Credit Cards Center Credit cards from our partners
Reply
Established Contributor
Posts: 994
Registered: ‎07-16-2010
0

Capital One Interest Rate Issue

[ Edited ]

So my Capital One card has been in penalty APR (29.40%) for a LONG time now...over a year at least, but I just realized it should be a temporary thing and not permanent. According to info on this site, 6 months from after the last late payment it should revert back to normal APR...is this correct?

 

I wrote a letter to Capital One asking them to switch it back to the normal APR, which i cant even remember what it was at this point, but they just sent me a letter back saying they are "currently unable to lower the APR's on their products."

 

Anyway, I happened to just be bored and clicked the balance transfer offer link on my Capital One account main screen and it said if I did transfer balance to my Capital One card it would be subject to my "existing purchase rate APR of 14.8%"....

 

Does this mean that this is my APR currently and its been switched from the 29.40% and I just havent noticed because I havent gotten the latest statement with the new interest rate on it?

 

 

 

Interest Rate...Maybe?

 

 

$1200 $1250 $4250 NPSL $5300 $1350 $3000

$6050 $5000 $10500 $2416 $6500 $3000
New Member
Posts: 3
Registered: ‎12-19-2010
0

Re: Capital One Interest Rate Issue

In the past, many banks would charge a different rate for new purchases vs. existing balances.  Since the laws have been changed, that no longer seems to be the case.  However, I doubt they will change the rate on existing balances that have been assigned a penalty APR.  Guess you'll have to wait for your statement in order to know for sure.

______________________
EQ 819 - TU 818 - EX 820
______________________
Valued Contributor
Posts: 1,063
Registered: ‎05-26-2010
0

Re: Capital One Interest Rate Issue

[ Edited ]

The new credit card act requires them to reinstate the non-penalty rate after six months of timely payments.  But I wonder if they put you "in the penalty box" before the new law took effect and are relying on that to keep you there.

 

I might write back politely asking why they aren't honoring the provisions of the law (cite the specific section, I don't have that handy).

 

Something like:

 

Dear Crap1:

 

Thank you for your letter of MM/DD/YYYY declining to reinstate my non-penalty rate.  I have made X current payments since MM/DD/YYYY and I don't understand why you aren't following Section ZZZZ of the Dodd/Franks Act. 

 

Please return me to a non-penalty rate or explain the reason you decline to do so.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
Moderator
Posts: 17,419
Registered: ‎07-14-2009
0

Re: Capital One Interest Rate Issue

Read Section 171 of the Credit Card Act 2009.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Senior Contributor
Posts: 4,301
Registered: ‎05-01-2008
0

Re: Capital One Interest Rate Issue

If they refuse to drop your rate, I'd get ahold of your other cc companies & ask about a BT.  Check for BT fees & rates.

 

Then sock drawer the Cap 1....  They obviously have given you no incentive to continue using them, but a good reason to stop.



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 07/2015 TU 730 - EQ 699 - EX 724
Goal Score: 850

Bury me in the garden...last app 08.09.15

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.