Comments on: Capital One Jacks Up Interest Rates http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/ personal finance tips, tricks, and commentary Sat, 21 Nov 2009 18:35:25 -0500 http://wordpress.org/?v=abc hourly 1 By: Gigi http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-133088 Gigi Fri, 10 Jul 2009 13:17:43 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-133088 Thomas, don't cancel your card as that adversely affects your credit rating. Just pay it off and leave it open.... That's worse for them. I called again seeing you all got a rate reduction and was told that I didn't qualify for it.... I just paid it off with a credit union line of credit, 5.5% interest rate, and shredded the capital ones.... Done, they lost my business after about ten years.... I hope they go belly up and no one bails them out! Enough is enough! Legalized mafia is what it is..... Thomas, don’t cancel your card as that adversely affects your credit rating. Just pay it off and leave it open…. That’s worse for them. I called again seeing you all got a rate reduction and was told that I didn’t qualify for it…. I just paid it off with a credit union line of credit, 5.5% interest rate, and shredded the capital ones…. Done, they lost my business after about ten years…. I hope they go belly up and no one bails them out! Enough is enough! Legalized mafia is what it is…..

]]> By: Thomas http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-133080 Thomas Thu, 09 Jul 2009 20:00:12 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-133080 Same boat as many of you. Credit score is higher than 750, customer for five years, no defaults, etc. and my fixed rate went from 7.9% to a variable 17.9%. The CSR blamed it on economy and said more than 40 million customers are affected by the change. They did the same "temporary interest rate reduction" but I am canceling anyway. The credit card companies are experimenting to see if you, the customer, will tolerate a variable promotional style interest rate. Fight it now or live with it forever. Same boat as many of you. Credit score is higher than 750, customer for five years, no defaults, etc. and my fixed rate went from 7.9% to a variable 17.9%. The CSR blamed it on economy and said more than 40 million customers are affected by the change. They did the same “temporary interest rate reduction” but I am canceling anyway.

The credit card companies are experimenting to see if you, the customer, will tolerate a variable promotional style interest rate. Fight it now or live with it forever.

]]> By: Joye http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-132176 Joye Fri, 05 Jun 2009 13:44:36 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-132176 I called Capital One on June 4 2009 and talked to a representative I told him about my interest rate going from 8.5% to 17.9% . He was very nice and said he was transferring my call to his general manager the manager looked at my account and lowered my interest rate to 7.99% for nine months. He said after nine months they would see were the interest rates are , hopefully better, and review my account. He said I was a good customer and didn't want to lose my account. Joye I called Capital One on June 4 2009 and talked to a representative I told him about my interest rate going from 8.5% to 17.9% . He was very nice and said he was transferring my call to his general manager the manager looked at my account and lowered my interest rate to 7.99% for nine months. He said after nine months they would see were the interest rates are , hopefully better, and review my account. He said I was a good customer and didn’t want to lose my account. Joye

]]> By: Joye http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-132045 Joye Mon, 01 Jun 2009 19:27:01 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-132045 Capital One raised my rate from 8.5% to 17.9% . I called Capital One they told me I was a good customer, so watch out with all your credit cards. I called President Obama's comment line at the White House , I talked to a really nice person , she told me to call my Ohio Representative Bob Latta. I called his office and they told me to send a letter with my account information to them. Also President Obama signed a credit card bill last week but it will not go into effect for another nine months and we don't even know if it will help this problem . Capital One raised my rate from 8.5% to 17.9% . I called Capital One they told me I was a good customer, so watch out with all your credit cards. I called President Obama’s comment line at the White House , I talked to a really nice person , she told me to call my Ohio Representative Bob Latta. I called his office and they told me to send a letter with my account information to them. Also President Obama signed a credit card bill last week but it will not go into effect for another nine months and we don’t even know if it will help this problem .

]]> By: Georgianna LaRocque-Price http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-131832 Georgianna LaRocque-Price Sun, 24 May 2009 03:27:54 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-131832 It's worse than I thought. They will raise the rate to 17.9 as of April 2010..... What the hell is that all about? Does Cap One really think this will help their cause? It’s worse than I thought. They will raise the rate to 17.9 as of April 2010….. What the hell is that all about? Does Cap One really think this will help their cause?

