Rag Top Day Posted February 10, 2009 Report Share Posted February 10, 2009 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. Link to comment Share on other sites More sharing options...
stump_breaker Posted February 10, 2009 Report Share Posted February 10, 2009 WTF? Seriously? I hope this is not a trend. Link to comment Share on other sites More sharing options...
David Hawkins Posted February 10, 2009 Report Share Posted February 10, 2009 I guess I will have to change Cards.......................thanks for the Up Date. Link to comment Share on other sites More sharing options...
jdscooby Posted February 10, 2009 Report Share Posted February 10, 2009 Heard on the news the other day that a lot of the card companies will be raising rates like this. Link to comment Share on other sites More sharing options...
dh777 Posted February 10, 2009 Report Share Posted February 10, 2009 Yep... AMEX lowered the credit limit on my cards. And I even pay them off every month. Link to comment Share on other sites More sharing options...
SexyStang Posted February 10, 2009 Report Share Posted February 10, 2009 Great.... :rolleyes: thanks for the heads up no wonder I dont have anything in my wallet..... Credit card companies have no sympathy whatsoever.... and tend to be extremely rude on top of it.... 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!!! Link to comment Share on other sites More sharing options...
jdscooby Posted February 10, 2009 Report Share Posted February 10, 2009 Yep... AMEX lowered the credit limit on my cards. And I even pay them off every month. Thats the problem. They don't like you to pay them off every month. Link to comment Share on other sites More sharing options...
Shlbylvr Posted February 10, 2009 Report Share Posted February 10, 2009 And Discover keeps raising my limit. I don't have anything with CapitalOne. Link to comment Share on other sites More sharing options...
rpretzel Posted February 10, 2009 Report Share Posted February 10, 2009 I still have my same low rate on my Capital One card (7.59%). I think you're getting randomly screwed Link to comment Share on other sites More sharing options...
Boss Doctor Posted February 10, 2009 Report Share Posted February 10, 2009 This doesn't surprise me. I learned many years ago that Capital One was a bunch of thieves. Link to comment Share on other sites More sharing options...
ingram4868 Posted February 10, 2009 Report Share Posted February 10, 2009 I'd cut that card up in a minute. Link to comment Share on other sites More sharing options...
Michael Morris Posted February 10, 2009 Report Share Posted February 10, 2009 I have a cap one card, but I dont use it much. I sent a picture of the Super Snake to them and they put it on my card. Ill keep the card just because my SSs is on it. MM Link to comment Share on other sites More sharing options...
mywickedshelby Posted February 10, 2009 Report Share Posted February 10, 2009 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! Link to comment Share on other sites More sharing options...
svtkeith Posted February 10, 2009 Report Share Posted February 10, 2009 I don't use the damn things... Link to comment Share on other sites More sharing options...
Michael Morris Posted February 10, 2009 Report Share Posted February 10, 2009 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! MM Link to comment Share on other sites More sharing options...
rlhay2 Posted February 10, 2009 Report Share Posted February 10, 2009 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. Link to comment Share on other sites More sharing options...
stump_breaker Posted February 10, 2009 Report Share Posted February 10, 2009 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. Link to comment Share on other sites More sharing options...
mywickedshelby Posted February 10, 2009 Report Share Posted February 10, 2009 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!). Link to comment Share on other sites More sharing options...
stump_breaker Posted February 10, 2009 Report Share Posted February 10, 2009 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. Link to comment Share on other sites More sharing options...
mywickedshelby Posted February 10, 2009 Report Share Posted February 10, 2009 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. thanks again, been meaning to do this. Link to comment Share on other sites More sharing options...
David Hawkins Posted February 10, 2009 Report Share Posted February 10, 2009 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. Link to comment Share on other sites More sharing options...
jdscooby Posted February 10, 2009 Report Share Posted February 10, 2009 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. Me too Link to comment Share on other sites More sharing options...
cobrafan Posted February 11, 2009 Report Share Posted February 11, 2009 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. Link to comment Share on other sites More sharing options...
blkGT500nCA Posted February 11, 2009 Report Share Posted February 11, 2009 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. Link to comment Share on other sites More sharing options...
Rag Top Day Posted February 11, 2009 Author Report Share Posted February 11, 2009 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 As a side note my daughter's student Capital One is still at 8.9%. Link to comment Share on other sites More sharing options...
AFBLUE Posted February 15, 2009 Report Share Posted February 15, 2009 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/ Link to comment Share on other sites More sharing options...
STLShelby Posted February 16, 2009 Report Share Posted February 16, 2009 I have had one for years. I use their money for a month and pay the balance when the statement comes in. Never paid them a dime in interest. Surprised they haven't canceled it. Link to comment Share on other sites More sharing options...
NordicShelby Posted February 16, 2009 Report Share Posted February 16, 2009 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. Link to comment Share on other sites More sharing options...
ColoradoShelbyGT Posted February 16, 2009 Report Share Posted February 16, 2009 Got the same notice from CapOne, raising all three rates. I have an extremely high limit card (hey, that was CapOne's idea, they kept raising my limit) for the business that gets paid off in full every month. I'm assuming they want me to cancel since they aren't making any money off of me (and having to pay me miles as well). Link to comment Share on other sites More sharing options...
ejrail Posted February 16, 2009 Report Share Posted February 16, 2009 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. 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 . Once I get a different card, we're having a Capital One card burning party. :happy feet: Link to comment Share on other sites More sharing options...
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