Migliaccio & Rathod LLP is investigating Capital One for applying the adjustable interest rates for cash advances to purchases, which have a different interest rate. Capital One customers have found that, when paying the minimum balance due on credit payments, the entire amount is placed on the purchase balance and none applied to the cash advance balance. The cash advance balance keeps building and its interest rate—approximately 26%—is applied to the balance of purchases, further increasing the total amount owed by a much larger amount than it otherwise would be if the interest for purchases were applied, not the interest for cash advances.
Is the Interest Rate on Your Outstanding Balance the Cash Advance Rate, Rather than the Purchase Rate?
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Committed to Consumer Protection
The lawyers at Migliaccio & Rathod LLP have years of experience in class action litigation against large corporations, including in cases involving unfair and deceptive trade practices. More information about our current cases and investigations is available on our blog.