In case you haven’t heard, Capital One has recently been increasing credit card interest rates for their cardholders. While it’s not unheard of for card issuers to raise rates if you engage in risky financial activities (universal default, anyone?), Capital One appears to be jacking up their rates across the board. In some cases, this involves turning cards that formally offered 4.99% fixed rates into variable rate cards that charge nearly triple that amount in interest.
Remember… Credit card issuers can and do change the rules from time to time. “Fixed” rates are often only fixed until they change the rules (typically with 30 days notice), so be sure to read any correspondence that you receive from your credit card issuer(s).
And if you’re currently carrying a balance on a Capital One card, you might want to check into this. If it turns out that you’re facing an uptick in interest rates, then you need to think about finding a credit card that offers low APR balance transfers.
[Source: The Consumerist]