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Capital 1 Letter

farquarpigmix
Posts: 274 Forumite

in Credit cards
Hi,
Received a letter from above to Inform me that they were putting up there Interest charges 29% a year to 34% a year. I had two option's,
1) Pay off account in full.
2) Phone to say I wish to close account cut up card and pay it back at the rate I have been paying.
As you can Imagine I opted for number 2.
Has anybody else received a letter like this?
Regards
farquarpigmix
Received a letter from above to Inform me that they were putting up there Interest charges 29% a year to 34% a year. I had two option's,
1) Pay off account in full.
2) Phone to say I wish to close account cut up card and pay it back at the rate I have been paying.
As you can Imagine I opted for number 2.
Has anybody else received a letter like this?
Regards
farquarpigmix
0
Comments
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The board is full of this sort of post. Its industry wide as companies deal with (a) ever increasing default rates (b) new revenue streams in the wake of bank charge reclaiming.0
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New to this so hope i do it right - i also got letter from Cap 1 with a steep, unjustified increase in interest rates - will also respond with Option two -
Regards0 -
I got the letter too. I'm closing the account. They are some chancers.Krusty & Phil Madoff, 1990 - 2007:
"Buy now because house prices only ever go UP, UP, UP."0 -
I am sure all cc companies will be increasing rates in the next few months.0
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keeperbear wrote: »I am sure all cc companies will be increasing rates in the next few months.
I agree with that. My AMEX has just gone up from 12.9% to 13.9% they say this is due to higher lending costs recently. Fortunately I pay it off in full each month so will not effect me.
Also my Halifax one which I no longer use has gone up from 16.4% to 20%. So it does seem like they are all going to be putting the rates up.0 -
keeperbear wrote: »I am sure all cc companies will be increasing rates in the next few months.0
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I'm trying to get a new card so that i can get rid of my capital one. Its a load of rubbish and they really annoy me.0
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farquarpigmix wrote: »Hi,
Received a letter from above to Inform me that they were putting up there Interest charges 29% a year to 34% a year. I had two option's,
1) Pay off account in full.
2) Phone to say I wish to close account cut up card and pay it back at the rate I have been paying.
As you can Imagine I opted for number 2.
Has anybody else received a letter like this?
Regards
farquarpigmix
Hi, I also got this letter, but I stupidly put it down thinking I'll deal with that on my day off, and now I don't know where I've put it! Can anyone tell me the phone number to call that's on the letter? Thanksmuch work to be done - new sig coming soon...0 -
monkeymonkey wrote: »Hi, I also got this letter, but I stupidly put it down thinking I'll deal with that on my day off, and now I don't know where I've put it! Can anyone tell me the phone number to call that's on the letter? Thanks
Just call their customer relations number, they can put you through.:)Henry James Born 18/03/2011-11 days late!:)
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