I called Capital One in response to our 4.99% APR (listed as 'For Life' when we signed up 3 years ago) being raised to 12.9%. We were told (after transferring twice) that they had sent out letters in the beginning of September giving the option to Opt In to keep our low APR. BULL! I go through every piece of junk mail from the credit card companies. We usually don't keep a balance, but the last few months we have, and I surely would've Opted In had I received such a letter.

Needless to say their Account Specialist said there was nothing that could be done. She did suggest that six months we call them and request a review of our APR. All this despite the fact that we've never been late on a payment and our credit rating is great.

We're paying off the balance, redeeming whatever points we have, then cancelling that Capital One card.

No hassle huh? No honor either!

PLEASE NOTE: Prior to this greedy act on their part, we also had NO issues with Capital One... no telemarketers, and customer service was curtious and prompt. Now they're just like all the others.