I'm sorry, I just have to vent.

I went online today to make my Capitol One CC payment and found they raised my rate from 8.99% to 17.99%. Of course I called them, and they told me there was nothing they could do to put the interest rate back to where it was.

They said 50% of customers had their interest rate raised this month and in August the other 50% of customers will have the interest rate increased. So if you have a Capitol One account watch your statement.

This is a company that took $3.56 BILLION in bailout money!

I am just so furious! Of course there is nothing I can do. Keep in mind I have NEVER been late on a payment (I've had the account almost 6 years) I always pay more than the minimum, I've never gone over my limit and they still raised my rates to almost double!

I guess that's it, if you made it this far, thanks for listening.

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Mary

I would shop around for a different cc company.

I have an interesting Capital One story. Our church does an outreach program with local offenders. An older man, very kind and helpful, does a lot of repairing and cleaning in the church although we have to be careful since he is a chronic thief...has been in jail most of his adult life for a whole list of petty thefts.

He was telling the group that he got a credit card offer through the mail and was asking people about it since he really never had one issued in his name before. ( Not to be mean, but I am sure he used stolen ones in the past). He called the number listed and yes indeed they would give him $500 credit limit and all he had to make was the minimum payment ....etc.

The man has minimal income, just works odd jobs and a small SS, has no credit history since he has been in jail most of his life and they offer him a credit card.

The topper. He got it on Monday and was remanded back to jail on Thursday for a theft

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Nobody can make you feel inferior without your consent.

E. Roosevelt

OP, have you talked to them about not using the card anymore and keeping your low interest rate?

These are the type of lending practices that got banking in trouble in the first place. I cannot bekieve that they're still lending money so stupidly.

What was it then?...'cause it sure sounded mean and had nothing to do with your story.

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Toonces,
I agree... I hate when people assume things....

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Be careful what you wish for.....

Really.

What part did you not understand? We know the man, he has spent the bulk of his life in jail....He is classified as a career criminal. I also said that
"we have to be careful" in that we do not leave anything of value around. Yet you had no problem with that assumption that he MAY steal from us.....but the statement that he may have stolen/used credit cards caused your ire???

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Nobody can make you feel inferior without your consent.

E. Roosevelt

THANKS for posting this!!! I just logged into my account and found it been raised. I appreciate the email or letter in the mail from the company to inform me of this change <sarcasm>. Luckily I don't carry a balance.

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All we are and all we see is but a dream in a dream, All that you see or seem, is but a dream within a dream--Edgar Allan Poe

dnj61, Capitol One is not the only doing things this way. I just received notice from Chase that they are raising the interest rates as well. I called to ask them why since my account has always been in good standing with them. I was told basically the same thing you were by Capital One EXCEPT the c.s. person blamed the new bill that Congress just passed as well. Shaking head!!


Debbie

I guess I didn't understand that's what you meant by "we have to be careful". I would have definitely taken exception to that too. If your church is so concerned that the people may "take something", maybe this is not the type of program they should be helping out with.


Oh..and to the OP....sorry for the thread hijack!

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I posted a couple weeks ago that this is exactly what Chase is doing to my card as well. 7.99 to over 17%. I don't really care about the interest being raised because I never carry a balance but they also informed me (via letter in snail mail) that unless they start finding my account "profitable", they will most likely cancel me. I mean, I understand that they are in business to make money, but it sucks that people doing the right thing are going to get the shaft on it.

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Proud to say I haven't shopped at a Wal-Mart since Sept 2003

Thanks so much for your "expert" opinion. I know that I will be passing your message on to those people who have worked with this program for many years and let them know that they are doing something wrong. If more information is needed on how to conduct these types of programs properly, may I PM you and get your advice or do you have this all in a treatise ????

My apologies also to the OP. My intention was to share another questionable business practice of C ONE not, of course, realizing that our practice of not tempting someone with a proven problem was the wrong one.......

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Nobody can make you feel inferior without your consent.

E. Roosevelt

Mary -

Capital One tried pulling that with me a couple months ago. I called and raised cane. They wanted to raise my rate from 9.99% to 17.99%. When I called they said they could see that I have been a good and loyal customer for years and that I had an exempliary credit rating. I told them if this was their idea of rewarding loyal customers that it seemed much more like a punishment and they could cancel my account and I was prepared to pay it off right then and there. They ended up dropping my rate to a fixed 7.99%. Afterward the girl told me they (Capital One) were hoping people wouldn't read the notification and that I would be shocked too know just how many consumers were unaware thier rates had been raised and would never call.