]]> By: Georgianna LaRocque-Price http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-131782 Georgianna LaRocque-Price Fri, 22 May 2009 03:24:04 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-131782 I, too received word today that Capital One will raise our interest rate 5 points as of April 2010. A few years back, before the economic crisis, our two Cap One cards were both raised to 9.9% -- one was 4.9 and one 7.9, both were FIXED rates... So what was the reason as I have excellent credit rating, never late, and pay 3 to 4 times the minimum? "It was an executive decision accross the board" was the reason I was given. I was able to get them to settle at 8.9% but now they want to raise it to 14.9???? What the heck? Just because they can? I know that some states' Attorney Generals did charge a class action suit. New York did not. I plan on calling my Senators and the White House tomorrow.... This is highway robbery against people who are struggling to stay afloat in terrible economic times while the government is bailing out the company and the President of the company takes a 6 figure salary.... Not fair. Totally unjust.... No reason for this! Call your Attorney Generals, Senators, and call the White House comment line -- 202-456-1111. In 5 years, our interest on these FIXED accounts has gone from 4.9% and 7.9% to 14.9%! And, we have never been late, and we pay much more than the minimum. This is wrong..... Call! Demand that this be stopped. Hell, take the bail outs from these companies and give them to us, the little guys, who don't make a 6 figure salary, so we can continue to pay off the increasingly obscene interest rates! I, too received word today that Capital One will raise our interest rate 5 points as of April 2010. A few years back, before the economic crisis, our two Cap One cards were both raised to 9.9% — one was 4.9 and one 7.9, both were FIXED rates… So what was the reason as I have excellent credit rating, never late, and pay 3 to 4 times the minimum? “It was an executive decision accross the board” was the reason I was given. I was able to get them to settle at 8.9% but now they want to raise it to 14.9???? What the heck? Just because they can? I know that some states’ Attorney Generals did charge a class action suit. New York did not. I plan on calling my Senators and the White House tomorrow…. This is highway robbery against people who are struggling to stay afloat in terrible economic times while the government is bailing out the company and the President of the company takes a 6 figure salary…. Not fair. Totally unjust…. No reason for this! Call your Attorney Generals, Senators, and call the White House comment line — 202-456-1111. In 5 years, our interest on these FIXED accounts has gone from 4.9% and 7.9% to 14.9%! And, we have never been late, and we pay much more than the minimum. This is wrong….. Call! Demand that this be stopped. Hell, take the bail outs from these companies and give them to us, the little guys, who don’t make a 6 figure salary, so we can continue to pay off the increasingly obscene interest rates!

]]> By: Joely http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-131719 Joely Wed, 20 May 2009 16:05:48 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-131719 Same thing that happened to Brian has happened to me too with Capital One. I'm an excellent customer with above 740 credit score (I happen to know since I'm in the middle of refinance so recently did a credit check). I've never been late with payment. Usually pay more than minimum. I used to like the card b/c they usually don't charge transfer fee for balance transfer. I had recently paid off big chunk of what I owed them on a low interest balance transfer balance. Then, they sent me a flyer that says that they are raising my rate from current 8.53% to 17.9% (this equates to more than 13% above primate rate) effectively in August. Pay off or opt out. I'm so incensed that I don't think I'll even bother calling them to complain. I'm going to pay it off and close it down since I only have $200 on this card. I'm never doing business with Capital One ever again. I've learned my lesson. This is a predatory company. Same thing that happened to Brian has happened to me too with Capital One. I’m an excellent customer with above 740 credit score (I happen to know since I’m in the middle of refinance so recently did a credit check). I’ve never been late with payment. Usually pay more than minimum. I used to like the card b/c they usually don’t charge transfer fee for balance transfer. I had recently paid off big chunk of what I owed them on a low interest balance transfer balance. Then, they sent me a flyer that says that they are raising my rate from current 8.53% to 17.9% (this equates to more than 13% above primate rate) effectively in August. Pay off or opt out. I’m so incensed that I don’t think I’ll even bother calling them to complain. I’m going to pay it off and close it down since I only have $200 on this card. I’m never doing business with Capital One ever again. I’ve learned my lesson. This is a predatory company.

