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Capital One Interest Rate Hike - up to 34.9%
jccaird
Posts: 18 Forumite
in Credit cards
Can't see that this has been mentioned in a thread - was just seeing if they could do me a better interest rate than the 26.48% that I was on and was told that from April the rate will be increased to 34.9%!!!
I'd already successfully reduced my Halifax rate from 23.8% to 19.9% this morning, so thought I'd try Capital One. They're in the process of sending letters out now, so be prepared. There is an opt out date of 28th Feb - they'll just cancel the agreement and ask you to tear up the card. Needless to say, mine has gone through the shredder already.
If this has been mentioned before, sorry!
I'd already successfully reduced my Halifax rate from 23.8% to 19.9% this morning, so thought I'd try Capital One. They're in the process of sending letters out now, so be prepared. There is an opt out date of 28th Feb - they'll just cancel the agreement and ask you to tear up the card. Needless to say, mine has gone through the shredder already.
If this has been mentioned before, sorry!
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Comments
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If the card you are referring to is the Classic Visa then this is a sub-prime card and you can only expect high Apr - Rate for Risk.
You will find most credit cards are upping the APR anyway as a pre-emptive countermeasure for when people start to miss payments and default during the current recession.
Bank the extra income from interest payments to hopefully lessen the blow when people become un-employed from redundancy etc.
Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.0 -
Aye, it's the Classic Visa. It's only quite a small balance of £500 so it should take a few months to pay off - just wish I'd got rid of it sooner.
I wish saving was an option open to me right now......!!!!0 -
Can't see that this has been mentioned in a thread - was just seeing if they could do me a better interest rate than the 26.48% that I was on and was told that from April the rate will be increased to 34.9%!!!
I'd already successfully reduced my Halifax rate from 23.8% to 19.9% this morning, so thought I'd try Capital One. They're in the process of sending letters out now, so be prepared. There is an opt out date of 28th Feb - they'll just cancel the agreement and ask you to tear up the card. Needless to say, mine has gone through the shredder already.
If this has been mentioned before, sorry!
I assume that your original rate was 29.94%, which is equivalent to 26.48% simple interest rate. Hence you "only" got a 5% increase. Seems alright compared to some...0 -
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