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Anyone else get a Capital One 1.25% apr hike out of nowhere?

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J0hnD0nuts
Established Member

Anyone else get a Capital One 1.25% apr hike out of nowhere?

I have a Quicksilver and a Savor and over the last year or so they've been bumping up the rates when the feds do it. I get that. But from last months statement to this one I got an additional 1.25% apr hike on both cards on top of that! I pay on time every time so it can't be a penalty rate. No email or anything. I only noticed it because they sent me a balance transfer offer and noted my current rate. Just wanted to know if anyone else got that?

 

Also, yeah no need to reply with "iT dOeSn'T mAtTeR iF yOu PaY iN fUlL eVeRy MoNtH". Thanks. 

 

 

Message 1 of 18
17 REPLIES 17
Remedios
Credit Mentor

Re: Anyone else get a Capital One 1.25% apr hike out of nowhere?


@J0hnD0nuts wrote:

I have a Quicksilver and a Savor and over the last year or so they've been bumping up the rates when the feds do it. I get that. But from last months statement to this one I got an additional 1.25% apr hike on both cards on top of that! I pay on time every time so it can't be a penalty rate. No email or anything. I only noticed it because they sent me a balance transfer offer and noted my current rate. Just wanted to know if anyone else got that?

 

Also, yeah no need to reply with "iT dOeSn'T mAtTeR iF yOu PaY iN fUlL eVeRy MoNtH". Thanks. 

 

 


 

 

 

Well, it doesn't matter if you pay in full every month. 

 

Additionally, when you post on the public forum, you (or me) do not get to dictate response, especially when it's the "right" response.  

 

If you believe your APR has been raised outside of what feds are doing, call Cap One and ask because this type of APR hike must be communicated to consumer.

Before you call, check emails, snail mail, and your document center if you elected to go fully paperless. 

Message 2 of 18
FinStar
Moderator Emeritus

Re: Anyone else get a Capital One 1.25% apr hike out of nowhere?


@J0hnD0nuts wrote:

I have a Quicksilver and a Savor and over the last year or so they've been bumping up the rates when the feds do it. I get that. But from last months statement to this one I got an additional 1.25% apr hike on both cards on top of that! I pay on time every time so it can't be a penalty rate. No email or anything. I only noticed it because they sent me a balance transfer offer and noted my current rate. Just wanted to know if anyone else got that?

 

Also, yeah no need to reply with "iT dOeSn'T mAtTeR iF yOu PaY iN fUlL eVeRy MoNtH". Thanks. 

 


Nope, other than the adjusted APR that mirrors the Fed rate hikes.

 

However, if you're traditionally in PIF mode, the APR should be a non-event 🤷‍♂️ 

Message 3 of 18
ptatohed
Valued Contributor

Re: Anyone else get a Capital One 1.25% apr hike out of nowhere?

To be fair, the OP did ask a yes or no question. 

 

But I get it, PIF is the only way to go and, thus, interest rates shouldn't matter, lol.  There, I said it too.  Smiley Happy

 

For me, I don't know.  I can't remember the last time I looked at any of my APRs.  And if I looked now, I couldn't tell you if they have gone up from some previous point in time nor by how much.  

 

But if it helps at all:

My Savor is... oh, wow, didn't even know this... 0.00% through Feb '23, 19.24% after that, purchases.  29.24%, cash advance.  Ouch.

My WalMart is 20.74%, purchases.  29.74% cash advance.  Ouch.  

My Quicksilver.......... long closed for innactivity, lol.

 

 

 

 

5% CB rotating: ;
Everyday 3% CB: ;
Everyday 5%: ;
Companion Card: ;
Everyday 2.2% CB: ;
Retired to sock drawer after AOD (kept alive w/ 1 purchase every 6 mo): ;
On my radar: ;
Still Waiting for an Invite: ;
No hope:
Message 4 of 18
PackAttack07
Established Member

Re: Anyone else get a Capital One 1.25% apr hike out of nowhere?

AMEX did this to me out of the blue as well I believe it was a 0.74% one-off increase "to align your APR to that of other consumers with this product currently" (or something along those lines. My FICO is as high as it's been in years, and because it was a 0.74% increase it was kind of difficult to parse out when I called AMEX and asked what that was about since if anything they should lower my APR.

 

Like the OP here, some of us just don't like seeing what amounts to a credit downgrade, even if it doesn't technically cost us any money. I only paid AMEX interest once many many years ago despite having 3 cards, so yea the APR doesn't monetarily affect you today, but it likely DOES indicate something. It took me forever to even get the AMEX rep to acknowledge they even did this, and upon investigating further he said it was done as a broad-based update to card holders and had no specific trigger or personal action that engaged the adjustment.