]]> By: Brian http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-131718 Brian Wed, 20 May 2009 15:24:16 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-131718 I have been a Capital One customer for many years. I've always kept my account in good standing. Today I got a letter stating that effective July 2, 2009 my APR will be increased from 8.3% to 17.9%. I called to complain and talked to some lame supervisor who gave me the same excuses that were in the letter. The increase was due to "the challenging economic environment". I was told my only two options were to suck it up and live with the increased APR or opt out which means closing my account, locking in my current lower APR and paying off the balance. Is Capital One brain dead? Are they living on some other planet? Don't they know that everyone is facing "the challenging economic environment"? Increasing the APR only serves to put more people into more unwanted debt any prolongs paying down account balances. If you received this same letter send Capital One a message and opt out. What's in my wallet? Definitely not Capital One. Their greed is shameful. I have been a Capital One customer for many years. I’ve always kept my account in good standing. Today I got a letter stating that effective July 2, 2009 my APR will be increased from 8.3% to 17.9%. I called to complain and talked to some lame supervisor who gave me the same excuses that were in the letter. The increase was due to “the challenging economic environment”. I was told my only two options were to suck it up and live with the increased APR or opt out which means closing my account, locking in my current lower APR and paying off the balance. Is Capital One brain dead? Are they living on some other planet? Don’t they know that everyone is facing “the challenging economic environment”? Increasing the APR only serves to put more people into more unwanted debt any prolongs paying down account balances. If you received this same letter send Capital One a message and opt out. What’s in my wallet? Definitely not Capital One. Their greed is shameful.

]]> By: sdgirl1 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-130365 sdgirl1 Wed, 25 Mar 2009 03:42:10 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-130365 I canceled my card today. I have excellent payment history no late payments. They are rasing my card interest rate from 9.9 to 17.00. They can take the card and shove it. I have been an excellent customer for years. What are they trying to do go out of business? Who's running that bank? My guess is they are trying to get rid of people that are not using their credit so that will clear credit for others to use. They want people to use their cards. That's how they make money. Not just holding on to it in your wallet. Plus, the law is changing July 1, 2010 regarding credit card rules. The new rules are going to "curb some of the credit card industry's most egregious practices, particularly the ability of issuers to raise rates on existing balances." They are raising rates now because they know it will be harder for them later. I canceled my card today. I have excellent payment history no late payments. They are rasing my card interest rate from 9.9 to 17.00. They can take the card and shove it. I have been an excellent customer for years. What are they trying to do go out of business? Who’s running that bank? My guess is they are trying to get rid of people that are not using their credit so that will clear credit for others to use. They want people to use their cards. That’s how they make money. Not just holding on to it in your wallet. Plus, the law is changing July 1, 2010 regarding credit card rules. The new rules are going to “curb some of the credit card industry’s most egregious practices, particularly the ability of issuers to raise rates on existing balances.” They are raising rates now because they know it will be harder for them later.

]]> By: Bog http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-130339 Bog Tue, 24 Mar 2009 06:12:15 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-130339 You think your rate is bad, I just got a note that these usurious people want to raise my rate to over 30%. They going to make it a venerable rate based on prime plus 27%. My old rate was 9%. Never made a late payment. Not that it will affect me, I usually pay off in full every month. But its the insult if the thing. I also have a high limit card with them. Gee, I change 35k a year, which is A LOT in merchant fees. and I pay in full every month. Not the kind of customer they want to displease. You think your rate is bad, I just got a note that these usurious people want to raise my rate to over 30%. They going to make it a venerable rate based on prime plus 27%. My old rate was 9%. Never made a late payment. Not that it will affect me, I usually pay off in full every month. But its the insult if the thing. I also have a high limit card with them. Gee, I change 35k a year, which is A LOT in merchant fees. and I pay in full every month. Not the kind of customer they want to displease.

]]> By: Moven-On Too http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-130170 Moven-On Too Thu, 19 Mar 2009 07:27:23 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-130170 Last week I got a little booklet from C1 saying that my 14.9 rate would be raised to 22.9% as of April 17, 2009. If I decline this "offer" I must close my account before that date, and can then pay off the balance at the current interest rate, which has already increased 3-4 times in the past several years in spite of a perfect payment record. Talk about the last straw. I am now looking for a good balance transfer card. C1 must know this huge jump in interest rates and talk of closing accounts will scare card holders into paying their balances off and going elsewhere. C1 must need the cash badly to force good longterm customers out so they can make a quick buck.... Last week I got a little booklet from C1 saying that my 14.9 rate would be raised to 22.9% as of April 17, 2009. If I decline this “offer” I must close my account before that date, and can then pay off the balance at the current interest rate, which has already increased 3-4 times in the past several years in spite of a perfect payment record.

Talk about the last straw. I am now looking for a good balance transfer card.

C1 must know this huge jump in interest rates and talk of closing accounts will scare card holders into paying their balances off and going elsewhere. C1 must need the cash badly to force good longterm customers out so they can make a quick buck….

