Capital One BIG interest rate hike

skyrider007

Ditto here! My APR is now 40%. I won't be using the card as I'm keeping it for the free credit reports.

bingy_burge

selecta_c wrote: »

I have had the same letter today.Was going to close my account anyway so not fussed.

whats the rate on vanquis gold then out of interests?

selecta_c

A staggeringly high 54.1% APR.....:eek:

The only reason i have kept it open so long is its my oldest peace of credit history apart from my bank account.Now i have my hands on two non sub prime cards the Vanquis will also be going the same way as Cap One.....but not until i've built a few months worth of history with the new cards.

belle19

bingy_burge wrote: »

How are they robbers vanquis have been charging the rate and more for years I love the 3k limit @ 59.9 that my fav.

If you sub prime like me and you why should they risk their money for 15.9% .

I use it as a payment card and don't borrow on it so I am not bothered.

the reason i used the word robbers is that vanquis didn't increase
their rate by 10% we all know they charge this rate for certain types
of borrowers, but when you increase the card rate by almost 33%
thats robbery. (30%apr. one day 40%apr the next day)

digitalphase

Oh dear. I daresay I'll have one of their lovely rate-increase letters waiting for me at home as well :rolleyes: Currently 30% APR, better get it cleared a.s.a.p. Selling an asset soon so will hopefully clear the £500 odd balance before it comes into effect :rolleyes: Was liking Capital One as well :rolleyes: I know they are all after our money, but they are getting a bit off me each month in interest, and they doubled my limit a couple of months ago :rolleyes:

toontastic

I had the same letter my rate has gone up to 29.94% which I thought was bad, reading some on here though I got off light. Asked what they had put my rate up they said it's not down to my account or how I have used it etc, they have done a check on all rates of all the cards and everybodys rates have been increased. Told me I was a valued customer and they hoped I would stay. I laughed and told them I would leave thanks anyway.

toontastic

digitalphase wrote: »

Oh dear. I daresay I'll have one of their lovely rate-increase letters waiting for me at home as well :rolleyes: Currently 30% APR, better get it cleared a.s.a.p. Selling an asset soon so will hopefully clear the £500 odd balance before it comes into effect :rolleyes: Was liking Capital One as well :rolleyes: I know they are all after our money, but they are getting a bit off me each month in interest, and they doubled my limit a couple of months ago :rolleyes:

As long as you ring them and tell them you want to pay the account off paying monthly as you were they will keep you at the same rate. Just means you can't use the card for anything else in the mean time but you'll still keep the old rate.

gfowler

Got one to this morning.

I've asked them to raise a complaint as they state it's due to increased costs of borrowing.

On checking the LIBOR rate (the rate at which banks borrow money) currently stands at 7+1/4 % points above base, so currently 0.5725% (as of last Friday). Why do companies choose to LIE to their customers, why didn't they say that they wanted to increase their margins???

I've opted out, so will pay back using old rate. I'm sure many people coming home from work will receive this increase letter.

My input.

Gareth

toontastic

Just finished off reading my post and found I have another from Sainsburys upping my standard rate to 20% but they are honouring my current rate deals. This is fine by me as my current rate is 5.9% for the life of the balance.

PROLIANT

Oh dear, looks like I better get my finger out and get this Capital One Visa settled and closed, shame as they have always treated me well when I have required help with anything - via email only of course, don't do "call centres outside of the UK".