Capital one rate hike - incensed!!!

adam_button

Dear all,

I ahve today received a letter from Capital one telling me my long term rate of 10.44% APR is going to INCREASE to 18.44% as of October 2009.

I of course rang Capital One to say how incensed I was and that I would appreciate it if they would be more flexible to a very long standing cutomer given the current economic climate.

their argument is that "It is an across the board rate rise sir, everyone is getting a letter due to the cost of us borrowing money and that has increased"

boo hickey!!! and I quote "The important three-month sterling Libor rate continued its more rapid descent, falling from 0.905% to 0.897%, announced on Wednesday, 29 July. "

Anyone know what WE as a collective can do to stop this going ahead and has anyone else had a letter about the increase or am i being "Singled out" for this rise???

Any help to reverse this would be appreciated as I have until the 20th August to make a decision on wether to stay or ditch!

Adam

Moggles_2

Capital One reserves its best deals for new customers and is not renowned for looking after existing card holders.

Provided that your credit files are in good shape, the best solution, IMO, is to vote with your feet. There are lots of good credit cards out there.

Which is best depends, to some extent, on which cards - besides CapOne - you have at the mo or have held recently.

dfh

I would advise you to ditch.That is the only way you can get back at them.

turbo-trucker

I had a letter this morning from Capital One, i was really mad to find my APR has gone from 24.9% to a whopping 34.9% . (10% hike is a right stinker) Good job i pay off in full each month. I think this is one of the greediest rises of any financial institution, they seem to be profiteering out of anyone who owns one of their cards who can't manage to clear the balance each month. I have a Tesco C.C aswell with a much more pleasant APR of 14%- me thinks Capital One can go+stick it :rolleyes:.

PNPSUKNET

Pay in full and doesnt matter what apr they charge, credit cards should always be short term.

magiciansgirl

Extremely poor customer service too. I had a feeling I might have slightly exceeded my limit today though full payment for last month taken yesterday so I rang Cap One to enquire and make an immediate extra payment if so. They told me my debit card was declined - not possible as over £1000 in bank account so they had miskeyed the info. Went through within secs. the next time. Did they apologise? No they didn't. The operator then proceeded to tick me off in the most patronising, doom-laden way for what was an £8.45 overlimit, which I calculated since he seemed unable to. Am certainly voting with my feet if there is an APR increase coming and will close the card at the end of August.

peteo_2

:mad: i just had the same letter and rang capital one and had a major rant down the phone and i think they are taking the p### they must be shown they can not do this to long standing customers and get away with it . if you opt out they will leave you at the old rate what that all about .

very mad customer

ILW

Oh do stop moaning.
If you don't like it take your business elsewhere.
Whinge Whinge Whinge can get a bit tedious.

jonesMUFCforever

You can make your own mind up but 3 new posters all slagging off Capital One in post to me suggests TROLLLSSSSSSSSSS.

Moggles_2

Well, four of us have advised the OP et al to ditch and switch.

If these folk don't normally pay off their balances each month, they were already forking out quite a bit of interest unnecessarily.

If this latest interest rate rise spurs them to tackle that, Capital One has done them a favour, IMO.

dannykos

well I got the same letter today - increase in rate from 1.53%PA up to 8.54%PA???
I'm not fussed - as I'll just opt out, and pay the balance down over the next year or two.

What irks me is that AFAIK when I signed up - the rate was quoted as 5.9% for life (both purchases and transfers). I don't understand how I ended up at 1.53%PA - or how they can now take my rate over 5.9% either?!