]]> By: Steve and Upset http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-129810 Steve and Upset Thu, 05 Mar 2009 02:46:53 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-129810 I have been a Capital-One card holder for ten-years plus. I have always carried a balance and have always paid my CC payments on time. I have a 7.9 credit rating and intend to keep this score. Today I received a notice that Capital-One will be raising my interest rate from the 7.9fixed to somewhere around 22-29 percent. This practice should be illegal, I will complete the transactions pending with CAPITAL-ONE AND THEN I WILL BURN THE CARD. I just wonder if Capital-One is getting BAIL-OUT MONEY, along with raping the consumer. I've had it!!!!! I have been a Capital-One card holder for ten-years plus. I have always carried a balance and have always paid my CC payments on time. I have a 7.9 credit rating and intend to keep this score. Today I received a notice that Capital-One will be raising my interest rate from the 7.9fixed to somewhere around 22-29 percent. This practice should be illegal, I will complete the transactions pending with CAPITAL-ONE AND THEN I WILL BURN THE CARD. I just wonder if Capital-One is getting BAIL-OUT MONEY, along with raping the consumer. I’ve had it!!!!!

]]> By: JabaSubprime http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-129605 JabaSubprime Wed, 25 Feb 2009 18:49:38 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-129605 Capital One is doing the same thing to me. I've had a fixed rate at 6% for I don't know how long, and I just got a notice that they are raising it to LIBOR plus something variable rate (think that puts it at ~19% right now) due to no fault on my part. I must say I've never had a CC company do that to me before, so I was a little upset/insulted at first. Luckily since a couple of years ago I've started using my AMEX Starwood points card exclusively where AMEX is accepted and the Capitol One VISA only as a backup. I've just realized that the C1 No Hassle points card is actually pretty crappy. If you want to trade them for cash, products, etc. you are lucky to get 1/2% of your miles, which is terrible. If you can hit the flight cost just right with their flight reimbursement ranges you can get max 1%. With my AMEX Starwood card I can redeem for starwood hotel rooms and consistently get 3-5%. If you like Starwood hotels it's a great card. Alas, this is not a plug for starwood. In closing, I find it a bit humorous how insulted people get when CC companies do seemingly unethical practices. I honestly had that emotion too, but there are so many options you have to transfer balances and what not. Unfortunately, I suppose some people w/ high balances and not the means to pay them off might could get locked in. I'm sure that's what Capital One is "banking" on. It's unfortunate for those folks. Capital One is doing the same thing to me. I’ve had a fixed rate at 6% for I don’t know how long, and I just got a notice that they are raising it to LIBOR plus something variable rate (think that puts it at ~19% right now) due to no fault on my part. I must say I’ve never had a CC company do that to me before, so I was a little upset/insulted at first.

Luckily since a couple of years ago I’ve started using my AMEX Starwood points card exclusively where AMEX is accepted and the Capitol One VISA only as a backup. I’ve just realized that the C1 No Hassle points card is actually pretty crappy. If you want to trade them for cash, products, etc. you are lucky to get 1/2% of your miles, which is terrible. If you can hit the flight cost just right with their flight reimbursement ranges you can get max 1%. With my AMEX Starwood card I can redeem for starwood hotel rooms and consistently get 3-5%. If you like Starwood hotels it’s a great card. Alas, this is not a plug for starwood.

In closing, I find it a bit humorous how insulted people get when CC companies do seemingly unethical practices. I honestly had that emotion too, but there are so many options you have to transfer balances and what not. Unfortunately, I suppose some people w/ high balances and not the means to pay them off might could get locked in. I’m sure that’s what Capital One is “banking” on. It’s unfortunate for those folks.

]]> By: PissedAndMovin'On http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-129583 PissedAndMovin'On Wed, 25 Feb 2009 04:07:15 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-129583 I agree Capital 1 sucks. My family and I have 3 C1 cards. My wife and I have an above 800 credit score and two 4.99 fixed interest cards. Her and I just got notices that the rates on mine are going up to 13.9( I haven't used mine in over 2 years) and hers will stay the same until April 2010 and she just paid her balance off in Jan. 08( we both have perfect payment histories) My son has a limited credit history( because of age) and his interest rate is 16.9 and his notice says his rate will stay the same. (all of the rates previously mentioned changing to "variable") I made several calls to Capital 1 asking why such changes were taking place and why there are such differences in the rates. I got the same excuse every time " it's a business decision". This is very unacceptable treatment to loyal "ontime" paying customers! It's time to move on, we all can do better than this kind of treatment. I agree Capital 1 sucks. My family and I have 3 C1 cards. My wife and I have an above 800 credit score and two 4.99 fixed interest cards. Her and I just got notices that the rates on mine are going up to 13.9( I haven’t used mine in over 2 years) and hers will stay the same until April 2010 and she just paid her balance off in Jan. 08( we both have perfect payment histories) My son has a limited credit history( because of age) and his interest rate is 16.9 and his notice says his rate will stay the same. (all of the rates previously mentioned changing to “variable”) I made several calls to Capital 1 asking why such changes were taking place and why there are such differences in the rates. I got the same excuse every time ” it’s a business decision”. This is very unacceptable treatment to loyal “ontime” paying customers! It’s time to move on, we all can do better than this kind of treatment.

