Can't Believe What Capital One Is Doing!!

I just got a notice regarding my Capital One Card advising that they are increasing my interest rate from 12.90% to 19.9%!! When I called, I was told that ALL card holders are being increased to this rate. Is this true. I have never been late and always pay more than the minimum and usually pay the card off at least once a year! Maybe that's the problem...they're not making enough money off me.

Not all have been ratejacked. If your APR is variable, it happens. If you review your T&C (for Cap 1 and all issuers) it clearly stated "we can change the terms at any time for any reason".

If you PIF, the APR is totally irrelevant.

HI..the best thing to do then is to pay 5 dollars more then you required amount and avoid the interest.

Quote:

Originally Posted by littlefranciscan

HI..the best thing to do then is to pay 5 dollars more then you required amount and avoid the interest.

Why? If you PIF you PIF. There is no interest. No need to overpay.

I hate capital one, they often try to pull underhanded things to make more money off their customers. I have been hit with all kinds of small fees for virtually nothing.

I have seen the same problem--would you tell me some of the stuff you are referring to? I have a story I'm doing for a publication and I'd like to have some real-life comments about credit card fees.

Thanks!

I have been hearing many stories of the CapitalOne rate hikes. One way to resolve this is to close you card out with them. Chase has much better offers and many intro rates at 0% apr.






Steve

Chase is bad don't go that rout! I went over my limit once and they hiked my rate to around 30%! i have great credit and always pay on time. I did the same thing with my USBank credit card and they just raised my limit. Guess I got spoiled. But a thing was on our local news here in WA about how a lot of people are angry with chase for hiding so many penalties in fine print. You mess up once anywhere with chase and you are done for.

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!

The change in terms notice came with the August statement and you had until September 11 to call the special Opt-Out number (it always answered when I had to transfer customers to it), otherwise the changes took effect September 16.

If you called afterward and threatened to close your acct, the system then advises the agent whether you're worth keeping (in which case we transfer you to Retention) or if you're not (in which case you'll get the answer you got). Obviously you were not retainable....