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capital one need some advice.
kaysam
Posts: 56 Forumite
in Credit cards
capital one have sent me a letter saying they have had review customers accounts and have made the decision to increase the interest to 39.94%. Are they allowed to do this?
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Comments
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In a word... YES.
They have done it to everyone.
They have provided the option (as they are legally obliged to) to opt out of the increase.
You can carry on using the account with the new higher APR or call them to close the account, which means you can pay off the existing balance at the same pace you have been so far, at the old APR, but you won't be able to use the card again.
Your choice! Sorry couldn't give you the answer everyone is hoping for
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capital one have sent me a letter saying they have had review customers accounts and have made the decision to increase the interest to 39.94%.
You aint the only one!When dealing with the CSA its important to note that it is commonly accepted as unfit for purpose, and by default this also means the staff are unfit for purpose.0 -
More discussion here:
http://forums.moneysavingexpert.com/...html?t=2019699People who don't know their rights, don't actually have those rights.0 -
Hence all card issuers put **%apr (VARIABLE)0
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They did this last year as well, and I was one of the many who received the letter.
I took the option of cutting up the card, paying off the owed amount and closing the account. Mind you it took just over 6 months and several letters and phone calls after the total was cleared for them to finally close it.
Most card companies are doing it now, and I think it's a good excuse to help you get rid of them..... In spite of the cost of living, it’s still popular :eek:0
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