CAP ONE CHANGED MY INT. RATE

[Anonymous]

Got my statement today and rate went down 2 points.  Wonder why???????

[unknown_entity]

Variable Rates went down because the Feds dropped the prime rate.

[Anonymous]

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casinoannie97 wrote:

Got my statement today and rate went down 2 points.  Wonder why???????

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The rate is probably tied to the Prime or other Federal Funds rate, and since the Fed has been cutting, the rate on your card is going down too.  Viva la Fed. 

Sovi

[Anonymous]

I've had them for six years and this is first time they ever went DOWN.

[Anonymous]

My last statement from them (with interest rate decrease) shocked me. 

When I got the card, it had a paltry $300 limit, but no interest for 6 months.  After 6 months, the rate was supposed to be up near 20%.  But on my last statement, when the 6 months w/o interest expired, my rate was 13.74%. 

Not that it makes a huge difference since I charge up maybe $280/month and PIF.

Lots of people on these boards hate Cap One, but they've been ok for me.

[Anonymous]

I PIF ALSO.  SOMETIMES I MAKE BIGGER PURCHASES FROM MY 0% acct and take two months or so to pif.  never never with CAP ONE.

[Anonymous]

I received the prime rate reductions + an additional 2.5% reduction.

[athensguy]

Yeah, wow I just looked at my CapOne statement from yesterday.

Purchases-- $0.00-- 0.02068%L-- 7.55%-- $0.00

It was like 9.8% last time.