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

Fairzo

CannyJock wrote: »

17% is a typical rate. Whichever card you apply for now to replace it will probably start at that

Won't replace it. Gradually closing accounts although Capital One was one I would have kept at around 11%. Overnight it became uncompetitive so glad I had nothing on it.

mippy

Classic Visa

Old APR @ 30.04%
New APR @ 39.9%

My limit is £500- pre MoneySaving I should add. I took it out, pay the minimum each month but because I went slightly overlimit once their 'minimum payment' didn't cover the overlimit charge and then I'd get another one the next. I was shocked when I realised this and organised a standing order to get chunks paid off this card each month until it's gone, starting next week.

As soon as I got the letter I phoned them, opted out and cancelled the payment protection insurance they persuaded me into.

mippy

I have another credit card, lower interest rate, balance £400 - I intend to pay this down in a similar way but just keep the account dormant, just in case. I can't help thinking that Capital One are taking the p1ss a bit with their communique to be honest...

mippy

JennyBum wrote: »

Ok here is my problem. I also received the letter explainging they will be putting my interest rates up to 39.9%. I have a classic card with credit limit 800, the only trouble is I didnt realise I was over my credit limit this month by £12, and what with the interest etc my balance now stands at 854. I would like to opt out of the new interest rates by freezing my account, just made the call to capital one, they say I cannot do this until my card is back to its limit! And i cannot make a payment until next weds 25th, and they say on the letter to opt out I need to contact them brefore the 23rd! Can they still freeze my account at the old rate after this date does anyone know???

I'm slightly over my limit and they did it for me - though I told them that the balance would be paid off somewhat beyond the minimum payment starting next month.

finnigan

JennyBum wrote: »

Ok here is my problem. I also received the letter explainging they will be putting my interest rates up to 39.9%. I have a classic card with credit limit 800, the only trouble is I didnt realise I was over my credit limit this month by £12, and what with the interest etc my balance now stands at 854. I would like to opt out of the new interest rates by freezing my account, just made the call to capital one, they say I cannot do this until my card is back to its limit! And i cannot make a payment until next weds 25th, and they say on the letter to opt out I need to contact them brefore the 23rd! Can they still freeze my account at the old rate after this date does anyone know???

I'm in the same situation. When you call and key your number in you are automatically put through to collections.
What you need to do is call back without putting any details in, you will go through to customer services who arranged for my card to be stopped (at the old rate) in spite of it being over the limit.

HTH

Subaru_WRX

Received a letter a couple of days ago saying as from April statement my rates will change from 9.51% to 16.94% for purchases and 23.29% to 29.94% for cash advances. I've got about £1000 balance which I hope to clear in next 3 or 4 months. So, I'm going to opt out pay off rest of it as shouldn't be that much left and close the account. Co-op card looks tempting @ under 10% for 5 years.

cmatt

Clear every month - £200

Old Rate 29.9%

New Rate 38.9%

Response? Closing end of the month

At a loss with what to do since cancelling as I checked last month and i still get declined for a new card from MBNA, BarclayCard etc...

but i REFUSE to even contemplate using a card with such astronomical fees... hard times my a$$

giruzz

merlyn2003 wrote: »

Card: Classic
Old Rate: 30.34%
New Rate: 39.9%
Type of customer: pay off the card in full each month
Change comes into effect on April 1st 2010

Same story for my GF, her credit limit is 300.

Regards,

giruzz

melt_2

got a letter on thursday last week saying mine was going up to 33.08%
i've had my card about 3 years and it was around 17% when i got it not sure how much this rise is but rang them and the guy said that as i was opting out i would stay at my old rate which if going by other posts will be around 23/24%
they are sending me a letter to confirm rate etc...
i'll post details

Bunny

i got a letter, originally my APR was 6.9%, went up to 9.9% in october and got another letter saying it'll be going up to 16.9%, I'll be closing the account once everything is paid off