Anyone Else Had Letter from Capital One?

DP_Gumby

Saying that they are increasing their interest rate on Balance Transfers and purchses to 21.9% from June.

I have a Capital One Card with a 4.9% for life on balance transfers which I took out 18 months ago and have been repaying. Its a very good deal.

Surely they can't move the goalposts like this- life means life doesn't it.

On the back of the letter, it says if I am not happy with 21.9% (yeah right) I can either pay the balance in full OR I must phone them by 25th May to request that I want to continue to repay at my current interest rates, make no further purchases on the card and destroy the card.

Its a bog standard letter- just wondering if anyone else has had one, and if they have had any feedback from Capital One.

TAG

Yep hubby got one this morning.

Purchase Interest rate increasing to 29.94% :rotfl: :rotfl:
Cash Interest Rate increasing to 30.94% :rotfl: :rotfl:

I suspect they'll be told to shove their interest rates and 'Free' :rolleyes: Purchase Protection Insurance up their wotsits. :rotfl: :rotfl:

cazziebo

yep - got one too.

Only mine is an increase to 34.9%!!!:mad:

Not sure I'll be able to get another card

abitrubbish

DP_Gumby wrote: »

OR I must phone them by 25th May to request that I want to continue to repay at my current interest rates, make no further purchases on the card and destroy the card.

Sounds like they are quite reasonably giving you the option to continue paying off your balance at the existing rate, provided you make no further purchases or balance transfers, which presuamably you would be doing anyway with a LOB card

GeoThermal

cazziebo wrote: »

yep - got one too.

Only mine is an increase to 34.9%!!!:mad:

Not sure I'll be able to get another card

Same for me, what a rip off.

I doubt I'd get another card so will probably have to put up with it.

max1108

I just came on here to start a new thread about this! Yep, got a letter today saying they are upping interest to 34.9%!!! :mad:

This is my one and only credit card and only got it to start improving my credit rating :rolleyes: so will have to keep with it unfortunately (although I dont really use it that much). I tend to just put petrol on it and pay it off straightaway.

aimingforadebtfreelife

mine arrived this morning, i'm surprised how blunt the letter was - basically says going up to 34.9% - and if you dont like it pay it off and cut up your card!! I thought was just for the high interest rate card but if others going up too then Capital One have probably pulled a clanger with the amount of people with a decent credit rating what will leave.

napoleon

me too. interest rate increased from 22% to 35% in one fell swoop due to 'market conditions' what market conditions are these then? BOE interest rate has gone up 0.75% in the last year, Capital One interest rate goes up by 13%. They are really taking the p*ss here. I'm going to enjoy phoning them up to tell them where to stick their credit card. This is no better than loansharking. :mad:

DP_Gumby

abitrubbish wrote: »

Sounds like they are quite reasonably giving you the option to continue paying off your balance at the existing rate, provided you make no further purchases or balance transfers, which presuamably you would be doing anyway with a LOB card

Yes, but it requires positive action (ie to call them)

Why on earth should they be allowed to renege on a concluded contract that the balance is 4.9% for life of balance by imposing a condition on you that you have to ring them to stop this happening.

Plus, there are going to be thousands of people who won't even read the letter, 25th Maywill come and go and they will see an over 20% rise in their rates.

Appalling behaviour IMO

eryn_kathleen

When I saw the envelope from Capital One yesterday, I thought they were offering me an increased credit limit or lower interest rate. I've been using my full credit amount and paying it off in full each month for the last 6 months to try to improve my credit rating. Guess I'll have to keep on doing that for a bit longer!

df2008

I also received the letter. I have a LOB at 3.9% - it states in the letter that this will be fixed. I also transferred another balance to this card at the rate of 9.9%, this will now be charged at 13.9%.

I would definitely query the change in your LOB rate as I always thought this would remain as is. If they had upped mine I would have been straight on the 'phone and transferred it elsewhere.