Capital one rate hike - incensed!!!

cse

Most likely your card will remain open as normal (statements every month, interest added monthly, make at least your min payment every month etc.), but will have a block placed on it to prevent you from making further transactions (or they will increase your rate if you do make another transaction). You'll have to write to them to close the account once the balance is paid off

d1999

in all honesty at least they are giving u chance to opt out and pay of the balance in your own time and its not a bad % rate if mbna had applied the common sense in my case i would/nt be about to go to war with them they are not nice people at all

ExNicotineQueen

Bump - does anyone know if I ask to stay on the old rate whether it will be marked as 'arrangement to pay'?

Thanks

CannyJock

Your card provider might be able to answer how it will be reported to the CRA's. This is a fairly recent change so possibly not many people here have had to do this (and most of the people who ask never seem to come back with an update, they just get the info they can freeze the card then do a runner).

Jinos

Hi ExNicotineQueen,
I chose to suspend my account with Capital One after they tried to increase the interest rate to a ridiculous rate. Your card gets reported to Equifax at least, in exactly the same way as if the account is still open. i.e. my report shows the outstanding balance and the 'available' balance (though I've agreed not to use the card again so it's not really available!). It doesn't show up as 'agreement to pay' or 'suspended' or anything like that, mine says 'Up to date' with payments, so it looks as if it is active... not sure if that's good or not though And just in case anyone is wondering about MBNA, they do exactly the same thing!

J

rictus123

If i spend £100 on my Capital One card and pay the minimum payment for 2 months, how much will i be owe them? 34.9% apr.

YorkshireBoy

rictus123 wrote: »

If i spend £100 on my Capital One card and pay the minimum payment for 2 months, how much will i be owe them? 34.9% apr.

Approx £95

ExNicotineQueen

CannyJock wrote: »

Your card provider might be able to answer how it will be reported to the CRA's.

The only problem with that is Cap 1's call centre staff don't have a clue at the best of times, they just seem to read off a script for most problems and anything more complex than that they end up hanging up on you!

Jinos wrote: »

Hi ExNicotineQueen,
I chose to suspend my account with Capital One after they tried to increase the interest rate to a ridiculous rate. Your card gets reported to Equifax at least, in exactly the same way as if the account is still open. i.e. my report shows the outstanding balance and the 'available' balance (though I've agreed not to use the card again so it's not really available!). It doesn't show up as 'agreement to pay' or 'suspended' or anything like that, mine says 'Up to date' with payments, so it looks as if it is active... not sure if that's good or not though And just in case anyone is wondering about MBNA, they do exactly the same thing!

J

That was exactly the answer I was looking for - thank you very much. I shall call Cap 1 today.

I was wondering, once you have paid off your balance, do they close your card account automatically? I can't remember if it said in the letter that if you choose not to accept the rate you automatically end your relationship with Cap 1 once your card has been paid off, thus in effect closing your account.

YorkshireBoy

CannyJock wrote:

Your card provider might be able to answer how it will be reported to the CRA's.

ExNicotineQueen wrote: »

The only problem with that is Cap 1's call centre staff don't have a clue at the best of times, they just seem to read off a script for most problems and anything more complex than that they end up hanging up on you!

With a question as important as this you should be writing to them, either by snail mail or by secure message from your online area if you have online access, to ensure it's answered accurately by someone a little higher up the pecking order.

anotherbob

Capital One have just said they will increase my rate to 13.94% variable for purchases. It is currently 6.7%. I have a balance of around £2000 and the way I use the card means that the balance varies over the year between £1200 and £2800. I originally took out this card on a recommendation from this site as being the best fixed rate card available. The new rate will apply to new spending so my current balance will stay at 6.73%. Should I be considering a switch, and if so, where to? I would be grateful for any advice, but I am not "Tart" material, I'm not that well organised.