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Capitol One Bank / Credit Card Interest

1 CA, United States Review updated:

Capitol One Bank is raising my rate from 6% to 14%. Why? Their reasoning is because of "the economy". I have an excellent credit rating, and am not behind in any payments; so their real reason is greed -- or better said, Capitol One expects customers who pay their bills on time to "bail out" the bank's poor decisions. They recently unfolded a plan to "help" those in financial crisis by revising your debt. They make it sound like the "banks" are actually helping ... the fact is the "banks" are merely squeezing the consumer to re-coup their profits. We paid off the card, and cancelled it. I will never do business with Capitol One again!

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Comments

Re
  18th of Feb, 2009
+1 Votes

The only thing I would like to address is the "bail out." It is not actually such a thing. The "bail out" is in fact a loan, one that banks have to pay back, and with interest of at least 6%. So if the bank is borrowing at say 7%, does it make sense from a business standpoint to be charging customers less? Banks have to make a profit, or they dissolve. Do you really want the banks to go under and only have one or two choices of who you do business with? I certainly don't. I enjoy the choices I have for my banking needs, individually and as a small business owner.

Cr
  20th of Feb, 2009
0 Votes

Gee. I told the banks to lend money on a 400, 000 home when the person only made 25, 000 (I don't think so). The problem these banks DON''T know what the value of the loans they made or bought in "bulk". Now they want to keep the money from the federal govt. and make thoses who have been making their payments on time to keep making them at a much higher interest rate (they want the honest hard working person to "bail" them out). Seems like the bail out for the banks is the average working person, who in turn make higher tax payments due to the so called bail outs that is supposed to loosen money. Do we really want 50% of all Americans filing for Bankruptcy? The problem is we have taxation without representation. In the meantime the Speaker of the House is going to Italy on a personal junket. There is not a dime worth of difference between the Democrats and the Rebublicans. Where is Harry Truman when you need him???

Pi
  28th of Feb, 2009
0 Votes
Capitol One Bank - INTEREST RATE INCREASE
CAPITOL ONE BANK
United States

CREDIT CARD COMPANIES HAVE GOT TO BE STUPID. IF MOST PEOPLE ARE STRUGGLING JUST TO PAY THEIR BILLS NOW, WHY WOULD A COMPANY LIKE CAPITOL ONE RAISE THEIR INTEREST RATES.I JUST HAPPEN TO BE ONE OF THE LUCKY PEOPLE AND THE ECONOMY HAS YET TO CAUSE A BURDEN ON MY LIFE, BUT I REFUSE TO BE TAKEN ADVANTAGE OF.I HAVE NEVER MISSED A PAYMENT OR HAVE I EVER BEEN LATE.I HAVE SINCE CANCELLED MY CARD.SO TO THE PEOPLE AT CAPITOL ONE I HOPE YOU FAIL, AND KISS MY A??

Se
  25th of Jun, 2009
0 Votes

Capitol One stinks and I hope they go under! When they start treating their good customers like numbers on a spread sheet, then they deserve what ever happens to them. My interest rate was nearly doubled from one month to the next without warning. I since have paid off the card and canceled my card. I will never do business with Capitolist One again and have warmed all my family members and friends as well.

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