capital one upped my already high apr!

BONJOEY · 31 March 2007 at 9:19PM

on your monthly statemnet , it always says not the apr but, the annual rate fro purchse..

i,e, it will say purchase at 1.53
cash at...
balance transfer...

what does yours say?

tweep · 31 March 2007 at 10:08PM

Bonjoey thanks for your input...much appreciated
This is based on a balance of £2000 since reduced to 1400, I dont know if this has an impact.

Purchase interest 2.008% could you please let me know what this means sorry to sound dumb,

Thanks Tweep x

BONJOEY · 1 April 2007 at 9:36AM

IT WORKS OUT YOUR APR, IS APPROX 29%

so if you do have a gold card, i would phone up and say what are my privilages as a gold card holder?

how can i get an upgrade to platinium,

i managed to lower my apr last year on my capital one classic, by phoning up to close my account, they dropped it to 15.9% this might work?

good luck, explain you have better apr cards now and that you find the apr that high you would see no reson to carry on using the card.;)

tweep · 1 April 2007 at 11:33AM

Hey bonjoey, Cheers for your great input!

I cannot believe we are paying such a rubbish rate still! after 4 years of perfect custom! (payment protection + interest £30 min since the card was opened) I feel like paying of the balance and shutting the door on capital one for good.

We have an AMEX card that we pay the balance in full each month I would gladly pay them interest than this greedy card! I would of thought they would look at our custom and reward it after four years.

I do know this is my/our own fault for being so careless, thanks to your input Im more clued up and will sort this ASAP.

Congrats Bonjoey with your APR well done!,

One last question, given your experience's do you think there would be a good chance of being offered the platimum card or a reduced rate with a balance of £1400, or wait weigh up my options in 3 months when the balance will be zero?

Thanks Tweep x

tweep · 1 April 2007 at 11:37AM

IT WORKS OUT YOUR APR, IS APPROX 29%

Four years later!!!!!!!! I think this was the opening APr grrrrrrrrr

BONJOEY · 1 April 2007 at 2:58PM

hi tweep...

i would phone customer servies, ill find there number out for you, and expalin you have been a customer for 4 years and areon a gold card, and believe you should be on a platinuim card, explain that you have better pr cards, and that you are able to shift any balance, ( even if your not) see if that works x

tweep · 1 April 2007 at 4:24PM

Cheers Bonjoey

I think I will be just pay the balance of £500 per month zero balance in three months. we are in the middle of buying our house so two mortgage search's already on his credit report and moving to a new address will already impact Credit score.

we will re-evaluate in 3-4 months

Thanks for your great advice:beer:
Tweep x

spinningsheep · 4 April 2007 at 2:23PM

I just rang Capital One to complain and ask them to change my "secured" credt card to a standard Classic card, but they refused and were actually quite rude. They basically said, the options are to freeze the APR and cancel, or carry on as you are and shut up. If my credit score allowed me to go elsewhere, I would. For now, im stuck with it.:mad: