Comments on: Capital One Violates Bailout Terms – Screws Customers from whom they took Taxpayer Bailout Money

By: Credit Card Reform is Coming by Macsmind

Credit Card Reform is Coming by Macsmind — Thu, 05 Nov 2009 04:47:27 +0000

[...] you know I’ve written about this a few times more recently with Capital One who received more than 300 billion in bailout money and then jacked interest rates on nearly 70 [...]

By: amdew1

amdew1 — Mon, 13 Apr 2009 05:00:20 +0000

miles if I didn’t use them by May 17th. I’m considering dropping the card, but I’m hearing that all the credit card issuers are starting to play the same kind of games. If this is the way that Capital One treats their good customers, it’s pretty despicable. Interesting irony: while I was reading the article about Capital One taking our bailout money, and then turning around, and screwing us, their customers, what pops up on the tv a few minutes ago? A freaking Capital One ad! AAAARRRGHH!!!

By: amdew1

amdew1 — Mon, 13 Apr 2009 04:53:45 +0000

I too recently received a notice from Capital One letting me know that my flat 9.9% credit card was being adjusted to 17.9% as of May 17th. I have a stellar payment history, and my credit report as of Nov. 4, 2008 gives me an 805 Clue score out of 830..in other words, I pay my bills on-time. I called Capital One, and got nowhere with the customer service rep, so I asked for a supervisor, who would not yield..she informed me I could opt out, and lose almost 70,000

By: doctordef

doctordef — Sun, 01 Mar 2009 20:52:44 +0000

I am so glad I found this blog. This business is so bugging me. I did not know the exact details but now that I do, I am even more furious. I knew Capital One had received bail out money but I did not know the exact figure was 3.56 billion. And now, I, like the rest of you got this letter that says they are raising my rates and if I do not like it I can pay them off. I love the teaching of Jesus and in Matthew 18:21-35 he talks about a person who is forgiven millions of dollars of debt then, that person goes out finds a man who owes him 100 dollars and throws the man into jail until he can pay. Jesus says, the Leader of the land will take that rich man who was forgiven millions and throw him into jail. I believe that the executive officers of Capital One should be thrown into jail until they pay back the 3.56 billion dollars.

How do we as a community of people affected by this do something more concrete than just write these notes?

By: bgreen

bgreen — Sat, 28 Feb 2009 03:05:34 +0000

I received this notice in the mail a few days ago, also. My husband was complaining about it to a co-worker, and the co-worker told him it will destroy our credit to opt out and pay back the debt at the rate we have now (as opposed to almost 18% interest come May 17th). I called a consumer credit counselor and asked, and the counselor told me that, yes, this will impact my credit score because anytime you close a credit account that is not paid off because you cannot meet their terms it has a negative impact on your credit.

Even more appalling: “Even where banks slashed pay, some executives still reaped a payday of seven – or even eight – figures. Richard D. Fairbank, the chairman of Capital One Financial Corp. (COF), which received $3.56 billion in bailout money back on Nov. 14, took a $1 million hit in compensation after his company had a disappointing year, but still got $17 million in stock options.” (http://www.moneymorning.com/2008/12/23/executive-compensation-at-banks/)

So while we all suffer, he gets $17 million in stock options. And his pay was large enough for him to take a $1 million “hit” in compensation. I’m sure he is by no means suffering during this crisis. If the company is hurting so badly that they have to screw all their customers over while violating the terms of their wealthfare, why is he being rewarded? I realize his rewards are not as enormous as some of the other CEOs who have been bailed out, this is still absurd. This “let them eat cake” attitude has got to stop, especially since our tax dollars allow these corporations to exist. Unfortunately I see no end in sight.

By: diga_me

diga_me — Wed, 25 Feb 2009 21:23:24 +0000

Unconscionable! I, too, received the identical notice in today’s post: Did they not listen to the Presidential address last evening? You can bet your bottom dollar (which may be the only one left, eh?) that my Congressman and the President’s office will be hearing from me!
Impeccable record with this MC account – no late payments, no over-limit purchases, no “minimum” payments…
I’m supposed to laud their “honesty” and “open communication”, while they take my tax dollars on the one hand, and screw me on the other?
And sure I have the option to decline: Of course, that means terminating an account of long-standing… and where (might I be so bold as to inquire) might I find another financial institution willing to offer less than 9%, given this dire economic circumstance that has compelled my compassionate lender to such desperate, and otherwise unthinkable “last resort”?*
************
* “last resort” in this case refers perhaps, to the last lavish corporate retreat they’ll be able to abscond with taxpayer funding to underwrite: After last night, “The BIG “O” SAYS “NO”!
************
Shame on you, “Crap-it-all” One!

By: Chotskie

Chotskie — Wed, 25 Feb 2009 14:56:17 +0000

I also received the infamous Capital One pamphlet for two of our accounts yesterday. This prompted me to investigate which brought me here among other sites.
I find it interesting that Cap One is using the excuse of the current economic turmoil as their reason for having to do this when in fact I found this website which shows they did the exact same thing in 2006.

http://www.ripoffreport.com/reports/0/177/RipOff0177126.htm

Funny but I have no recollection of the federal reserve rate teetering on zero, or Cap One getting $3.56 billion of our tax dollars in a 2006 bailout. Maybe I missed that.

Sadly all we can do is rant, rave and vent with no recourse except to cave to their offer and opt out.

By: AmandasVeranda

AmandasVeranda — Sat, 21 Feb 2009 13:32:43 +0000

Same thing happened to me yesterday. I declined, I wish everyone would. I was dumbfounded. Greedy bastards!!

By: nouserid

nouserid — Fri, 20 Feb 2009 23:21:16 +0000

I got my notice today. It really ticks me off that they are so arrogant to do this especially during this economic mess. I am going to contact my senators. Luckily, I have no balance with Capital One and I don’t plan to ever use it again.

By: betsyh

betsyh — Wed, 18 Feb 2009 03:42:21 +0000

I am furious! The same thing happened to me. I was told by one rep that I could open a new account for zero percent interest for 2 years and consolidate the accounts. That is ludicrus and an insult. Is that their idea of making lending easier to the consumer? Raise the APR’s so high on existing accounts (in good standing) that you close it and open a new one? That is some serious ethical issues if you ask me. I hope they meet their financial ruin, becuase I will be there ringing my bells and whistles at their downfall. SHAME ON YOU CAPITAL ONE.