]]> By: Dude229 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-126945 Dude229 Tue, 02 Dec 2008 14:25:59 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-126945 did u know that someone's suing C1? about time in my opinion! did u know that someone’s suing C1? about time in my opinion!

]]> By: Joe http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-120242 Joe Sat, 02 Aug 2008 00:00:18 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-120242 After having been a customer of capitalone for ten years, I am finished with their inept and unethical business ways. Once I pay this card off, I'll never do business with these crooked bastards again. After having been a customer of capitalone for ten years, I am finished with their inept and unethical business ways. Once I pay this card off, I’ll never do business with these crooked bastards again.

]]> By: Dean http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-117786 Dean Fri, 06 Jun 2008 22:04:29 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-117786 Capital One does suck. I have two cards with them, one is a $3 a month card that I've had for more than 12 years. Yeah, can you believe it, they charge me $3 a month. In the past they've waived the fee; later on they would only give me 1.50 credit. Now they won't even waive the fee. They said they just had a meeting and can't do that anymore. My other card with them has like 12.9. This $3/month card has two fixed rate transfers, one at 2.9 and one at 9.9(with 8.9 after one year fixed) and i noticed that it jumped from 12.9 to 19.8 since my last statement (may 08 to june 08) I called today and asked them to have it lowered. Put on hold for 15 seconds. Came back and said I was not eligible for any lowering of my APR. I told them that I would be transferring my $$ from that card immediately. ALSO, someone else I saw somplace had a similar situation. I wanted to get rid of this $3/month card and they wanted me to consolidate the two cards into one toget the lower rate. What a joke! KEEP A WATCH ON YOUR APR on these people. Capital One sucks. What's in your wallet? Hidden APR hikes! Capital One does suck. I have two cards with them, one is a $3 a month card that I’ve had for more than 12 years. Yeah, can you believe it, they charge me $3 a month. In the past they’ve waived the fee; later on they would only give me 1.50 credit. Now they won’t even waive the fee. They said they just had a meeting and can’t do that anymore.
My other card with them has like 12.9. This $3/month card has two fixed rate transfers, one at 2.9 and one at 9.9(with 8.9 after one year fixed) and i noticed that it jumped from 12.9 to 19.8 since my last statement (may 08 to june 08) I called today and asked them to have it lowered. Put on hold for 15 seconds. Came back and said I was not eligible for any lowering of my APR. I told them that I would be transferring my $$ from that card immediately.
ALSO, someone else I saw somplace had a similar situation. I wanted to get rid of this $3/month card and they wanted me to consolidate the two cards into one toget the lower rate. What a joke!
KEEP A WATCH ON YOUR APR on these people. Capital One sucks. What’s in your wallet? Hidden APR hikes!

]]> By: Mark Graybill http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-115268 Mark Graybill Tue, 12 Feb 2008 05:28:42 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-115268 I transfered the balance of another card to Capital One and was assured I'd have an APR of 4.99 until the balance was paid off. I've just come to find that they raised my rate to over 13%! I'm taking out a home equity loan at 6% and paying off the card tomorrow! I'll never do business with Capital One again. I've never been late with a payment and I have almost PERFECT credit. As far as I am concerned, Capital One engages in consumer FRAUD. I transfered the balance of another card to Capital One and was assured I’d have an APR of 4.99 until the balance was paid off. I’ve just come to find that they raised my rate to over 13%!

I’m taking out a home equity loan at 6% and paying off the card tomorrow!

I’ll never do business with Capital One again. I’ve never been late with a payment and I have almost PERFECT credit. As far as I am concerned, Capital One engages in consumer FRAUD.

