Here are some more people that were able to opt out (to a limited extent) of the rate jack.
http://www.consumeraffairs.com/credit_cards/capital_one.htm
Brian of Frankfort KY (02/27/09)
I too received notice yesterday that Capital One is increasing my rate due to economic conditions. I have had my card since 2002, excellent credit, no late payments, and had a fixed rate of 7.9%. They are going to increase it to 17.9%! What's great is that I used my tax return to entirely pay off my card, so when I called Capital One, I couldn't help but laugh. I told him to cancel the card, and he said they could extend my current rate for another 10 months (i.e. until 2010). I told him to do so, as it will give me time to find a better credit card.[...]
Simon of Louisville KY (02/27/09)
Make Capital One pay! On Feb 26 I got a letter from Capital One raising my purchase rate almost 10%. I've never been late on a payment or been over my limit. I called customer service and raised hell. I didn't get my rate lowered but I did get the promise of a $50 credit to my card. Everybody needs to call and stay on the phone with various supervisors until you get a credit too. If everyone does this maybe it will cost Capital One so much they'll reverse this anti-consumer policy.
Vivian of Greenville NC (02/24/09)
I too, have a capital one account, but not for long. My fixed rate of 9.9% just changed to 17.9% due to the economy. I have ALWAYS paid on time and have never been late paying so I do not have any overlimit fees or late fees. I will have to close my account to keep my current interest rate on my balance. There is a phone # to contact about Help with my credit and it is 1-866-941-1030. They offered to waive my finance charge for 3 months and I accepted and I sure hope it went through! We will see?
Brendan of Chicago IL (02/21/09)
I have had a Capital One account since 2001. Always paid on time. Just got a notice that they want to raise my rate from 9.9 to 17.9. When I called to complain they made a misleading offer to keep the rate lower for ten more months. They neglected to mention, until I asked, that any balance left after 10 months would then be locked in at 17.9 %. It really bugs me how greedy this company is. They are having some financial problems because of the economy and bad management decisions and they want government and their gcustomers to bail them out.
@MojaveMoon wrote:
It makes me sad to see the comments from all the customers blindsided by this rate jack:
http://www.consumeraffairs.com/credit_cards/capital_one.htm
This person claims this is the answer for the rate jack:
"George of Nb NB (03/05/09)
I can only say a few things about C1s change in terms, because I work for them. First the reason for the change in terms is they are trying to get Rid of customers, that right get rid of them. The big focus is on the one that have large credit limits and a good credit history. Why you ask? Well in short they don't make much money off of them. I know that it really gets people mad that they are doing this and get get away with legaly but that leads to the second reason for the change in terms. In July 2010 they won't be able to pull these kind of stunts(or at least it will be harder to pull) because the law changes. So if you really want to stick it to C1 (I know I do) DON'T OPT OUT AND DON'T CLOSE YOUR ACCOUNT!
That's interesting, THAT is what they want you to do...OPT OUT so they can concentrate on more deceptive credit practices to new unsuspecting customers. (that helped create the current economic meltdown). I'm keeping my cards, if that helps to piss them off a little bit. 
(mods, please move if OT)
I've got a cap1 card that with an apr rate jack that will go from 8.9-17.9% I don't have any lower interest rate cards I can transfer the balance to, and I have other concerns:
- if I simply keep the account open and pay down the account they may CLD me lowering my fico and jacking up other rates (not to mention the 17.9% interest hike)
- if I opt out my debt to credit ratio will go up, (and lose my history) also lowering my fico but at least keeping this card at 8.9% fixed
I understand if I PIF every month I wouldn't have any problems at all, but the damage is done and all I can do is educate myself, learn from my mistakes and aggresively pay down my debts the best I can. I no longer use any of my cards since some aprs will go up if i use them (only paying down debt and charging a little and PIF on a 0 balance card to keep it open). It seems counterproductive but as I PAY DOWN DEBT some cards chase down my balances with CLD and aprs go up and my FICO goes down.
Should I keep this account open and pay the insane interest rate hike or opt out, keep the lower rate but take a hit on my credit score/report?
Starting Score: 557 (2005)
@Anonymous wrote:
@MojaveMoon wrote:
It makes me sad to see the comments from all the customers blindsided by this rate jack:
http://www.consumeraffairs.com/credit_cards/capital_one.htm
This person claims this is the answer for the rate jack:
"George of Nb NB (03/05/09)
I can only say a few things about C1s change in terms, because I work for them. First the reason for the change in terms is they are trying to get Rid of customers, that right get rid of them. The big focus is on the one that have large credit limits and a good credit history. Why you ask? Well in short they don't make much money off of them. I know that it really gets people mad that they are doing this and get get away with legaly but that leads to the second reason for the change in terms. In July 2010 they won't be able to pull these kind of stunts(or at least it will be harder to pull) because the law changes. So if you really want to stick it to C1 (I know I do) DON'T OPT OUT AND DON'T CLOSE YOUR ACCOUNT!That's interesting, THAT is what they want you to do...OPT OUT so they can concentrate on more deceptive credit practices to new unsuspecting customers. (that helped create the current economic meltdown). I'm keeping my cards, if that helps to piss them off a little bit.
*nod* That same thought went through my mind the other night -- Capital One doesn't seem to have slowed down one bit on running their tv ads. This one was for the Capital One image lab feature.