capitalone, 34.9% apr !!!!!

BONJOEY

i had a leaflet today with my sunday paper , ( an application form) for a capital one classic card, i thought capital ones apr was 29.9%

i was shocked that they are now offering the card with 34.9% apr:eek: :eek:


this must be the new rate there offering new customers!!!

is anyone elses apr this high?

jojo1978_3

Its a card for prople with bad/no credit history, so it will have high rates, although 34.9% is through the roof.
I believe this is the card that guarantees a credit limit increase on the fourth statement, provided the account is paid on time and doesn't go over the limit, so thats a benefit.

vwman_3

I cancelled my Capital One card sometime ago, when they dropped my APR from 29.9% down to 15.9% only to raise it up to 20.4% the following month.
One day last week I got a letter from the stating that they had increased the rate up to 34.9%.
Well as I dont have the card anymore it does not effect me, but looks like they are upping the rate.

vwman_3

jojo1978 wrote:

I believe this is the card that guarantees a credit limit increase on the fourth statement, provided the account is paid on time and doesn't go over the limit, so thats a benefit.

That never happened with me, and I never missed a payment in 5 years and was always paid on time.
They did however upgrade the card and charged me £29.00p for the privilage.

BONJOEY

god im getting a bit worried now, they lowered my apr to 15.9 after i told them i wanted to close them, they did a balance transfer of 12.6 which i have taken advantage of, i hope they dont do that with me, vwman!!!


VMAN what was your credit limt?

jojo1978_3

vwman wrote:

That never happened with me, and I never missed a payment in 5 years and was always paid on time.
They did however upgrade the card and charged me £29.00p for the privilage.

I believe its only part of this new application, not for existing account holders.

I'd check with them that your account is closed, you shouldn't be getting letters telling you that they are putting your rates up, unless the account is still active.

jojo1978_3

BONJOEY wrote:

god im getting a bit worried now, they lowered my apr to 15.9 after i told them i wanted to close them, they did a balance transfer of 12.6 which i have taken advantage of, i hope they dont do that with me, vwman!!!


VMAN what was your credit limt?

They can't just up it without writing out to advise you that they are doing so, and even if they do, you normally get the option to pay off at the existing rate, even if it means you have to close it when the balance is down to 0

BONJOEY

jojo1978 wrote:

They can't just up it without writing out to advise you that they are doing so, and even if they do, you normally get the option to pay off at the existing rate, even if it means you have to close it when the balance is down to 0

thank goodness for that:D
was getting a bit worried then xx

more and more cards are upping there apr!!:eek:

vwman_3

BONJOEY wrote:

god im getting a bit worried now, they lowered my apr to 15.9 after i told them i wanted to close them, they did a balance transfer of 12.6 which i have taken advantage of, i hope they dont do that with me, vwman!!!


VMAN what was your credit limt?

Credit Limit was £400, then when they upgraded the card to a Premier card the limit went up to £1K (But I paid £29 for that) and it stayed there for 3 years or so.

Jojo1978 is quite right in his post(s).

I closed the account about 5 or 6 months ago, but it's still showing as active on my CRA files with Experian and Equifax, I will have to pull my finger out and sort that, thats maybe why I still get the odd letter or two.

Tarquin_2

I've had an application form for a card (Vantage I think) with an average apr of 49.9% if that makes anyone feel better?!

Fait_accompli

BONJOEY wrote:

i had a leaflet today with my sunday paper , ( an application form) for a capital one classic card, i thought capital ones apr was 29.9%

i was shocked that they are now offering the card with 34.9% apr:eek: :eek:


this must be the new rate there offering new customers!!!

is anyone elses apr this high?

I had a Capital One leaflet enclosed in my ntl bill advertising 34.9%...I felt incredibly insulted, lol! :rotfl: