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Capital one changing rate??
Comments
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I've never paid them a dot of interest in 3 years, I've never missed a payment, I've been hit with one charge - because I went over my credit limit by 83p - and what do I get now....
An interest rate of 33.87%
Getting rewarded for not paying them any interest in them hiking my APR - thats good business sense.
I feel for those that have balances etc - and it just goes to show how the banks and financial institutions are really not helping out people during a credit crisis.0 -
i have a capital one card which was originally 5.9%
its always floated around the 4 or 5k mark over the years, up and down.
about a month ago i did a transfer to a 0% virgin card, so its now clear.
i got a letter last week saying they were upping it to 9.9%.
so i wont be using it again, their loss.0 -
I'm in a similar boat here. Got a letter to say my rate would be increasing from 22.47% to 31.88% - that's pratically a 50% increase. :mad:
It's the only card I have and don't think I've got much chance of getting another one in the current climate (account conduct has been good though). Unless I go with someone like Aqua - which will mean getting an equally poor rate, although it might be worth it just to move away from Capital One!
My thoughts are that they want to reduce their exposure so are hoping a significant number of people will close their account.
Not sure if the FSA would be bothered given that these are variable rate accounts, although the degree of the increase does seem very harsh!0 -
I'm one of the barely desirables, I'm unemployed so my limit is much lower than those of others here. It used to be £200 then, a few months ago, they surprisingly raised it to £500. My interest rate is currently at about 29% and it'll be going up to 34.94%.
Usury ?
The timing of the credit limit rise and then the rather large c. 5% bump in interest charges could be considered a coincidence, I suppose.
Fortunately, I never borrow more than I can afford and pay it off in full every month. Which means that I don't provide them with any direct income, only what they make off of my purchases from the vendors.0 -
Just received a letter from Capital One upping my rate from 14.5% to 29.88% yes TWENTY NINE . EIGHT EIGHT:eek:
Good job I recently cleared that card. Spoke to them to see if they would move my account over to the 9.9% (NOT 6.9% as on this site). Didn't want to know even though I have been with them for 6 years and never missed a payment.
They said Cancel the card and apply on-line for the new one.
You have been quoted in The Guardian along with Paintbrush! :cool: http://www.guardian.co.uk/money/2009/jan/29/capital-one-interest-rate-rises
"Life is difficult. Life is a series of problems. What makes life difficult is that the process of confronting and solving problems is a painful one." M Scott Peck. The Road Less Travelled.0 -
Thanks - just checked the letter I got yesterday - upped the interest to 21.03%. I have had a nil balance for a while. fore you do though new credit is very scarce - and my current cards are doing all sort of tricks - reducing limits and raising interest rates. We all need somem credit available to get through the next few months, so don't do anything in haste. I'll put my card away and they can pay the postage for my statements (silent revenge..)0
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I got the letter too. I'm actually trying to pay my debts back, and in the last 6 months I've reduced my balance from pretty much maxed out to paying £1k off. I rang them and told them to stick it, it's kind of the kick I needed to get it paid off anyways. But they'll lose a customer over it. It might take me a year or two to pay the rest off, but when I do the account will be closed.0
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I saw your query regarding Capital One account. I have just posted a message regarding the fact that interest rate on my Barclaycard has just been reduced to 3.5%, as it is linked to the Bank of England Base Rate. 9.9% doesn't seem such a good deal compared to that!0
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It' scandalous isn't it. They are upping mine to 22%, and looking in this thread that isn't even close to some of the higher rate changes:eek:.
I'll apply for somebody elses and transfer the balance if successful. One thing is for sure, Cap One can kiss my fat one if they think they will get my ongoing custom.0 -
Got the letter yesterday phoned virgin today asked "could I do balance transfer" they said "yes" I'm so so looking forward to telling capital one "you can stuff your card up your !!!" . I'm lucky I have a virgin card, I do worry for those that are stuck with capital one.0
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