 

Not sure if I believe that, but I guess AMEX thinks this lowers their risk/profit ratio with me? If so, it's window dressing, because they are by FAR my highest interest rate now - 27.24%!!!!!!! If you're paying 26.49% interest on any amount at all I have to the extra 0.74% could only have negative convexity wrt repayment.

 

Almost definitely done to placate the investors buying outstanding securitized credit card receivables and/or provide window dressing for thier interest margins. I asked what I was getting in return and got a stupid like spend $1 million get $20 one-off bonus. Whatever.

Message 5 of 18
EAT_SLEEP_JEEP
Valued Contributor

Re: Anyone else get a Capital One 1.25% apr hike out of nowhere?

I haven't noticed it on my cap 1 but I have received a couple emails last year from apple card stating my APR was going up due to rate hikes. Its really a non issue as I am only in it for the cash back or points these days so I don't care to even look at my cards rates

KEEPER EVERYDAY CARDS/ AMEX CHARLES SCHWAB PLATINUM NPSL/ AMEX GOLD NPSL / AMEX GREEN NPSL/ AMEX EVERYDAY PREFERRED $30,000 CL/ AMEX BLUE BUSINESS PLUS $5000 SL/ AMEX BLUE CASH EVERYDAY $6000 / FIDELITY REWARDS VISA $23,500 SL/ NFCU FLAGSHIP $38,000 CL/ NFCU MORE REWARDS $33,000 /

SOCKDRAWERED FNBO JEEP CARD $7700/ FNBO FORDPASS REWARDS $1000/ WELLS FARGO ACTIVE CASH $8200/ CAPITAL ONE QUICKSILVER $3000 SL/ APPLE CARD $6500/ / PAYPAL CREDIT LINE $1700
Message 6 of 18
SouthJamaica
Mega Contributor

Re: Anyone else get a Capital One 1.25% apr hike out of nowhere?


@J0hnD0nuts wrote:

I have a Quicksilver and a Savor and over the last year or so they've been bumping up the rates when the feds do it. I get that. But from last months statement to this one I got an additional 1.25% apr hike on both cards on top of that! I pay on time every time so it can't be a penalty rate. No email or anything. I only noticed it because they sent me a balance transfer offer and noted my current rate. Just wanted to know if anyone else got that?

 

Also, yeah no need to reply with "iT dOeSn'T mAtTeR iF yOu PaY iN fUlL eVeRy MoNtH". Thanks. 

 

 


All my cards, no matter who the issuer is, have been raising the APR right and left ever since the Fed started raising the Fed Funds rate.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 7 of 18
Horseshoez
Valued Contributor

Re: Anyone else get a Capital One 1.25% apr hike out of nowhere?


@SouthJamaica wrote:

All my cards, no matter who the issuer is, have been raising the APR right and left ever since the Fed started raising the Fed Funds rate.

Agreed, even PenFed bumped my rate 1.00%.

I categorically refuse to do AZEO!
Message 8 of 18
Guyatthebeach
Valued Contributor

Re: Anyone else get a Capital One 1.25% apr hike out of nowhere?

All of my CapitalOne cards have had APR increases every time the Federal Reserve rates increase. I only have one old credit card with a CU that has not increased, it's a fixed rate Visa.  

Guyatthebeach

Message 9 of 18
galahad15
Valued Contributor

Re: Anyone else get a Capital One 1.25% apr hike out of nowhere?


@SouthJamaica wrote:

@J0hnD0nuts wrote:

I have a Quicksilver and a Savor and over the last year or so they've been bumping up the rates when the feds do it. I get that. But from last months statement to this one I got an additional 1.25% apr hike on both cards on top of that! I pay on time every time so it can't be a penalty rate. No email or anything. I only noticed it because they sent me a balance transfer offer and noted my current rate. Just wanted to know if anyone else got that?

 

Also, yeah no need to reply with "iT dOeSn'T mAtTeR iF yOu PaY iN fUlL eVeRy MoNtH". Thanks. 

 

 


All my cards, no matter who the issuer is, have been raising the APR right and left ever since the Fed started raising the Fed Funds rate.


@SouthJamaica:  Happy New Year, just wanted to briefly mention that there are still fixed-rate APR cards out there that are offered by some credit unions, whose APRs are not tied to the Fed Funds rate or the Prime Rate, and whose rates stay static (in theory).  True, it is still technically possible for the fixed-rate cards to receive a rate hike on their fixed APRs or be converted to variable-rate cards, if the issuer elects to and provides 45 days notice to the customer.  Ime and fwiw, thus far to date, none of my fixed-rate APR cards have received a change-of-terms notice from the issuer indicating that either the fixed rates will be increased or converted to variable rates.


Message 10 of 18
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