Reduction in fees to reflect current rates
Posted Tue May 15, 2012 11:53 am, by Nicholas C. written to Capital One Financial
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First let me say I appreciate Capital One giving me a chance to rebuild my credit over the past few years. When I was rebuilding I understood the reason for an annual fee. I also understood the low limits.
Currently I have one card with Capital One (ending in 5859) and previously had an auto loan, which I was never late paying. The Platinum card I have currently has an annual fee.
Over the past few years I have opened new lines of credit with higher limits, lower interest rates and no annual fees. I have asked in the past if I could have the fee waived or a product change to a card with no fee and both answers were no. I was told I would need to apply for a new card, which I find absurd being a loyal customer for some time now. This situation in itself has me leaning towards ending my relationship with your company.
Speaking with a customer service rep via live chat, I conveyed my concern with the annual fee on my card being $39, when the currently advertised rate for a platinum card is $0 for the first year and $19 each year thereafter.
In lieu of me applying for a new card and that process showing up on my credit report, I see the easiest solution being to lower or remove the annual membership fee altogether.
As a recently deployed military Reserve member, I have already received the "run-around" in trying to activate my SCRA benefits through Capital One. Surely a AMF rate reduction of at least $20 per year to reflect the current offerings (per capitalone.com) isn't too much to ask to keep a long-standing customer satisfied with the brand.
Thank you for your time.