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

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

Madison — Wed, 20 May 2009 16:28:00 GMT

I have two Capital One Cards, one at 6.9% and the other at 8.9%. Capital One just rate jumped me to 15.9% and 17.9%. I just got off the phone to complain and talked with a supervisor. They said although I have been a great customer for over 12 years that is the best rate they could offer at this time which goes into effect in August. I told her that they are the highest of any of my credit cards and they go to the bottom of the list of credit cards I may use. They will not make a penny off my account unless they lower my APR. Capital One has made a very poor business decision to RATE JUMP their good customers. I just have one thing to say to Capital One, YOU NEED ME MORE THAN I NEED YOU!

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

Anonymous — Wed, 20 May 2009 17:13:16 GMT

Pay in full and you dont have to care about any APR.

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

lisac — Wed, 20 May 2009 17:23:36 GMT

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

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

Anonymous — Wed, 20 May 2009 17:34:07 GMT

Sorry to heart about the rate hike. But it should come as no suprise when it comes to using CC's. It can be pretty inevitable these unfortunate actions can occur since it specifically states they may change the terms and conditions at anytime for any reason despite flawless credit, payment history, etc. But look on the bright side, at least your not a cardmember with AMEX. They usually like to freeze your cards and make you submit the IRS 4506, 3 months bank statements, or slash your limits to $500 on top of a rate increase. Or better than that...they can close your account completely

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

Anonymous — Wed, 20 May 2009 17:35:45 GMT

I received my notice yesterday indicating my rate was increasing from 8.24 to 17.99 variable due to the length of time I had the account and economic conditions. Like the OP, this is now the card with the highest APR. I'm a little upset and debating closing the card. It is my oldest card but has annual fee (that they refused to waive this year).

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

Anonymous — Wed, 20 May 2009 18:21:06 GMT

Did anyone else's notice say the change wasn't effective until 2011? Fiance just got rate jacked too - up to 22% and his says it's not in effect until Jan 2011. Letter reads as follows:

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.

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

Anonymous — Wed, 20 May 2009 18:29:15 GMT

Madison: You are right and I agree with you. But you don't need to have 2 Capital One Credit Cards. They need you more than you need them. CALL back and cancel both cards. I'm sure they won't be happy as I did with my account, jack up my APR and not willing to waive my AF. I close the account. No more business with me.

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

Anonymous — Wed, 20 May 2009 19:26:14 GMT

UpUpUp,

I received my notice yesterday and it states that the new rate (17.9% for purchases) is effective in August. My best friend got her notice this past February and her rate change takes effect in August as well.

*thankful that my Cap1 balance is 0*

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

Anonymous — Wed, 20 May 2009 19:31:04 GMT

They doubled my rate too on my NEW card that I just opened about a month ago. It has a $25,000 CL so I will just pay it in full and never carry a balance. Don't get mad, get even. Do not carry balances on any card that charges high rates.

My notice stated that the rate will NOT go into force until January 2010. They will treat my current and future charges as PROMOTIONAL until that date, however, the real reason for this was to increase the default rate, not that I will ever default.

They stated "current economic climate" in my notice for the increase.

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

Anonymous — Wed, 20 May 2009 19:42:10 GMT

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?

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

Anonymous — Wed, 20 May 2009 22:21:54 GMT

@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!

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

Anonymous — Wed, 20 May 2009 22:28:50 GMT

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

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

Anonymous — Thu, 21 May 2009 00:04:47 GMT

@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

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

Anonymous — Thu, 21 May 2009 01:10:26 GMT

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.

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

Anonymous — Thu, 21 May 2009 03:55:02 GMT

@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.

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

wmarat — Thu, 21 May 2009 04:25:40 GMT

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.

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

score_building — Thu, 21 May 2009 04:46:40 GMT

@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.

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

wmarat — Thu, 21 May 2009 05:45:01 GMT

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.

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

score_building — Thu, 21 May 2009 06:14:06 GMT

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.

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

Anonymous — Thu, 21 May 2009 07:49:26 GMT

@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?