For those with Capital One CC...

**mombottoo** · 03-02-2009, 08:40 AM

Well Capital One seems to be joining the bandwagon. I have had a card with them for eons, interest rate 12.99% for ca & 7.99% for purchases. Saturday I got a notice saying that due to the current economic climate they are changing their rates....19.99% for puchases for heaven's sake!!! On top of that it is switching from a fixed rate card to variable....grrrrrrrrr!

The funny thing is if you don't want to agree to their terms you need to cancel the account. Lucky for me I only use the card for online purchases and rarely carry a balance...they are out of here!!!

**Michelle** · 03-02-2009, 09:00 AM

Yeah same here....

**Greebo** · 03-02-2009, 09:23 AM

Credit Card companies are scum.

**onencgirl** · 03-02-2009, 11:03 AM

Yeah Bank of America sent me a similar notice.

**Wendy Mack** · 03-02-2009, 01:04 PM

Originally Posted by greebo

credit card companies are scum.

amen!!!!!!!!

**Cricketlegs** · 03-02-2009, 01:25 PM

Yeah, I heard about that also. I have 6 months worth of car payments made in advance so I am thinking about paying my CC off in 2 1/2 months instead of continuing making payments to both and then picking the car payment back up at the new snowball rate of $700 a month vs the $400 I pay now.

Decisions.....grrrr

**Gardengal18** · 03-02-2009, 01:33 PM

I have a Capital One Card but it's paid up. I noticed with the Citibank Cards that they only raised the % rate if you had a balance on the card. I wonder if Capital One is doing the same thing for only cards with a balance on them.

**kmonokwe** · 03-02-2009, 01:36 PM

Cricketlegs - having never had a car loan, I'm not sure how this works, and you may have already considered this, but you may want to pay interest only payments on the car while paying off the cc. That way you don't get hit with capitalized interest or anything when you get back to paying the car. I think its a great idea to kick the cc out of there if you're 6 months ahead on the car! You'll catch up in no time!

**mombottoo** · 03-02-2009, 02:17 PM

Originally Posted by Gardengal18

I have a Capital One Card but it's paid up. I noticed with the Citibank Cards that they only raised the % rate if you had a balance on the card. I wonder if Capital One is doing the same thing for only cards with a balance on them.

My notice said it was because of the length of time I've had my current rate...which I have had since I have had the card. Guess they figure they aren't making anything off of me, so they are going to try to make me pay. I could have got the notice, because there is a balance from recent online purchases...but, that gets paid in full this month. Doesn't matter I won't pay 19.99% on purchases and if I were ever inclined to make a ca I sure wouldn't do it for 24.99% interest rate...yikes!!!

I still can't agree with all of the interest rate increases...the fed's set rate for banks is next to nothing already...so I don't understand how they can justify rate increases like they are implementing.

And, Greebo you are right cc companies are SCUM...but, a necessary evil if you want to be able to make reservations or be able to rent a car.

**mhope** · 03-02-2009, 02:25 PM

I had two Capital One Cards three years ago. I did away with both of them. They try talk me out of it saying would go against my credit. I didn't care just wanted to do away with cards.

**mzpepper** · 03-02-2009, 02:31 PM

Originally Posted by mombottoo

My notice said it was because of the length of time I've had my current rate...which I have had since I have had the card. Guess they figure they aren't making anything off of me, so they are going to try to make me pay. I could have got the notice, because there is a balance from recent online purchases...but, that gets paid in full this month. Doesn't matter I won't pay 19.99% on purchases and if I were ever inclined to make a ca I sure wouldn't do it for 24.99% interest rate...yikes!!!

I still can't agree with all of the interest rate increases...the fed's set rate for banks is next to nothing already...so I don't understand how they can justify rate increases like they are implementing.

And, Greebo you are right cc companies are SCUM...but, a necessary evil if you want to be able to make reservations or be able to rent a car.

I have a Cap One credit card and got the notice also. I had the 0% 18 mo promo but I had already paid the card off several months ago. I thought they were raising my rate because they never made any money off of me. Guess I'm just part of the crowd.

**Judi Dial** · 03-02-2009, 02:41 PM

They raised our rate too, darn it. They were the lowest we were paying. However, the last time someone from Discover called, they finally GOT what DH was saying, that is, lower the rate on the outstanding balance!

They kept lowering the rate on future puchases and increasing our credit limit. We kept whittling away at the balance. I guess they finally figured it out!

Cap One was our bail out card, they had the lowest rate. If we HAD to use a card...Ah well, now Discover is our bail out card. Cap One will join the queue to be paid off....

Judi

**Jskell911** · 03-02-2009, 03:07 PM

Oh boy.... Cap One is the ONLY card we carry. Yikes. Right now we have 0%. But that changes next month. Hopefully we will have it paid by then. Usually we pay it off each month, but we had a $9K emergency pop up right before Christmas and had to throw $5 on the card. Almost paid off though