Has Capital One increased the interest rate of your Credit Card? Please let us know

mwells_2

Card = Platinum
Old rate = 6.730%
New rate = 13.94%
Usage = used the card every now and again just put a balance transfer on it always paid on time though and have excellent credit rating

Have told them to close my account so I can pay off my balance transfer at the old rate. Do not want to deal with a company who treat good customers this way so happy to lose the card.

jacksgrandma

Yes, had my rate increased - can't remember now what it was from or to but I know it was huge! I pay the balance of in full each month so don't ever get caught out.

Credit limit £3000.

Once I'd paid off all debts - a year ago now :j - kept the card and decided to use it for small purchases to pay off each month, thereby, improving credit rating.

Will do this for a little while longer and then will apply for a card at a better rate for the same purpose!

TangledMemories_2

Capital One:
Old rate: 24.9%
New rate: 34.9%

Owe £180 on a £200 limit. Want to try and pay off asap.

Little_Mis-spent

Capital One Mastercard

Old rate: 14.88% purchases, 23.29% cash withdrawals

New rate: 22.94% purchases, 32.94% cash withdrawals, 22.94% balance transfers

Thankfully this card is clear!

marmalade1947

Had the same problem
increased by 4% in AUG/SEP, was given the option to either accept the offer or stay on the lower rate, of course which I did, they then came back at me, lowering my limit, and an additional phone call saying because I had opted for the lower rate, I was in no position anymore to use my card, I instantly cut it up and will never use them again.

NickX

marmalade1947 wrote: »

increased by 4% in AUG/SEP, was given the option to either accept the offer or stay on the lower rate, of course which I did, they then came back at me, lowering my limit, and an additional phone call saying because I had opted for the lower rate, I was in no position anymore to use my card, I instantly cut it up and will never use them again.

The option to stay on the lower rate has the proviso that the account is closed and no more debt is incurred. So I'm afraid that the phone call you received is correct and this is standard practice when you choose that option.

At least you are rid of them now

scara

Card: Standard
Old Rate: 20.97% p.a. (purchases)
New Rate: 30.11% p.a. variable
Type of customer: Don't use the card much anymore but always pay off the statement balance in full.

Rupert_Bear

Not sure if my BC rate has been increased but note apri 19.9%.
MBNA 12%, Lloydstsb airmiles 14.9%, Citi 29%.

However we only take advantage of their balance transfer offers and often get 0% deals from MBNA and Lloyds. So usual apr not a problem.

deadthings

Card: Standard
Old Rate: 17.9
New Rate: 26
Type of customer: I've maintained a balance while I've been at uni, but I will pay it all off in feb and then close the account. I had the option to freeze at the old rate but let it increase knowing I would be paying off and closing for certain after Christmas, as I still wanted to use the card.
I've had the card about 7 years and have conducted it extremely well, with no missed or late payments.

Cap 1 and others like them are clearly going to be losing customers left right and centre! You have to wonder where their business is going to be in a few years time. If I were a shareholder in these banks or credit co's I'd dump them asap.

D.

stikiuk

Yes my interest now is 28.840% going up to 39.94%, after my December statement.
Just about to call and opt out Thank you very much. I have an unfortunate balance of £300 which i will be paying of in January.