topic Re: Is Capital One in compliant with CARD by recently jacking my rate? in Credit Cards

Is Capital One in compliant with CARD by recently jacking my rate?

jhtrico1850 — Sat, 05 Feb 2011 20:44:55 GMT

I just received a statement and my APR went from 6.9% to 15.9% even though I pay in full and on time. I asked them about it online, and they said,

Thanks for contacting us about your Capital One account.

I assure you, Capital One is compliant with any applicable federal and
state laws, including the recent credit card reforms in the Credit CARD
Act. We will continue to comply with future changes once they go into
effect.

In 2009, we sent you a letter stating that your rate would be changing
to 15.9% in February 2011. In order to delay the impact of this change
to your account, we provided you a promotional rate until this new rate
went into effect so you had time to plan for this change. As we have in
the past, we will continue to review accounts for ways to offer our
customers the best options. As the economy improves, rates across the
industry should improve, too.

I don't recall this letter that they speak of, I just want my low rate. What should I do?

Re: Is Capital One in compliant with CARD by recently jacking my rate?

OptimalCS — Sat, 05 Feb 2011 21:03:50 GMT

Credit Card Companies are such crucks

I never pay interest. I dont even know my APRs. I pay my balance in full before my due date

Re: Is Capital One in compliant with CARD by recently jacking my rate?

Anonymous — Sat, 05 Feb 2011 21:24:34 GMT

They changed the terms of the card which has happened at least once to all of us on this board over the past three years. Your inerest rate is likely tied to the prime. There is nothing much you can do except (1) ask them not to do it; (2) wait for the prime to drop or (3) cancel the card.

Re: Is Capital One in compliant with CARD by recently jacking my rate?

Anonymous — Sat, 05 Feb 2011 21:31:39 GMT

If they sent the letter, they are in compliance with the law. Since you pay in full now, the APR does not matter, until you carry over a balance.

I suggest you keep the card for now and always PIF. Might be time to look for a better card for the future.

Re: Is Capital One in compliant with CARD by recently jacking my rate?

kbell — Sat, 05 Feb 2011 21:38:14 GMT

If it makes you feel any better, my Citi Mastercard is 19.99% and the card is nearing 17 years old.

Re: Is Capital One in compliant with CARD by recently jacking my rate?

jhtrico1850 — Sat, 05 Feb 2011 21:56:27 GMT

I've got 4 cards, this WAS my lowest APR card (also my lowest limit). I only charge something each month to keep it active (since I've got better rewards on other cards), but the low APR might have came in handy someday, but not anymore.

I've been on the lookout for cards, but http://money.cnn.com/2011/02/03/pf/saving/credit_cards_interest_rates/ rates are pretty high now, don't want to lock myself into something right now. Maybe I need to look into a credit union card.

Re: Is Capital One in compliant with CARD by recently jacking my rate?

jhtrico1850 — Sat, 05 Feb 2011 22:23:35 GMT

I did not realize Capital One came out with a new card, the Journey. I like how it looks. 19.8, 15.9, what's the difference, I might apply just for the 1.25% rewards and the looks lol.

Re: Is Capital One in compliant with CARD by recently jacking my rate?

Anonymous — Sat, 05 Feb 2011 23:22:29 GMT

Capital One is indeed in compliance with the CARD Act, so long as they provided the letter. If they did indeed, they notified you in writing, and they did not increase the APR on an outstanding balance, thus they are in compliance.