Interest rate offer "bait and switch"?
- From: "S. A" <zoggardnospam@xxxxxxxxxxx>
- Date: Wed, 22 Aug 2007 01:42:07 GMT
"Capital One" offered me by snail mail in December of '06 a
transfer credit rate of 3.9% fixed for the life of the loan which drops to
2.9% fixed in Oct '07. I took advantage and transferred 5k to the account
which was at a zero balance. When the 1st statement came it showed no
activity so I called and asked about the offer and what was going on, they
said it hadn't gone through yet and would resend it etc... I was told I
would get the 3.9% rate etc. When the next statement came the 5k transfer
showed 9.9% interest being charged, I called and tried to correct it and was
told it would take 1 or 2 billing cycles to correct etc. By the April March
statement it showed that the account was reset/started at 5k and {zero} 0%
interest was showing on the statement etc. I called again and many times
after trying to get things straightened out and being told that they were
fixing it wait for a billing cycle etc. Finally I was told the account is at
0% until March of '08 and that is all they can do. I asked if there was any
other way or thing I could do? and was told no. More or less I'm screwed is
what I said, they gave no answer.
This is where I am at now.
I know the back of the statement says any disputes need to be in writing,
which I didn't do because I was told give it one or two billing cycles,
assuming it was being fixed or corrected. Also they changed the account and
reset it from 9% to 0% until '08 in a particular month, more or less
admitting they made a mistake trying to correct it... so I assumed they
would get it right eventually... And when they changed the account they
started all over at 5k minus the charges etc but it didn't add up or balance
out right with the payments I made previously, waiting for them to correct
things.
what could I do? if any thing? I would rather pay the 3.9 & 2.9 over the
life of the loan rather then have zero percent for 1 year, knowing I will
not be able to pay it off in one years time... thus paying more interest in
the long run. All transactions were done by phone and I was never notified I
couldn't get the initial offer rate of 3.9% & 2.9% and that they would
automatically make it a 0% interest rate for 1 year.
I "do" have the original low rate offer that was sent to me in the mail to
prove they offered me that low rate etc. Below is a copy of the dates, time
and notes I kept when calling about the account.
Any guidance/help would be appreciated.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Capital One Credit Card Offer
(Original offer and information concerning offer)
1. Original offer came to me in regular mail sometime in Nov '06? The offer
was by gift check or phone; to transfer any amount of money with no
transaction fees, up to my credit limit for a low 3.99% APR fixed that drops
to 2.99% fixed APR after October 2007. I was to take advantage of the offer
by Dec 23, '06 if I wanted the low transfer rate.
2. On 12-22-06 I had called and transferred $5,000 from my other credit
account to take advantage of the 3.99% fixed rate that was to drop to 2.99%
in October of '07. I was confirmed that I would get the offer stated and the
transaction was completed by phone.
3. When I received my Dec - Jan statement it showed my available credit of
$5,200 still opened and that the transfer hadn't been through yet, so I
called to find out what was going on. On Jan 4, '07 I called and talked to a
person named "Louis" and was informed that he seen that the original was
never sent or completed etc. but he had the transfer information {original
offer and transfer ID - NVQxxx} that had taken place on his computer and
would resend/redid the transfer. I asked and made sure twice that the same
offer applied and was told "yes" the original offer was what I was going to
get and to give it one or two billing cycles for it to take effect. At the
end of talking I asked his name and case number for this contact which was
"Louis" and info ID - VXBxxx.
4. Jan - Feb '07 statement came in, showed the transfer was completed with
no finance charges and included acct balance premium to the total with
$100.00 payment due.(payment made)
5. Feb - March '07 statement came in and showed a finance charge of $37.56
along with the regular acct balance premium. The statement showed I was
being charged 9.9% interest. So I called in again to question the interest
and transferred money on the account. on March 12th I talked to "Faye" she
told me they were checking into the account to correct the problem, sending
in for an approval of reinstate and that it would take one to two billing
cycles for it to take effect and that all information and contacts were
noted in the files on their computer code or ID - XYZxxx.
6. March - April '07 statement came in showing a balance of $4,882.42 with
corrections and adjustments of a -$37.56 finance adjustment, balance
transfer adjustment $5,000. It shows a balance rate applied to - of $55.16 @
a corresponding APR of 9.9% and a .50 cent finance charge. A payment made
of -$100.00 with a new balance of 4,882.42.
{ I'm just noticing, now my balance is reset starting at $5.000 minus the
$37.56 and a $100.00 payment - giving me a new balance of 4,822.42. Yet I
have made a payment of $150.00 in Feb and $100.00 in March and $100.00 in
April. That's $350.00 in payments off an original loan transfer of $5,000
should be a balance of $4,650 not including balance premiums that are
credit protection plan charges.}
7. April - May '07 statement shows, $23.09 acct balance premium and .50 cent
finance charge. Doesn't show any finance charges other then the .50 cents
for the acct balance premium. I am supposed to be paying a 3.99 % interest
charge which drops to 2.99 in Oct of '07 and the statement shows nothing of
the sort. Again I call in to inquire about the account, April 30th 10:30am I
talk to "Yolanda" spoke with her and was connected to an account specialist
"Elizabeth" I again explained and informed her of the situation which she
seen and noted on the computer concerning my account. I was told it would be
corrected and show within the next 1 to 2 billing cycles. The ID for this
information noted is ISUxxx.
8. July 10th 3:55pm. Talked to "Cristina" (a transfer specialist) explained
the complete situation, giving reference numbers etc. She sent e-mail out to
correct the problem (which was the previous e-mails didn't specify the
transfer details and interest rates @3.99 % and drop etc. so they just did
transfer at 0% for 1 yr.) and for me to call back in 10 days should be time
enough for reply to sent e-mail to correct the problem. Info ID: IAP-xxx. I
was told to call costumer relations and ask for a account manager and check
to the status of the e-mail and progress.
9. Called August 20, 2007 @12:59 pm spoke to acct manager -> Shawn;
explained the situation and asked that he check the e-mail to find out on
further information in re: to the problem. I was told that the transfer was
0% until March of '08 and that was all they could do. HE said no lower
transfer was done or allowed. I stated so now I can't get the initial
transfer rate I tried to get and more or less I'm screwed? there was nothing
I could do, end of story.
.
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