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@Anonymous wrote:I've had Capital One for 6 years now.
Never late.
Never over limit.
Today, I received the following notice:
"Due to extraordinary changes in the economic environment, we're reviewing our existing credit card accounts. Having considered these economic conditions, your account's current Purchase rate, and the length of time you've had this rate and account, we will be increasing your Purcahse rate. We're also raising your Cash Advance Rates.
My rate is going from 10.4% to 22.9% - effective last week.
Called around to friends and family that have C1 and they have also gotten the notice.
We have all canceled our cards with them.
unfortunately as predicted. cu's rool! now i hope i can get in with one b4 cap 1 jacks me too (7+ years, have alternated between pif and carrying balances for short periods. recently received a 250 cli (i think 01/09 after many years at 500 cl)
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Yes, I do check online a lot.
No, it didn't show.
The only place on their website I can find my rate is on my statements, and I haven't gotten any yet this month - though I am due one for later this week. However, since I declined the changes, it should stay at my original rate until their cancelation date.
@Anonymous wrote:
Yes, I do check online a lot.
No, it didn't show.
The only place on their website I can find my rate is on my statements, and I haven't gotten any yet this month - though I am due one for later this week. However, since I declined the changes, it should stay at my original rate until their cancelation date.
I got the same economic notice of "Hi. We thank you for being a loyal recruit. Now that you're a loyal customer, we'd like you to assume the position. Of course, we won't EVER admit that it is a position we have only ourselves to blame for!" The nominal purchase APR on a NoHassle Miles Signature account is going from 9.4% to 17.9% as of March 2010, credit history of six years, no lates or baddies of any kind anywhere.
So I contemplate closing, paying down to el zilcho, and negotiation. I decided on the third option first and place a call to a CSR who actually speaks English clearly. I specifically asked if the change in terms is due solely to the recession or if there is a credit factor involved in their risk assessment decision, and it turns out it is straight economics. A 742 average FICO and a margin increase of 8.5% go together like a car and square wheels - and I made sure to let them ponder exactly that and what was going to keep me using their card at nearly 18% when I have a fixed 8% on another. I asked if they were going to reverse the decisions in the next business cycle. They said yes, then coughed up a better change in terms in order to entice me to stay - 8.9% promotional until May 2010, followed by 15.9% nominal thereafter. Well, jolly gee whiz, aren't you folks the poster children of customer appeasement?
Keep in mind that when one makes such a phone call that one has to be polite while sounding credit-savvy (knowing more than a CSR about credit is about as natural as blowing your nose) and using that sickly-sweet voice when mentioning how far the tree trunk could be going up where the sun doesn't shine.
I've decided to accept the counter-offer because of the card history more than anything else, though the limit of course does help with utilization (once I made them start reporting it as a regular Revolver rather than Open). With the next economic upswing (expansion), if the APR does not reverse back to 9.4%, or at the very most 9.9%, the card will be used to charge a postage stamp every six months and otherwise await buried in the backyard a vicious breed of plastic-munching termites. Capital One can contemplate their failure to remember who pads their profit margins as they get absorbed by J. P. Morgan.