Posted on
August 21, 2009
at
10:55 am
Has anyone else had issues with Capital One jacking up their interest rates? For me, one of my cards went from 12.9% to 22.9%. I feel extremely violated.
Posted on
August 21, 2009
at
11:19 am
Unfortunately Capital One isn't the only offender. I am sorry to hear about that. Did you happen to miss a payment at all? Or did you have a teaser rate on the card (the rate that the lender offers- usually really low, to get new customers, but after a certain period of time they jack it up)?
Posted on
August 21, 2009
at
11:24 am
I have not missed payment - never late! No teaser rate at all. The explaination I got on my terms and conditions update was 'due to recent economy'. The only thing I can think of is that a) I just got a new car loan and b) I was issued a corparate card (for business only).
Posted on
August 21, 2009
at
11:43 am
Wow. Just rediculous. Well, as absurd as their explanation was, here is the problem- I believe that 99% of credit card contracts (regardless of who the lender is) contain a clause that grants the lender permission to raise the interest rates for no specific reason at all. Check your original contract, I wouldn't be surprised if you found such a clause in there. It is most likely in 2-4 point font so you can barely read it of course.
Posted on
August 21, 2009
at
12:16 pm
Then their business practice is inconsistent and flawed. I have 2 cards with them. One of them with a limit of $3000 and the other $500. Guess which one got the rate increase? Yep.. the one with the highest limit. I am paying an average of $57 in finance charges. They did raise the interest rate on the smaller one, but only a few points, which I can see. But the 10 points? Not acceptable. I think that I will be calling them today to get it lowered.
Posted on
August 21, 2009
at
3:00 pm
Unfortunately this happens a bunch. my father just had his amex increase from 7 to 18% He opened up a new HSBC card though with interest free for 12 months on balance transfers and just transfered it over.
Posted on
August 22, 2009
at
4:11 pm
Unfortunately I don't have that option to open up a new card. I really don't want any more credit cards than I already have.
