Capital One Notice of Term Change

[score_building]

MojaveMoon wrote:
I didn't realize that there were still further rounds of Capital One rate jackings left.

From time to time I check in on this site --> http://www.consumeraffairs.com/credit_cards/capital_one.htm

I feel really bad for them because they seem truely blindsided by the sudden changes from Capital One. We at least know enough about this and that that we have some emotional cushioning by the time that we receive these letters from Capital One.

In the meantime, after having received one of these letters myself I've decided once every three or four months to charge a utility bill to my Capital One account to show some activity.

i totally agree.

i too will make a minor purchase every couple of months to show activity

[score_building]

rmbrown wrote:
I know this is getting a bit repetitive, but DH and I got ours yesterday too.  Perfect payment history, low utilization, blah blah blah.  I swear, I don't know what these people are looking for anymore. 

it can be helpful to share info about various aspects of the cc industry and how and when it impacts us.  although RJ is business as usual-nothing new really...at times it can be rather informative to compare experiences -and for a number of reasons. 

thanks for posting and i hope you have good alternates, perhaps a cu or two as well.

[Anonymous]

I know alot of people have gotten these letters, but has anyone actually seen the increase on their statements yet?

I got my letters (2 cards) in January, saying the rate changes would apply on April 15. April 15 came and went,

and nothing. 

I just received another letter of rate increase on one of the two cards (the least used of the two), and we'll see 

what happens. I may use it a bit more, just as an experiment. I can't help but wonder if they may be bluffing

with some customers, just to "thin out the herd." 

[Takunda1]

Due to the new credit card bill about to be signed into law, all credit card companies are going to be doing this. closing the card is not going to help. Best thing to do is just PIF every month. they can make the apr 90% if they want but if you PIF it'll never hurt you.

[Anonymous]

My APR went from 4.99% to 19.99%. Since I got that letter I just used the card for a small purchase every other Month.

[Madison]

I got my rate jump letters on two of my capital one accounts. They rate jumped me 9% on each card. One had $0 balance perfect payment history, the other had a zero balance until I charged $498 on a purchase earlier this month but it now has a zero balance as this morning. I got news for these banks. They won't make aother penny off of me until they lower my interest rates back down. HEY CAPITAL ONE, YOU NEED ME MORE THAN I NEED YOU!

[Anonymous]

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@Anonymous wrote:

I know alot of people have gotten these letters, but has anyone actually seen the increase on their statements yet?

I got my letters (2 cards) in January, saying the rate changes would apply on April 15. April 15 came and went,

and nothing. 

I just received another letter of rate increase on one of the two cards (the least used of the two), and we'll see 

what happens. I may use it a bit more, just as an experiment. I can't help but wonder if they may be bluffing

with some customers, just to "thin out the herd." 

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Funny...I received letter of rate jack on one card in Feb.,up to 24%,  but it said it wouldn't actually go into effect until March 2010. In March they lowered my rate. Today I received a 2nd rate jack,effective in July..up to 22%.

I only use it for low APR BT so I refuse to care. 

[jschaffer]

I got mine today. Except that mine isn't for cash advance, or purchase APR.

They're instituting a "Penalty Rate" change. It's going to be 29.4% (0.08055% daily periodic rate) and I am only subject to that rate if I'm three or more days late, two times within any 12 billing periods

The gotcha is it's not annual, it's ANY 12 billing periods.

What kind of crap is that? Penalty Rate? I've never heard of such a thing...

This is a card I've always kept in good standing. WTH Cap1

[Anonymous]

All cards have a penality rate.

[jschaffer]

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@Anonymous wrote:
All cards have a penality rate.

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I guess I've been a good boy then, because I've never seen it on my bill, and I always look at my bills. Although this new penalty rate seems pretty darn high.

It definitely makes me want to consider closing the account. EVERYONE has a couple times in 12 months where they're just so busy or something happens that they can't immediately pay the instant the bill comes in.