topic Re: Capital One APR increase in Credit Cards

Capital One APR increase

jacetx — Wed, 27 Jan 2016 00:01:36 GMT

Well I guess Capital One jumped in the .25% fed rate increase bandwagon. Both Ventures APRs went from 17.9% to 18.15%.

Re: Capital One APR increase

gibeon — Wed, 27 Jan 2016 00:19:38 GMT

Did they notify you by email or SM, or did you find it on your own.

I only use my Cap One cards for subscription stuff, and they're on auto-pay, so I almost never log in.

Thanks,
Gib

Re: Capital One APR increase

jacetx — Wed, 27 Jan 2016 00:26:37 GMT

@gibeon wrote:
Did they notify you by email or SM, or did you find it on your own.

I only use my Cap One cards for subscription stuff, and they're on auto-pay, so I almost never log in.

Thanks,
Gib

No notice. I just found out looking at my statement.

Re: Capital One APR increase

Anonymous — Wed, 27 Jan 2016 02:18:18 GMT

@jace8602 wrote:
Well I guess Capital One jumped in the .25% fed rate increase bandwagon. Both Ventures APRs went from 17.9% to 18.15%.

It the rate hike, it was bound to happen t some point...

Re: Capital One APR increase

takeshi74 — Wed, 27 Jan 2016 03:25:26 GMT

Shouldn't be surprising given:

https://www.capitalone.com/credit-cards/venture/

This APR will vary with the market based on the Prime Rate.

Re: Capital One APR increase

Anonymous — Wed, 27 Jan 2016 11:29:45 GMT

Yeah my QS1 went from 9.8% to 10.13% and my V1 22.9% to 23.15

Re: Capital One APR increase

jacetx — Wed, 27 Jan 2016 12:10:37 GMT

@takeshi74 wrote:
Shouldn't be surprising given:

https://www.capitalone.com/credit-cards/venture/
This APR will vary with the market based on the Prime Rate.

Never said it was surprising, just that they seem late to the rate increase party. Most big banks did it immediately, even my credit union made the change before Capital One did.

Re: Capital One APR increase

Turbobuick — Thu, 28 Jan 2016 00:00:44 GMT

The current interest rates charged on some cards are borderline criminal. Most have variable rates based on prime. In the past cards had rates like prime + 5%. Prime has been historically low for 7 years, hence current cards are something like prime + 15% or more.

Wait til prime hits 8-10% again... and it will. These cards will have rates of 25-30% for folks with good credit. Ridiculous.

Obviously, the only way to beat these crooks is not to carry a balance.

Re: Capital One APR increase

gingerflower — Thu, 28 Jan 2016 03:18:28 GMT

Yup, I to was surprised. Called and ask for lower Apr and was told No! So I transferred all two cards to my lower Apr card. No bal on venture so into sock drawer.

Re: Capital One APR increase

degs138 — Thu, 28 Jan 2016 03:21:15 GMT

I could care less, I never carry a balance unless I have 0 apr.

Re: Capital One APR increase

Anonymous — Thu, 28 Jan 2016 10:23:14 GMT

Well, I decided to take a look. My venture card rate was just increased by 1% and it wasn't great anyway. It's now 21.15% I'm on a BT for the next 18mos at 0%. As that time aproaches, I'm card shopping. I'll get something good down the road, as I don't intend to app for any more credit until then.