Credit card interest rates

kazace

Someone help me!!

I have a Capital One card which is currently charging me 22.05% interest. Yesterday I got a letter from them saying that from March 2009 they will be charging me 30%. I can opt out, but I have to destroy the card and pay them at the old rate until the debt is clear, and then I have to close the account.

I wanted to keep the card, not close the account. Does anyone know whether they can actually enforce these changes, or is it worth calling them?

Thanks.

jimbo26

They can charge whatever interest rate they like.

nickmack

kazace wrote: »

I have a Capital One card which is currently charging me 22.05% interest. Yesterday I got a letter from them saying that from March 2009 they will be charging me 30%. I can opt out, but I have to destroy the card and pay them at the old rate until the debt is clear, and then I have to close the account.

I wanted to keep the card, not close the account. Does anyone know whether they can actually enforce these changes, or is it worth calling them?

The option they have given you wasn't even available until recently. You could call them and ask if they will retain the old rate and keep the account open, but even at 22.05%, I would be looking to move the balance away.

If you're not able to move it, it's probably better you don't spend any more anyway, so taking the option of freezing the rate, closing the account and paying it back may well be sensible.