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Capital 1 Letter

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

Comments

  • tom188
    tom188 Posts: 2,330 Forumite
    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.
  • 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 -

    Regards
  • ad44downey
    ad44downey Posts: 2,246 Forumite
    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."
  • keeperbear
    keeperbear Posts: 293 Forumite
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    I am sure all cc companies will be increasing rates in the next few months.
  • mancitychick
    mancitychick Posts: 977 Forumite
    Part of the Furniture
    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.
  • napoleon
    napoleon Posts: 611 Forumite
    keeperbear wrote: »
    I am sure all cc companies will be increasing rates in the next few months.
    They increased mine from 24% to 35% in one fell swoop. The BOE interest rate only went up 1% in the last year. you can't be defending Capital One, surely?
  • eilidh_s
    eilidh_s Posts: 254 Forumite
    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.
  • monkeymonkey_3
    monkeymonkey_3 Posts: 495 Forumite
    Part of the Furniture Combo Breaker
    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? Thanks
    much work to be done - new sig coming soon...

  • jojo1978_3
    jojo1978_3 Posts: 1,432 Forumite
    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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