Capital One BIG interest rate hike

digitalphase

I haven't got one yet but I suspect I'll have one raising my rate up to 39% APR. It's on 30.something% APR at the moment. Hope to clear balance in a few months...

Hank_Marvin

Can you bt from a CC that you have opted out of the apr increase. Or don't they allow the balance to be moved since youve opted out??

Tribulation

Mines risen to just under 40%.

Another lost customer (they lost my wife last year after 9 years with them due to doing something similar).

It's got to the point where store cards are looking to be a better option than credit cards for a fair few people

My Argos card is 27.7%

NickX

Hank_Marvin wrote: »

Can you bt from a CC that you have opted out of the apr increase. Or don't they allow the balance to be moved since youve opted out??

Yes you can still Balance Transfer to a new provider after you have opted out. After all to the original provider you are simply making a repayment, they do not even have to know that the BACS payment has come from one of their competitors

NickX

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Exactly !!!

hax_2

Cash_Flow wrote: »

What are you talking about??

My Jan 08 statement says:

The interest you're paying this month is based on the following monthly interest rates:
Cash withdrawal interest 2.528%
Purchase interest 2.528%

My Feb 08 statement says:

The interest you're paying this month is based on the following annual interest rates:
Purchase interest 30.340%
Cash Withdrawal interest 30.340%

If you go on Capital one's website, find the Capital One Classic card, click on the Summary Box, you will see:

Typical 34.9% APR variable
Introductory Rate: n/a
Monthly Rate: 2.53%
Annual Rate: 34.94%

Paul_J

As my Capital One card had a rate of 2.76%pa, 2 weeks ago I transferred a balance of £3k to it. Last week I get 'the letter' informing me the rate was increasing to 9.76% as of january. Obviously a coincidence, but I tell you what, I don't half feel ripped off!
So I'm gonna ring up and 'opt out', so as to just repay what I owe at the old rate.
Still smiling though. Not gonna let them get to me. Why should I? Im paying back an overall total of £6k at 2.76% pm.
I really feel for all you good people in a less favourable position than myself. Good luck guys.
AT LEAST !!!!!! TURPIN WORE A MASK!!!!!!!!!!

Hank_Marvin

So if you have an apr of 30.340% is that rounded up too 34%. As my statement says 30.340%. If thats not the apr why are they stating 30.340% for purchases are they doing me a favour by dispalying it like that. Ive allways wondered why it what different from say 29.9/34.9 etc.

hax_2

Basically 30.34% is simple interest (monthly x 12 - misleading), whereas 34.94% is compound interest (APR).

rebel2

Yep got the letter too,I have transfered my balance to a card of 8per cent for life and sent cap one little peices of plastic!:D