cancel
Showing results for 
Search instead for 
Did you mean: 

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

tag
Anonymous
Not applicable

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


@Anonymous wrote:

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?


Maybe it is new cards because I think he's only had this one for 8 months or so. What a waste of paper to send out this notice 2 years in advance. Watch, they are going to wait for 2 years from now, jack up the interest as promised and screw a bunch of folks over. I mean who's going to remember that their interest is going up in 2 years. Then after they do it, they'll say "Well we sent you a notice 2 years ago."  Bastages!

Message 11 of 52
Anonymous
Not applicable

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

I've been feeding of of cap1 since they offer grace periods  standred BTs since january, havong the card since 04 they allow me to do BT online, so ever month I transfer and balance I PIF over $100 inder to delay rerepayment another month making  a ~90 float, and they don't earn a dime
Message 12 of 52
Anonymous
Not applicable

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


@Anonymous wrote:

@Anonymous wrote:

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.

 


Maybe it is new cards because I think he's only had this one for 8 months or so. What a waste of paper to send out this notice 2 years in advance. Watch, they are going to wait for 2 years from now, jack up the interest as promised and screw a bunch of folks over. I mean who's going to remember that their interest is going up in 2 years. Then after they do it, they'll say "Well we sent you a notice 2 years ago."  Bastages!


 

No, not just new cards. I got the same message for my 5 yr. old card.

Message Edited by VEEnVEGAS on 05-20-2009 05:04 PM
Message 13 of 52
Anonymous
Not applicable

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

The thing that I have noticed with most of these, as well as my own letter, is that they state that the current rate will now be considered a "promotional rate."  This is why the letters came out now for rate hikes that will take effect in 2011.  By declaring your current rate a promotional rate they have more flexibility to stick it to you sooner than 2011 and possibly even jack you up to the new default rate.

Message 14 of 52
Anonymous
Not applicable

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


@Anonymous wrote:

The thing that I have noticed with most of these, as well as my own letter, is that they state that the current rate will now be considered a "promotional rate."  This is why the letters came out now for rate hikes that will take effect in 2011.  By declaring your current rate a promotional rate they have more flexibility to stick it to you sooner than 2011 and possibly even jack you up to the new default rate.


We have a winner! 

 

I bet you're right. Good call. 

Message 15 of 52
wmarat
Valued Contributor

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

Who can not PIF, should not charge.


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

 

 

IN VINO VERITAS.
Message 16 of 52
score_building
Senior Contributor

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


@wmarat wrote:

Who can not PIF, should not charge.


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

i hold myself to that rule now because it makes sense for me personally.  however, while i too am a proponent of pif, to suggest that it is impossible to revolve responsibly for brief periods on ocassion is an opinion.  the fact is that it is possible and there is compelling evidence to support  this fact.  the trick is knowing where to draw the line since it can blur easily. 

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 17 of 52
wmarat
Valued Contributor

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

I am not so sophisticated. I was taught to pay for things I buy.

 

If I need to let balance to be reported, I make payment in full day after statement cut.

 

To revolve is

 

1. Expensive, unless there is 0% APR, which we won't see anymore (thanks to .. you know who)

2. Dangerous, revolving balance too long is sure way to get RJ, CLD or account closing.

3. Make people live beyond their means which leads to huge debt, BK, foreclosure, sob stories in media and eventually to negative, demaging legislation.

IN VINO VERITAS.
Message 18 of 52
score_building
Senior Contributor

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

it's all true i'm afraid.  and yes, the dangers of misuse are imminent. 


@wmarat wrote:

I am not so sophisticated. I was taught to pay for things I buy.

 

If I need to let balance to be reported, I make payment in full day after statement cut.

 

To revolve is

 

1. Expensive, unless there is 0% APR, which we won't see anymore (thanks to .. you know who)

2. Dangerous, revolving balance too long is sure way to get RJ, CLD or account closing.

3. Make people live beyond their means which leads to huge debt, BK, foreclosure, sob stories in media and eventually to negative, demaging legislation.


 

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 19 of 52
Anonymous
Not applicable

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


@Anonymous wrote:

The thing that I have noticed with most of these, as well as my own letter, is that they state that the current rate will now be considered a "promotional rate."  This is why the letters came out now for rate hikes that will take effect in 2011.  By declaring your current rate a promotional rate they have more flexibility to stick it to you sooner than 2011 and possibly even jack you up to the new default rate.


Why would they have to declare a promotional rate to stick it to us though?

 

I was always under the impression a CCC could jack up your APR, CLD or close your account whenever they wish for whatever reason.

 

So, what's the point in turning our APR into a promotion, and then forewarning us about a RJ almost two years down the road, just so they can have more flexibility when they don't really need it?

Message 20 of 52
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.