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I get a letter from Capital One stating that due to the present economic conditions they are raising my interest rate from 7.9 to 17.9!!!! I am not happy about it and apparently I am not alone. I checked with consumer affairs and all customers in good standing are getting the same increase and some are even higher. They give you the option to opt out which means you close your account and pay at the existing terms which affects your credit score. Is anyone out there a Capital One customer with the same issue and how are you going to handle it? Does anyone know how much your credit score would be lowered by opting out? Please post any info or experience you have with this. Thank you.
I have 2 Capital One accounts. One platinum and one gold, I received that notice a couple of weeks ago. They were raising the purchase rate on my platinum card, but not the gold. I paid off the card and closed the account. Since it's only a $500 dollar limit (gold account is $2500) and I'm not going to be making any major purchases soon, I figured even if it lowered my FICO score a few points it was worth it.
I might of kept it open except they not only raised my rate, but changed it from a fixed to a variable and I refuse to have any variable rate, because they never seem to go down only up.
Yes, I got one that said if I am late the interest rate goes to 28% or some crazy number. So, I paid it off to avoid interest no matter what they wanted to charge.
If you are mailing your payments in vs paying online, be careful. I think they are sitting on payments until the day after they are due to post them. I have had several people tell me they mailed payments way in advance, 10 days, and the payments posted 1 day after the due date.
I have a Capital One card I don't use anymore. Haven't gotten any notice like yours. Why don't you just simply stop using it?! There's no need to close it. If you have a balance, transfer it to another card and forget about them as I did after they annoyed me enough.
A Banker friend of mine said credit cards are doing this to brace for a hefty round of inflation they predict is around the corner...
Who knows if this is the case...
I do find it interesting the US Bankruptcy Laws changed ahead of record bankruptcy filings and now interest rates are going up at a time when people aren't looking to borrow???
Maybe those in the know, know what's coming down the line and the rest of us will be stuck with the aftermath?
I have a Capital One card I don't use anymore. Haven't gotten any notice like yours. Why don't you just simply stop using it?! There's no need to close it. If you have a balance, transfer it to another card and forget about them as I did after they annoyed me enough.
Part of the reason I cancelled mine was it charged a monthly member fee. I figured since I wasn't using it, I wasn't going to pay $4/month for just having it sit in my wallet.
It's not just Capital One. Another company raised my rate from 11% to 17%. I don't have a balance, so it does not affect me. Still, I think it's messed up since I've had the card for years and never paid late. The limit is $15,000 and I've never had more than $1,000 on it. All CCs are messing with their customers
It's not just Capital One. Another company raised my rate from 11% to 17%. I don't have a balance, so it does not affect me. Still, I think it's messed up since I've had the card for years and never paid late. The limit is $15,000 and I've never had more than $1,000 on it. All CCs are messing with their customers
Weird. I haven't had the terms changed on any of my CCs. Only Discover lowered the rate by 1% some time ago on its own in the hope they'd make me carry a balance, I suppose, as I use it exclusively for all my expenses I can possibly load on it. I have to say MBNA (B of A now) declined to match a lower rate, though. I got some offer for 7.99% and just out of curiosity called them to see what they'd do (theirs is 8.99), but they didn't budge. I've never carried a balance, but still like the idea of having at least one card with a decent rate need be...
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as I use it exclusively for all my expenses I can possibly load on it. I have to say MBNA (B of A now) declined to match a lower rate, though. I got some offer for 7.99% and just out of curiosity called them to see what they'd do (theirs is 8.99), but they didn't budge. I've never carried a balance, but still like the idea of having at least one card with a decent rate need be...
