topic Re: Wow! Capital One Rate Jack! in Credit Cards

Wow! Capital One Rate Jack!

Anonymous — Tue, 17 Feb 2009 22:14:42 GMT

Well, I have seen it on the news each night and I have read about it. I was hoping for the best but today I received notifcation on my 3 capital one cards that they are jacking my rates from 14% to 29%. Screw that! I have had these cards for over 7 years and have never missed a payment or went over my limits.

I am so disgusted and disappointed. So I called and declined. As of May 17th the cards will be cancelled. I just don't need it. Not to mention the fact that I was paying three annual fees on the cards. So good bye Capital One!

Re: Wow! Capital One Rate Jack!

oracles — Tue, 17 Feb 2009 22:20:10 GMT

Unfortunately this is happening.

if you are good with util% and have other cards to make up the available credit that you are going to lose than very good decision.

Especially since they have annual fees associated with it.

Congrats

Re: Wow! Capital One Rate Jack!

Anonymous — Tue, 17 Feb 2009 22:27:16 GMT

Thanks. Yeah I do have other cards so I should be okay. My scores are all around 700 but I have heard that even people with scores over 800 are getting their rates jacked up. What's funny though is that I keep getting pre-approved car loans from Capital One for 40k. I just don't get their reasoning. However, I refuse to go through Capital One for anything now. As a long time customer in good standing I feel betrayed. I don't see how this is helping the economy either.

Re: Wow! Capital One Rate Jack!

oracles — Tue, 17 Feb 2009 22:30:33 GMT

I will say this web,

If you can get them to waive the AF, i would open the accounts back up. it is helping your AAoA.

If you PIF, then it really doesn't effect you.

However, If they will not waive the AF then definitely close them.

Re: Wow! Capital One Rate Jack!

barbaralee — Tue, 17 Feb 2009 23:07:04 GMT

I use to use my Cap1 all the time, and never had to deal with the horror stories that I've heard from others. I dunno... when I got the letter my initial reaction was to cancel ASAP. My hubby's Cap1 we use to pay Onstar while min has a small balance on it that will be paid off in the next couple of months. My current apr with C1 is 7.99%, which isn't all that great, but not a good enough reason to cancel it. The default rate is now 29.99%,,, but the thing is I have never gone over the limit or made a late payment to them, in fact when I called they said my payments have been consistently early since February of 2008. Unless a super catastrophe happens in the next two months I just don't see the default rate kicking in for us. So I decided to keep both of ours, but just to be safe I'm switching the Onstar to my husband's Citi Dividend, and keeping mine sock drawered.

It's one of my oldest accounts, so I really need to keep those guys around. =/

Re: Wow! Capital One Rate Jack!

Anonymous — Tue, 17 Feb 2009 23:47:43 GMT

Received my notice in the mail today.

My current rate of 4.9 % Fixed going to 13.9 % variable and may change monthly.

Seems to me that their attempt to increase profits by charging a higher interest on purchases may back fire on them with a lot more consumers sock drawing their cards. I will only pull out my card about once every six months for a small purchase just to keep it active.

Re: Wow! Capital One Rate Jack!

oracles — Wed, 18 Feb 2009 01:29:31 GMT

@Anonymous wrote:
Received my notice in the mail today.

My current rate of 4.9 % Fixed going to 13.9 % variable and may change monthly.

Seems to me that their attempt to increase profits by charging a higher interest on purchases may back fire on them with a lot more consumers sock drawing their cards. I will only pull out my card about once every six months for a small purchase just to keep it active.

Hi Clean

Just a word of advice, i think you should use it once every 3 months.

Stores cards are more once every 6 months.

i just dont want you to have an inactive card close on you.

Hope this helps

Re: Wow! Capital One Rate Jack!

Anonymous — Wed, 18 Feb 2009 04:12:28 GMT

i didn't receive a notice about APR changes, but couple weeks ago i went ahead and closed my capital one card.

after 10+ years, it has not grown with me, called backdoor # for increase in limit still no go, so forget it, not worth keeping even in a drawer for me.

since then i've only read about twitchy tactics almost AMEX like that Capital One has been doing lately, so no regrets whatsoever. good riddance.

Re: Wow! Capital One Rate Jack!

oracles — Wed, 18 Feb 2009 04:17:02 GMT

Hi Thoughts

I would think twice about what you did. If you can re-open the account, i would. If you are not paying an AF then i would keep it open. It is contributing to your average age of accounts. It has 10+ years on this account and something not to take lightly.

Again this is your decision but i would think again about it if it does not have an AF.

Now if it does have one then good riddance.

Hope this helps.

Re: Wow! Capital One Rate Jack!

techman2008 — Wed, 18 Feb 2009 05:53:53 GMT

I was checking my discover miles card and they raise the default rate to 29.99 percent and changing my due date to an eariler date. Though if I send them a letter, they won't change my plan. So it's happening everywhere. Even when applying for a card. I recently applied for a boa amex and to my surprise the cl was lower than my two other cc's. The two cc's was like during my college years when I owe 80k in total debt lol.

We have to wait till 2010 for the new law to take affect on credit card's company raising your rates even though you been pif.

Re: Wow! Capital One Rate Jack!

Anonymous — Wed, 18 Feb 2009 21:41:12 GMT

I got the notices too ): On one of the cards, they're only changing the default rate, which I'm ok with because I don't plan to default, and they lowered my interest on my last statement to 9.5% (It was sky high before, but my credit was pretty bad when I got it, in 2004). So, hopefully, that means they won't raise that one at least for now.

The other one, going from 12.9% to 20-something%.

I'm going to try to see if they'll 1- waive the annual fee or 2-raise my cl. I haven't gotten cl from them on either card EVER. I think it's time, after four and five years. Otherwise, I might just call that number and cancel it.

Re: Wow! Capital One Rate Jack!

Anonymous — Thu, 19 Feb 2009 12:26:19 GMT

I received my Capital One rate increase notice in the mail today - 14.9% to 22.9%. I pay an annual fee of $39 a year. I've had the account since 7/03. It is one of my oldest creditors. I'm really upset like the others on here because I've not been late or done anything to warrant this increase. Is it in my best intrest to decline and close the account. They've also raised my husband's account from 14.9% to 17.9% with a $59 annual fee. Advice??

Re: Wow! Capital One Rate Jack!

Anonymous — Thu, 19 Feb 2009 22:36:49 GMT

I have 3 cap one cards, and my hubby has 1. Yesterday I got notices on 3 of the 4 cards. Hubby's default rate is going up - but regular rate has no change (I think he is already at the "higway robbery" rate anyway.) My two small $500 limit cards are getting big rate increases (comparable to what is mentioned here by others). As with others - no lates and a long time card holder. Just makes no sense why they up some but not others. Can't wait to see what happens on the 4th card (yeah-right)

Re: Wow! Capital One Rate Jack!

Anonymous — Sun, 22 Mar 2009 07:07:43 GMT

i requested a CLI and they didn't give to me. But i got to keep my 14.9% rate.

Oh I i have less than stellar credit but i PIF right before the statment date. So if you were carrying a small balance i think they left you alone.

Message Edited by Saabu on 03-22-2009 12:07 AM