Capital One RATE JUMPED me and doubled my APR, Just got off the phone with them

[Madison]

I have two Capital One Cards, one at 6.9% and the other at 8.9%. Capital One just rate jumped me to 15.9% and 17.9%. I just got off the phone to complain and talked with a supervisor. They said although I have been a great customer for over 12 years that is the best rate they could offer at this time which goes into effect in August. I told her that they are the highest of any of my credit cards and they go to the bottom of the list of credit cards I may use. They will not make a penny off my account unless they lower my APR. Capital One has made a very poor business decision to RATE JUMP their good customers. I just have one thing to say to Capital One, YOU NEED ME MORE THAN I NEED YOU!

[Anonymous]

Pay in full and you dont have to care about any APR.

[lisac]

not everyone can PIF.  i just got the rate jack from 14% to 21%.  never late, etc 7 years with this card.

[Chopbrocoli]

Sorry to heart about the rate hike. But it should come as no suprise when it comes to using CC's. It can be pretty inevitable these unfortunate actions can occur since it specifically states they may change the terms and conditions at anytime for any reason despite flawless credit, payment history, etc. But look on the bright side, at least your not a cardmember with AMEX. They usually like to freeze your cards and make you submit the IRS 4506, 3 months bank statements, or slash your limits to $500 on top of a rate increase. Or better than that...they can close your account completely

[Romeoo47]

I received my notice yesterday indicating my rate was increasing from 8.24 to 17.99 variable due to the length of time I had the account and economic conditions.  Like the OP, this is now the card with the highest APR.  I'm a little upset and debating closing the card.  It is my oldest card but has annual fee (that they refused to waive this year).

[Anonymous]

Did anyone else's notice say the change wasn't effective until 2011? Fiance just got rate jacked too - up to 22% and his says it's not in effect until Jan 2011. Letter reads as follows:

Effective with your first full billing period after July 2, 2009, your existing purchase rate will become a promotional purchase rate. You are not being assessed a higher purchase APR at this time.

Beginning January 2011, your Purchase rate will increase to the new Purchase rate below.

[Anonymous]

Madison: You are right and I agree with you. But you don't need to have 2 Capital One Credit Cards. They need you more than you need them. CALL back and cancel both cards. I'm sure they won't be happy as I did with my account, jack up my APR and not willing to waive my AF. I close the account. No more business with me.

[Anonymous]

UpUpUp,

I received my notice yesterday and it states that the new rate (17.9% for purchases) is effective in August. My best friend got her notice this past February and her rate change takes effect in August as well.

*thankful that my Cap1 balance is 0*

[Anonymous]

They doubled my rate too on my NEW card that I just opened about a month ago.  It has a $25,000 CL so I will just pay it in full and never carry a balance.  Don't get mad, get even.  Do not carry balances on any card that charges high rates.

My notice stated that the rate will NOT go into force until January 2010.  They will treat my current and future charges as PROMOTIONAL until that date, however, the real reason for this was to increase the default rate, not that I will ever default.

They stated "current economic climate" in my notice for the increase.

[Anonymous]

Got my letter today.

UpUpUp, I got the same message.

Effective with your first full billing period after July 2, 2009, your existing purchase rate will become a promotional purchase rate. You are not being assessed a higher purchase APR at this time.

Beginning January 2011, your Purchase rate will increase to the new Purchase rate below.

Maybe it's just new cards. My card is only about six months old.

I'm kind of confused as to why Capital One would send me notice of a higher rate (22.9%) if it's not going into effect until January, 2011.

I too will use this card sparingly once the new APR takes hold, and PIF every month.

How much you guys wanna bet they'll figure out a way to charge people who PIF?