I AM SICK AND TIRED OF TAKING HITS FOR PEOPLE THAT ARE IRRESPONSIBLE WITH THEIR CREDIT!!!!!!

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I'm with you on that!

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Proud to say I haven't shopped at a Wal-Mart since Sept 2003

It's equal opportunity. Everyone gets the shaft.

Cindy, I did explain that I was a good customer, they acknowledged that but still said they would not lower the interest rate. I told them to just close the account and they didn't even bat-an-eyelash. They said "OK, your account's closed."

The sad part is, I did get notification about a rate increase a couple months ago, but because I've never been late, etc, etc, I didn't think it would apply to me. And trying to read that little brochure that's printed on tissue paper with that tiny writing...seriously?????

I don't have a large balance, but it's the principle. This afternoon a shot off a letter to my congressman and to the White House.

What the heck are they doing with the bailout money? What was the point in giving them all the $$$ "to help stimulate" the economy? I don't see anything stimulated except Capitol One's pocketbook.

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Mary

I'm sick and tired of companies that try to pull a fast one. They HOPED people wouldn't notice? Well, isn't that ethical and moral? I'd drop them fast, even if they agreed to reduce my rate. I'm glad I've only used credit unions since my first professional job in 1986.

When I was a kid working at a minimum wage job, the bank I was using decided that they'd charge people with deposits less than an amount that no kid would ever have. I dropped that bank and vowed I'd never go back, even when I was making "adult" wages. I've kept that promise. There's a big difference between making a profit and profiting off those who are less fortunate.

I've had it with scumbag big business and their corporate greed.

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If this is going to be a Christian nation that doesn't help the poor, either we have to pretend that Jesus was just as selfish as we are, or we've got to acknowledge that He commanded us to love the poor and serve the needy without condition, and then admit that we just don't want to do it.

- Stephen Colbert.

This is just sickening. If they won't work with you, can you transfer the balance to another credit card with a much lower rate and be done with them?


I will have to watch more closely to see other banks are not doing the same kind of practice.

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I don't suffer from insanity, I enjoy every minute of it!

And then watch the credit card you switched to raise their rates!!! It's a never-ended cycle.

I have several credit cards that I pay each and every month on time and ALWAYS pay more than the minimum amoun. I'LL be watching them very closely. If they raise my precentage amount I'll call them just ONCE. If they don't lower the rates back to where they were or lower
I'll close the accounts immediately. If need be I'll just get a loan at my credit union to pay them off.
And like another poster mentioned I don't do business with banks other than those credit cards. And those can be brought to an abrubt halt.

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Barb


My GOD Bless our Country and our Troops, and rid the World of terroists.

The only cc I use is a Citi MasterCard and I do not carry a balance so the interest rate doesn't concern me either, but I am concerned that they are threatening to cancel "unprofitable accounts".

Actually, how DO credit card companies make money from customers like me who don't ever pay a penny of interest and do not pay an annual fee?

When you use your card, the merchant pays a percentage.

Keep in mind all cc's are going to this they are new federal gov. pricing laws they have to be in place by feb 2010 a company that went from a very low interest rate to a very high one & I get people everday who say how can you do that with the new fed laws HMM think again thats whats doing it!!!

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mom of 3 greats girls

Can you provide information to back that up?

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If this is going to be a Christian nation that doesn't help the poor, either we have to pretend that Jesus was just as selfish as we are, or we've got to acknowledge that He commanded us to love the poor and serve the needy without condition, and then admit that we just don't want to do it.

- Stephen Colbert.

Do they raise the rate on existing balances or just for new purchases going forward? I wouldn't think that it would be fair/possible to change the terms on previous purchases.....but I have never carried a balance so have never read all that fine print (and probably can't anymore since it's so small...LOL)

cj/

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I was walking home one night and a guy hammering on a roof called me a paranoid little weirdo. In morse code. -Emo Phillips

It's on existing.

I never used to carry a balance, but when DD decided to move to AZ for a better job with 2 weeks notice - good 'ol mom had to hurry and fork out a couple grand to help her out, (which she PROMISED to pay back...not holding my breath) I have several CCs with no balance and it just miffs me that I put the move expenses on the Capitol One Card...Why? because it had the lowest interest rate!

I've decided to make the payment this month ... Seriously, In my mind I had already refused..."take me to court, ruin my credit, I don't give a rat's a$$, I'm not paying your rates" - well calmer heads have prevailed.

Monday I'll call my Credit Union and see what they suggest I do. Maybe just see about getting a small line-of-credit and paying them off or transferring the balance to my NEXT lowest interest card which is at 12% and 0 balance.

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Mary