CAP ONE RATEJACK

[score_building]

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@Uborrow-Upay wrote:

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GregB wrote: 

At least I won't have to pay a fee to use one of their checks out of the 9.99% account to get me back to where I was, paying 10% on the money owed.

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I'm using a couple of those checks myself this month, and that 0% transaction fee is a key benefit of that Cap One account for me as well.

But I got ratejacked too, still not as bad as Chase.

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do we pay interest from the day the transaction is initiated on those no fee, no hassle checks?

[Uborrow-Upay]

Depends on the check.  I've got three different sets of Cap One checks sitting in front of me right now, each of them with different terms.

The check I'm using is a purchase check, which is treated like a purchase*, although you can use it for transfers.  I'm taking a free, 7 week float for balance transfers to this account.

* Edit: like a purchase, except no reward points!

Message Edited by Uborrow-Upay on 02-17-2010 08:02 AM

[Anonymous]

They had upgraded me to a rewards card so I used it heavier than I ever do.  But then I got my first rate jack ever so whats the point of the cash back. 

They refused my waiver of the a/f also.  So at 17.9 and an a/f they are no better than Orchard.  They are my oldest card.  I can't believe after  8 years this account has gotten worse. 

I see they can add this rate to an existing balance.  Is this correct?

My cash advance rate is 14.9?????????????

Message Edited by casinoannie97 on 02-17-2010 05:57 AM

[RozBuds]

My Cap One went from 7.14 to 15.9 in June 2009 but I have been locked in at 1.99 for a long time from a BT. My other Cap One is staying steady at 6.19. Have a BT on that one also at 3.99. Will see what happens when the next statement generates around the 25th of this month.

RozBuds

[DI]

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@Uborrow-Upay wrote:

Depends on the check.  I've got three different sets of Cap One checks sitting in front of me right now, each of them with different terms.

The check I'm using is a purchase check, which is treated like a purchase*, although you can use it for transfers.  I'm taking a free, 7 week float for balance transfers to this account.

* Edit: like a purchase, except no reward points!

Message Edited by Uborrow-Upay on 02-17-2010 08:02 AM

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I used my purchase checks all the time since there's no fee.  That is the only good thing going on with Cap One.  I still PIF the balance by the due date.  

[Anonymous]

Cap1 is one of very few that have a grace period on balance transfers.

Used my SD'd Crap1 to float a few grand off my Navy card so that I could transfer it back at Navy's new low BT %.  No fee for transfer from Navy to Cap1, 25 day grace period (17.9% rate), sat for 14 days to let NFCU statement close, transferred back entire balance (no fee from NFCU), and got the whole balance at the good NFCU BT rate without paying a dime in transaction fees or interest.

Most banks charge interest from the day a transfer posts, like a cash advance.

Back to the SD until they give me a CLI or drop my rate.. but nice to have in case that situation comes up again...

[score_building]

interesting, thanks for the f/b uborrow and jausanka.

jausanka wrote:

Cap1 is one of very few that have a grace period on balance transfers.

Used my SD'd Crap1 to float a few grand off my Navy card so that I could transfer it back at Navy's new low BT %.  No fee for transfer from Navy to Cap1, 25 day grace period (17.9% rate), sat for 14 days to let NFCU statement close, transferred back entire balance (no fee from NFCU), and got the whole balance at the good NFCU BT rate without paying a dime in transaction fees or interest.

Most banks charge interest from the day a transfer posts, like a cash advance.

Back to the SD until they give me a CLI or drop my rate.. but nice to have in case that situation comes up again...

btw, v. nice maneuver jausanka