Capital One - Rate Jacking

henrik1971

I thought I'd escaped this, as much time had passed since other people reported their rates going up.I suppose it had to happen sooner or later.

Got the letter today. The usual clap trap about the economy being terrible, etc.. New rates will be applied from the April statement date apparently.
Purchase Rate is going up from 14.320% to 17% (not as bad as some I suppose)
Cash Rate from 17.65% up to 26.15% (nuff said)
BT rate from 3.66% (fabulous) to 10.71% (not so fabulous!)

I've been with them about 10 years and they've given me the usual 'opt out' option, closing the card with a rate freeze. I currently have about 3.5k on it at 3.66%, and haven't used the card for years so the opt out is a no-brainer at least.

Are these rate hikes an ongoing thing, or is this just the second or third wave? Has anyone else got a similar letter today?

cmatt

got that too :-(

nettles

had mine for about 18 months. Last year around may/june I think, they upped mine from 17.9% to 26.9%. I just took it. Now I have had a letter to say I will be getting another hike to 38.9%. How much???? I haven't missed any payments, gone over limit or anything. I haven't taken out any new cards either. luckily it should be paid off soon, so I will pay it for a few months at the higher rate but hopfully won't use it. Its the only card I have with a decent limit so want it for back up just in case, but certainly not planning to actually use it - I am a cash girl these days!