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Capital One BIG interest rate hike
walesrob
Posts: 1,150 Forumite
Got the letter this morning; interest rate on my Cap One Mastercard will be increasing to 26.94% from the current 18%.
Card already in 8 little pieces and awaiting return to Cap One or binned (not fussy either way
). I have a balance of 2K, will try to pay it off over next few months, but I will opt out of the new rate (meaning the card can't be used, no new spending, etc), will call them later to do this.
The account was opened July 2008, with a limit of £6700, monthly payments on average £200-£500, and this is what it comes to.
Card already in 8 little pieces and awaiting return to Cap One or binned (not fussy either way
). I have a balance of 2K, will try to pay it off over next few months, but I will opt out of the new rate (meaning the card can't be used, no new spending, etc), will call them later to do this.The account was opened July 2008, with a limit of £6700, monthly payments on average £200-£500, and this is what it comes to.
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Comments
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Both mine and OH capital one rates are going up to 39.94% and it says it will be showing from after the december 2009 statement. Definitely one to get paid off asap and then closed.0
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I believ they should have oddered you the option of staying on the existing rate if you cancel the card. others will know the details.0
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I got one to...
Just glad I have the account for the free credit checks.Cabbage Patch 09 - 10m - 1hr 06mLeicester 09 -1/2 - 1h 26m0 -
oh right I only got my cap 1 classic a month or so ago. I haven't had a letter yet I am not fussed as I just buy like 100 quid a month on it and pay it off so no dig deal to me.
Why worry about the apr if your using it as a credit building tool just put on some purchases each month you can afford to clear.
People who borrow on these sub prime cards want their bumps felt if you ask me.
Just texted the other halfs dad who on holiday spending his cap one card.0 -
received a letter from capital one this morning, my rate is being hiked
up nearly 10%, they blame it on cost of borrowing ? i was under the impression
the bank rate stands at 0.50% it seems a bit harsh to be charging me about 40% apr and blaming the bank rate.
I'll be paying these robbers off in full next month, card shredded, account closed, and a very nice piece of correspondence in the post.0 -
Same here, got letter notifying me the APR increase to 39.94%. Never missed a payment, CL increased to £2,100 from £1100 few months ago! I'm closing the account too.0
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Just got one of these today... going up to 39.94 from January 09.
Luckily there is only £500 from when I was at uni, so looks like this take priority.
How can they justify that when I have a HSBC Mastercard at 14%0 -
received a letter from capital one this morning, my rate is being hiked
up nearly 10%, they blame it on cost of borrowing ? i was under the impression
the bank rate stands at 0.50% it seems a bit harsh to be charging me about 40% apr and blaming the bank rate.
I'll be paying these robbers off in full next month, card shredded, account closed, and a very nice piece of correspondence in the post.
How are they robbers vanquis have been charging the rate and more for years I love the 3k limit @ 59.9 that my fav.
If you sub prime like me and you why should they risk their money for 15.9% .
I use it as a payment card and don't borrow on it so I am not bothered.0
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