Capital One and correspondence

Discussion in 'Credit Talk' started by MikeG, May 18, 2001.

  1. MikeG

    MikeG Well-Known Member

    Hello All,

    Well, I sent in a question to capital one regarding my 2 accounts. I mentioned the drop in interest rate and inquired how I am not seeing any benefits of the drop in rate. I also inquired about the $72 annual fee on one of my cards and the $36 dollar fee on the other. I ended by asking when I would be qualified for another increase.

    Our friend called and left a message that he has sent me a correspondence in reference to my questions. This was yesterday. I have not received any emails from him. I was wondering if anyone else received an actual letter from Capital One regarding their question/complaint/compliment filed via planetfeedback.

    Mike G.

    In my quesiton, I stated how impressed I was with Mr. Miller in his willingness to solve my previous issues.
  2. MikeB

    MikeB Banned

    Hmm, not me. I received phone calls on both of my correspondence. CapOne sending out letters now may not be a good sign of things to come. Keep us informed.
  3. roni

    roni Well-Known Member

    $72 annual fee??? Which product is that?
  4. MikeG

    MikeG Well-Known Member

    both cards I have were the 0% interest for six months but a $6 monthly fee. I was able to get one of the cards, the gold, down to $3 per month and am now just trying to get it removed completely from both cards.

    Yes, I found it odd that he said he would send a correspondence, but he did mention that I could just call, which what I will probably do when I get home.

    Mike G.
  5. DaveLV

    DaveLV Well-Known Member

    Before I even called in to Capital One after my planetfeedback letter I got a letter in the mail from them informing me of my new account terms.

    Basically I was very specific in the planetfeedback letter and they just did everything I asked and sent me the letter telling me so. My actually calling in was a formality.
  6. MikeG

    MikeG Well-Known Member

    OK Dave, thanks. I'll just wait for the letter before calling. Did someone mention that waiting is painful.

    Mike G.
  7. Nave

    Nave Well-Known Member

    I'm interested in what you stated in the letter and how you stated it, since you had such success. Can you post your Planetfeedback letter? I would appreciate it.

  8. Marie

    Marie Well-Known Member

    that's how Providian does it. And as long as the concerns are addressed and the accounts are improved... it's worth the wait.
  9. fingrrrl

    fingrrrl Well-Known Member

    I wrote Mr. Miller and don't him I don't like to call because it isn't very official. I requested a letter or an even e-mail as a proof of the terms offered and/or then accepted, and I haven't heard from him since. That was 3 days ago! Maybe a little short to expect something yet, but he has answered before in a matter of hours.
  10. DaveLV

    DaveLV Well-Known Member

    Nave, here's the letter:

    April 16, 2001

    Richard D Fairbank, CEO
    Capital One Financial
    2980 Fairview Park Drive
    Suite 1300
    Falls Church , VA 22042



    Dear Mr. Fairbank,

    I'm writing to alert you to a problem I've had with a credit card issued by you. My problem concerns finance charges. I hope by bringing this to your attention, the problem will be addressed. This incident has made me very annoyed.

    Here's what happened: I've been a Capital One customer for a little over a year. Today I called your customer service department to see if I could improve the terms of my account.

    The person who took my call was very nice, and said that he could increase my credit line by $250. Because I accepted the increase he said he could not unsecure my account (it's only a $49 deposit for what is now a $750 limit) nor could he offer me better financing terms until six months had passed from the date of my last line increase.

    Although I understand that my credit history is not the best I think I've been with Capital One long enough to begin establishing a positive relationship. In the same period of time, Providian Financial has raised my credit line on my account by a factor of sixteen without a security deposit, removed the requirement for an annual fee, and has given me a 16% APR.

    Here's what I want you to do: I would like Capital One to unsecure my card without requiring me to wait another six months. All you are doing is telling me that if I had called six months ago, I would have achieved this goal already. I would also like Capital One to change my account terms to be at least the same if not better than my Providian Financial accounts.

    When I choose a credit card to use for purchases on an almost daily basis, it makes no sense for me to use my Capital One card when I have other cards that provide me with better terms and service.

    I sometimes do business with you. Overall, my experiences with your company have left me somewhat happy. When I do business with you, I usually spend about $50.00.

    In the future, I probably will not do business with you. And I might recommend you to others.

    I appreciate your taking the time to listen to my complaint. I hope it can be addressed.



    I fibbed a bit about my Providian interest rate and annual fee. Capital one lowered my APR to 15.9 and refunded my deposit after this letter. One of my Providian cards renews next month, and I plan on asking them to waive the fee though. Also, Providian lowered my APR to 15.9 on Monday. So it was a white lie then but true enough now. :)
  11. DaveLV

    DaveLV Well-Known Member

    I think it would be ok if you called. No real need to wait. I think the results will be the same either way.
  12. Nave

    Nave Well-Known Member

    Thanks VegasDave!

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