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Capital One / increased interest rate!

1 United States Review updated:

I am 52 years old and have always had excellent credit. I am never late on a payment and have credit scores from 760-790. I have had a Capital One credit card for years with an interest rate of 9.9%. Recently they sent me a statement that my interest rate would be increased to 16.99%. I haven't paid this much interest on a card in many years and have never had a credit card increase my rate and don't understand how they can do this when I am not in default on anything. A couple of years ago when I checked my credit report I noticed that Capital One was showing 2 30 day late on my account. I knew this was incorrect and filed a complaint and this was corrected and taken off my credit report. I could understand an increase in my rate if I was a credit risk but I have worked diligently to keep a good credit score and do not have to take this. I will be canceling this account.

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  • Jt
      8th of Feb, 2009
    0 Votes

    I just got a letter in the mail from Capital One saying that they are taking our interest rate up over 9%! I too have not been late with a payment, and I send them more then the payment is each month by at least $30.00 if not more. I am going to cancel. I have never liked how they out source their customer care reps either, so this just made the push to shove and in the morning I am calling their number to cancel my account. I am sure if I need a card, there are other companies that would love to have my money.

  • Ad
      21st of Mar, 2009
    0 Votes

    What you had was a change in terms. All the info on why it changed would have been disclosed to you in a letter as well as most reps will clearly explain it to you when you call. I understand it's frustrating to get one and think that the company is targeting you due to your good status. However, your status and credit score are normally not a reason for a change in terms. The only reason that one occured was because of the increase in interest rates over the past 3-4 years. The interest rate you had was very low for several years in comparasion to what the adverage apr is, Captial One reviewed your account as well as thousands of other accounts and determined that your account apr needed to be increased due to the increase of interest rates in the market. You always have the option to use your card for your monthly expenses and pay it off in full each month. That would avoid interest from purchases entirely because you are not carrying a balance from month to month. Also, if you have a rewards card, using your card for all your monthly expenses (gas, groceries, bills, ect.) would quickly bank up rewards to use for something neat in the future.

  • Ma
      7th of Apr, 2009
    0 Votes

    Mine was just increased from 7% to 17%. I disagree with the comment that they explain why to you. I called and the rep told me it was because they reviewed all acounts and almost everybosy had an increase. I understand they want to make money but an increase of over 100%? Come on. How is that not loan sharking? especially since I just moved a balance over there for the lower interest rate. I am closing this card. It's ridiculous. I hope they go out of business and more people opt to close their account. Like someone mentioned, I'm sure there is someone out there who would be happy to make 7-10% return on lending me money!

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