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What's in your wallet? NOT CAPITAL ONE!!!


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Got a notice from Capital One

“Due to extraordinary changes in the economic environment, we’re reviewing our existing credit card accounts. Having considered these economic conditions, your account’s Purchase rate, and the length of time you’ve had this rate and account, we will be increasing your Purchase rate. We’re also raising your cash advance and default rates.”

Current rate was 7.99% for purchases and case advance. New rate 17.9% and 24.9%. Some people are being raised to 29.9% No late payments and been with them 15 years. Called and all I got was “If you are unhappy with these rates you can cancel the card” Asked why there web site shows 7.15% for the rewards card and you are raising mine to 17.9% and was told that they are doing it to every one!

Is any one else here having the same issue? I know there are a bunch of posts on the consumer affairs site. This really makes me mad! Looks all Capital One wants is people who do not pay of there cards.

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Great.... :rolleyes: thanks for the heads up no wonder I dont have anything in my wallet..... :cry:

 

 

 

Credit card companies have no sympathy whatsoever.... :nonono: and tend to be extremely rude on top of it.... :rant: god forbid you use the excuse and say the word ECONOMY, sheesh that's horrible!!!

 

 

And BTW I am very pleasant with my borrowers..... :) People need that, a pleasant and understanding voice to help them keep the lines of communication open and feel more relaxed!!!

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my wamu is changing to a chase card........

 

dumped my HSBC card months ago over a late fee for a payment I made at their teller in cash.

The teller said they would not take cash, I had to write a check, then mailed me a late fee.

Yeah, they dont take cash so they can hit you with the late fee, friggin theives.

They call me and send letters inviting me back.

 

I put a sticky note on the letter explaining what happened that says

 

BITE ME!

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my wamu is changing to a chase card........

 

dumped my HSBC card months ago over a late fee for a payment I made at their teller in cash.

The teller said they would not take cash, I had to write a check, then mailed me a late fee.

Yeah, they dont take cash so they can hit you with the late fee, friggin theives.

They call me and send letters inviting me back.

 

I put a sticky note on the letter explaining what happened that says

 

BITE ME!

:hysterical::hysterical:

 

 

MM

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I received a similar letter but

 

My nominal rate does not change!! The default rate (if you have two late payments within a 12 month period) was increased along with the rate for cash advances (never do this - ever!).

 

So, as long as I continue to pay the bills on time, there is effectively no change in my rate....for now.

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Bad thing is if you get mad and cancel your card it can and will effect your credit score since length of credit is one of the factors in determining that somewhat random and secretive magic number. I have several cards but only use the one I got through my credit union....occasionally.

My suggestion is not to cancel but pay it off, cut it up and let her ride and monitor your credit.

 

You can get your free credit report from the three reporting agencies yearly by going to http://www.annualcreditreport.com in case you did not know.

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Bad thing is if you get mad and cancel your card it can and will effect your credit score since length of credit is one of the factors in determining that somewhat random and secretive magic number. I have several cards but only use the one I got through my credit union....occasionally.

My suggestion is not to cancel but pay it off, cut it up and let her ride and monitor your credit.

 

You can get your free credit report from the three reporting agencies yearly by going to http://www.annualcreditreport.com in case you did not know.

 

 

thanks for that post Barry.....I just visited them and got my credit report without

getting charged in the small print, (I hope!).

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thanks for that post Barry.....I just visited them and got my credit report without

getting charged in the small print, (I hope!).

No charge unless you get your actual credit score. Law mandates the credit reporting agencies must give you a copy of your report for free. I've printed mine out once a year since it's inception.

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No charge unless you get your actual credit score. Law mandates the credit reporting agencies must give you a copy of your report for free. I've printed mine out once a year since it's inception.

 

 

I was able to get my Credit Score when I went in to buy a Car and when he ran my Credit, I asked him for my Score.

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I can't defend the Cap One Credit card division because it sucks. I'd move the account if I were you. But, I can say that when the whole credit crunch started, my Cap One business banker called and told me that he was lowering the rate on 4 of our six loans by .5%. We never asked for a reduction, but gladly took it.

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I received a similar letter but

 

My nominal rate does not change!! The default rate (if you have two late payments within a 12 month period) was increased along with the rate for cash advances (never do this - ever!).

 

So, as long as I continue to pay the bills on time, there is effectively no change in my rate....for now.

 

 

Yup, I got this same letter today. As long as you don't make more than 2 late payments the rate WON'T go up. I quite using my cap. one card about a year ago when they started screwing me around. They didn't like that I paid in full every month so they started sending me my bills after their due dates. Like STUMP_BREAKER said, Just don't use it, but don't cancel it.

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Yup, I got this same letter today. As long as you don't make more than 2 late payments the rate WON'T go up. I quite using my cap. one card about a year ago when they started screwing me around. They didn't like that I paid in full every month so they started sending me my bills after their due dates. Like STUMP_BREAKER said, Just don't use it, but don't cancel it.

In my case never a late payment or bad credit report! Guess they do not like responsible people that pay there bills on time :finger:

As a side note my daughter's student Capital One is still at 8.9%.

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Got rid of my credit cards in October and have gone to a cash based system. If I didn't budget for it, I don't get it. If I have an unbudgeted emergency, I use my emergency fund (3 months of monthly expenses).

 

Only debt I have now is my mortgage, and I'm going to get rid of that as soon as I can.

 

Financial Peace University http://www.daveramsey.com/fpu/home/

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I had a citibank card since 1997 I used it as a typical credit card when I got it but then I learned I could transfer higher interst rate card balances to the citi bank at generaly 0% or 2.9% for a year so I did this type of thing back in the day when I didn't have much cash. I saved alot of money in interest; the last time I did this I transferred all of my fiance's credit card debt and paid it off within a year. I hadn't actually used the citibank card for the last two years and they sent me a notice that they were canceling my card do to inactivity meaning that they were not making any money off me so they canned me. I had a $16,000 limit on this card so it kinda of pisses me off that they did this. I do realize citibank was having a lot of trouble but still I never was late and I would consider myself a very responsible person with a credit score over 800. I will never do business with citibank or capital one ever again. I never had a capial one card but after reading this post they sound crooked as well.

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Got a notice from Capital One

“Due to extraordinary changes in the economic environment, we’re reviewing our existing credit card accounts. Having considered these economic conditions, your account’s Purchase rate, and the length of time you’ve had this rate and account, we will be increasing your Purchase rate. We’re also raising your cash advance and default rates.”

Current rate was 7.99% for purchases and case advance. New rate 17.9% and 24.9%. Some people are being raised to 29.9% No late payments and been with them 15 years. Called and all I got was “If you are unhappy with these rates you can cancel the card” Asked why there web site shows 7.15% for the rewards card and you are raising mine to 17.9% and was told that they are doing it to every one!

Is any one else here having the same issue? I know there are a bunch of posts on the consumer affairs site. This really makes me mad! Looks all Capital One wants is people who do not pay of there cards.

 

I'm in the same boat. Long time 2 card holder, no late payments, no issues for years. My notices came Saturday. :banghead:

 

I'm calling my bank on Tuesday after the holiday to see if they can give their cards as I have been with them since 1975. I never took one before because I'm not a big fan of credit cards but you need them anymore just to travel or buy Shelby parts :drool: .

 

Once I get a different card, we're having a Capital One card burning party. :happy feet:

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