MSE News: Capital One in 'rate jacking' move

jazzys

noah271007 wrote: »

She can't close the account until the balance is zero and that there is no trailling interest - so what she can do is request the account to be into 'paying in status' account - which means you can't use the card and yes if she recently been informed of the APR % then she can request to remain on the same APR rate.

So why does it say the following in the email from Moneysaving expert?

"when they write to you indicating this it may look like you need to pay it all there and then if you close the account. This is not the case, in fact...

In effect it means you can close down the ability to borrow any more money, but still make repayments of the existing debt over time at the current CHEAPER rate.


J

CannyJock

jazzys wrote: »

Can my ex partner close her capital one account even though she owes money still?

She would love to close it as she does not intend spending on it again. And if that would prevent the rate rise that would be great.

Will she be able to close it and still carry on paying off the current debt at the current rate?

Thanks J

Yes - so long as it's within 30 days of the rate notification

jazzys

CannyJock wrote: »

Yes - so long as it's within 30 days of the rate notification

As i mentioned in an earlier post, she's not even sure if she's had a letter as she has recently moved house and some got binned without them even being opened.

Can she just phone up and ask them if her rate has been hiked?

Or does anyone know what rate she would have been on or what it is likely to have been hiked up to?

J

sulkisu

jazzys wrote: »

As i mentioned in an earlier post, she's not even sure if she's had a letter as she has recently moved house and some got binned without them even being opened.

Can she just phone up and ask them if her rate has been hiked?

Or does anyone know what rate she would have been on or what it is likely to have been hiked up to?

J

No-one can answer that I'm afraid, apart from Capital One. She needs to call them or check her statement.

jazzys

sulkisu wrote: »

No-one can answer that I'm afraid, apart from Capital One. She needs to call them or check her statement.

She called them yesterday as it happens but she said it sounded like the asian chick on the other end was just reading from a statement and wouldn't listen ( or couldn't understand) to what she had to say.

I suggested she ring again and asks to speak to a supervisor

J