]]> By: pablo http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-102029 pablo Tue, 30 Oct 2007 18:04:49 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-102029 They raised my rate from 4.9 'fixed' to 13.4. I called them and they lowered it to 9.9 variable. Debt ruins lives. They raised my rate from 4.9 ‘fixed’ to 13.4. I called them and they lowered it to 9.9 variable. Debt ruins lives.

]]> By: Steve "The Debt Settlement Man" B http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-79050 Steve "The Debt Settlement Man" B Fri, 24 Aug 2007 18:23:48 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-79050 Capital One are the biggest loan sharks out there. They notoriously utilize universal default to get consumers interest rates well over 25%, which just kills peoples finances. Capital One are the biggest loan sharks out there. They notoriously utilize universal default to get consumers interest rates well over 25%, which just kills peoples finances.

]]> By: Cynthia http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-78859 Cynthia Sun, 12 Aug 2007 22:42:31 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-78859 1. Rec'd note that my 14% C1 card was increasing to 19%. I called. I have perfect credit history with them. They kept it at 14% 2. Rec'd note that my 4.9% C1 card was increasing fees -- but not APR. C1 could not say why the difference. What I would like to do is switch my 14% C1 card to a lower interest C1 card. Appears that they only way I can do that is to transfer the 1200 owed to my hsbc card which has zero balance. Then cancel my 14% C1 card. And then reopen another C1 card at capital one. I like c1..have always had great relationship with them. But, sheesh, that looks like a ridiculous option/way to handle the change. But meanwhile, I don't want to do anything that will reduce my credit score. My mortgage is paid off and I have no car debt. My lack of debt hurts my Fico score. So I need card accounts with long histories. Ideas? 1. Rec’d note that my 14% C1 card was increasing to 19%. I called. I have perfect credit history with them. They kept it at 14%

2. Rec’d note that my 4.9% C1 card was increasing fees — but not APR.

C1 could not say why the difference.

What I would like to do is switch my 14% C1 card to a lower interest C1 card. Appears that they only way I can do that is to transfer the 1200 owed to my hsbc card which has zero balance. Then cancel my 14% C1 card. And then reopen another C1 card at capital one.

I like c1..have always had great relationship with them. But, sheesh, that looks like a ridiculous option/way to handle the change.

But meanwhile, I don’t want to do anything that will reduce my credit score. My mortgage is paid off and I have no car debt. My lack of debt hurts my Fico score.

So I need card accounts with long histories.

Ideas?

]]> By: Jim http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-78858 Jim Sun, 12 Aug 2007 18:45:46 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-78858 I know it's simple,just whip out that credit card.How about,just paying for it when you want or can afford it.It's such a novel idea .why didn't i think of that before! credit card companies will be suing for your business! I know it’s simple,just whip out that credit card.How about,just paying for it when you want or can afford it.It’s such a novel idea .why didn’t i think of that before! credit card companies will be suing for your business!

]]> By: ted http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-78852 ted Sun, 12 Aug 2007 04:16:47 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-78852 I have never heard of that. i don't know why I'm surprized. I thought we were the ones who keep them in business... so much for customer service! I have never heard of that. i don’t know why I’m surprized. I thought we were the ones who keep them in business… so much for customer service!

]]> By: Minimum Wage http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-78836 Minimum Wage Thu, 09 Aug 2007 19:48:26 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-78836 New advertising campaign: WHO'S IN YOUR WALLET? New advertising campaign:

WHO’S IN YOUR WALLET?

]]> By: Cheryl http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-78790 Cheryl Tue, 07 Aug 2007 14:13:46 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-78790 I got something in the mail from C1, it stated that the overlimit fees, latepayment fees, and returned check fees were going up...it stated nothing about my interest rate...? I got something in the mail from C1, it stated that the overlimit fees, latepayment fees, and returned check fees were going up…it stated nothing about my interest rate…?

]]> By: MoneyNing http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-78789 MoneyNing Tue, 07 Aug 2007 05:21:44 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-78789 If capital one is like any other credit card company, I bet you can call them up and ask for your rate to be lowered. If capital one is like any other credit card company, I bet you can call them up and ask for your rate to be lowered.

]]> By: RateLadder http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/comment-page-1/#comment-78785 RateLadder Mon, 06 Aug 2007 22:16:15 +0000 http://www.fivecentnickel.com/2007/08/06/capital-one-jacks-up-interest-rates/#comment-78785 CCs are always jerking you around... You must pay them every month or risk financial ruin... Over drastic? CCs are always jerking you around… You must pay them every month or risk financial ruin… Over drastic?

]]>