clarified. The opt out option description states that I will “be able to pay down your remaining balance at your existing terms” I found it fishy that the word terms was used instead of interest rate so I called for an explanation. The customer service rep just kept repeating the phrase they sent me on the notice despite my asking repeatedly if ‘terms’ meant interest rate. When I asked to speak to a supervisor I was left on hold for 15 minutes then disconnected. A second call resulted in the same responses with the hold and hangup after a second 15 minutes.

I expect that Capitol One will be jacking my rate up to 30% any day now forcing me to take the money from a fund I had built up in case I get laid off.

So you’re wrong they still suck.

Some things I’ve learned about CapitalOne’s fraud protection “guarantee” while trying to clear up fraudulent charges on my account:

1) When you file a fraud charge CapOne will immediately cancel your account and issue you new cards (makes sense). However, if any charges are sent through on the OLD account, they will honor them if they are from a vendor you’ve used in the past. That means, if the thief re-orders 800 pounds of cellulose cream from the same company she used the first time, even using your old, stolen card, CapOne will accept those charges, then make you file another fraud claim.

2) CapOne makes no efforts to block or otherwise shut off future charges from companies that are proven to be fraudulent. CapOne instructed me to call the company submitting fraudulent charges, give them not only my old, canceled account number but also my new, active card number, and ask them (nicely) to stop charging anything on this card. When I asked the agent if she thought that was good plan, she said “not really, but we don’t contact merchants on a customer’s behalf.”

3) CapOne will close a fraud investigation and send you a letter saying everything is OK, then months later reapply fraudulent charges and hold you responsible for them, even if the account is completely closed. Closed accounts, of course, have no internet access to statements or details, so there is no way to see what the charges are or even to pay them (if that’s your choice). Interest will accrue, however, until the account is cleared.

And my favorite…

4) CapOne customer service and the fraud dept will not help you once a fraud investigator has been assigned to a case. All communication must go through that person. And CapOne will not tell you who that person is so that you can proactively communicate.

The FBI estimates that one in four Americans will be the victim of identity theft each year, and that over 85% of those will involve credit card fraud. CapOne is NOT the company you want to be dealing with during that time in your life. If you don’t have an account with them, don’t get one. If you have one, close it and go with another bank.

I too have had a capitalone card for over 4 years. I have NEVER missed a payment, nor have I ever been overdrawn. Well, just like many others here, they’ve left me a $500 credit line for 4 years and refused to increase it when I requested! Obviously, it showed how crappy capitalone is and that they are NOT concerned with building ANY relationships at all.

Before I finish I want to mention my Beacon/FICO score is also 700+ like some others. So this isn’t like i’m some deadbeat so that isn’t any excuse for capitalone either.

Anyway, the cream of the crop is this, I too was told to apply for a different capitalone card and i’d probably get a higher credit line. So I did so, I ended up with a LOWER CREDIT line and called to cancel that OLD account (since the interest rate was higher) and simply match my old PERFECT STANDINJG ACCOUNT a Measly couple hundred dollars, just to show good faith for my perfect history and as long as i’ve been with them.

And after all, it’s still a capitalone account so the relationship is with the same bank so who cares, I closed the other account out ANYWAY! Well get this, I call and speak to a Supervisor who sounds as slow and “LD” as the other reps. He proceeds to speak like a robot and tells me capitalone reviews accounts periodcally…BLAH BLAH BLAH…I said shut your piehole you LD SOB. I’m thru with Capitalone…..cancel my new account and I’ll never do business with you again.
They did me a favor…..reading all these posts did me a FAVOR…I have a citibank card with 10 times the creditline, an extremely low interest rate, and SUPERIOR CUSTOMER SERVICE…citibank really puts capitalone to SHAME…..man Capitalone really does suck.

They lost a guy who had been with them for years, who NEVER had an OD fee or a late fee, who made their payments on time and who used their card all the time….not anymore and NEVER AGAIN…capitalone totally, totally SUCKS.

I’ve just canceled my card. The reasons, in order of importance are:

1. Customer Service (or lack thereoff), rude, lack of cummunication with me and with

other agents, transfer from one to the other w/o passing on or recording any information

about the call, etc.

2. Utter chaos in security verification system and approval of charges from online

purchasing.

I had a card from CapitalOne which was fairly new, hardly used, but for some reason the

last digit of my security code was partially wiped off the card. I attempted to make an

online purchase, and gave the wrong security code thinking I knew the number, which

turned out to be wrong. The website replied that the charges were declined. I looked at

the order and noticed an error in my billing address. Thinking this was the issue, I

corrected it and tried again–same reply. I then thought maybe it was a browser issue

(this was probably the stupid point on my part–don’t try 3 times…) so I tried again

from Explorer with the same result.

I quickly called CapitalOne assuming there was a problem with my card. They assured me

that all three charges were approved! They canceled one of the three, but then said “I’m

not sure I should have canceled the charge” and told me I need to contact the merchant,

but if there is any funny business I should call the fraud department. Note that this

whole time I had no idea I was using the wrong number because when I told the agent that

I wasn’t sure about he security code she assured me that it was correct because the

charges were approved.

The next morning I called the merchant, who assured me that there was no order because

the card was declined 3 times. I called back C1 and was assured that was not the case. I

got both the merchant and the fraud department on the phone together, the merchant

insisted that the card was declined 3 times, C1 insisted that on their end it was

approved, and that it must be a glitch with the merchants bank. The merchant assured me

there was no order, and that if I wanted to make the purchase I should call back and try

it on the phone. After the merchant hung up, the conversation with the fraud department

made me think that maybe the merchant was fishy. C1 assured me there would be no charges

(they deleted the charges). Of course that later turned out also not to be the case.

The next week I figured I would try again with a different purchase, different website,

same story. I called the merchant, was assured it was declined, and they told me that it

was the code again. I called C1 and said there was a problem with the code, told them the

code and they told me it was incorrect. Now I knew. However, they assured me that all the

charges were still there (previous ones as well) even though I know there were no order,

and they couldn’t cancel the charges.

This went on and on, hours on the phone, being transfered from one to another, being hung

up on, given ‘technical’ explainations etc, but nobody actually trying to help resolve my

issues — they just wanted to ask me endless ’security’ questions, ask me repeatedly to

‘verify’ the charges which I continued to tell them were all in error, over and over and

over. I spent hours on the phone.

I found myself wondering how this works. Let’s say someone got my credit card number from

a purchase w/o the security code — evidently the charges would be accepted? Sound secure

to you? And the flip side — I’m getting charged for things I can’t get because the

merchant is told it’s declined.

blah blah blah. Find yourself a card that can actually talk sense, keep track of the

issues, take notes, talk to each other, and keep your card actually secure. CapitalOne is

not that card. Incompetence and chaos is the driver there.

–H

Maybe I am a skeptic, but I truly believe that IF Capital One is changing this policy, they have another one up their sleeve that is just as insidious.

We as consumers have a choice. Why would we CHOOSE to remain loyal to a company that has intentionally tried to screw us over?

Think about it…

[sarcasm]It shouldn’t be difficult for most people to charge up to the limit.[/sarcasm]

I still like to use cash at times since it’s better to haggle with