untateve Posted March 31, 2009 Share Posted March 31, 2009 I've had my Capital One credit card for somewhere around 7-8 years. Never missed a payment, never been late, etc. I get a notice in the mail that my interest rate is going up from 9.9% to 17.9%. I call to cancel the card and ask the reason for this dramatic increase. I'm told that it is due to the "challenging" economic times. He also told me that "millions" of customers have received this notice. I tell Mr. Capital One Operator to please cancel my card--I'm paying it off and cutting it up. He nicely informs me that if I pay it off the balance each month, I won't incur these loan shark rates. I inform him that I have other credit cards with appropriate interest rates so thanks, but no thanks. I tell him that I guess that Capital One plans on making $$$ off of people who don't read their credit card notices and will be due for a nasty surprise when they open their June statement (the changes go into effect in May). Mr. Capital One Operator just chuckles and asks if there is anything else he can help me with. Add Capital One to the list of evil empires. Happily, I have escaped their clutches forever. Quote Link to comment Share on other sites More sharing options...
SheikYerbuti Posted March 31, 2009 Share Posted March 31, 2009 Wow. . .apparently there are things that get Unta riled up. . . who knew? Quote Link to comment Share on other sites More sharing options...
Footballjoe Posted March 31, 2009 Share Posted March 31, 2009 I dumped Capital One a few years ago. Would never get another one either. Quote Link to comment Share on other sites More sharing options...
westvirginia Posted March 31, 2009 Share Posted March 31, 2009 Cue TimC. Didn't he rail against the evils of Capital One when they bought out a bank he was working for? Quote Link to comment Share on other sites More sharing options...
TimC Posted March 31, 2009 Share Posted March 31, 2009 Capital One is the debbil. OTOH, my credit card did the same. Jumped to 19%. I don't carry a balance, never been late and have perfect credit. It's just the way it is right now. I don't really care since I don't plan to carry a balance. I read a story that some people are having their credit lines tanked to beneath the balance they carry, thus incurring late fees and such. Those are the people getting royally screwed. Credit card companies are about the lowest of the lowest scum on the planet. Don't fall into their trap. Anyone that works for a credit card company is going to Hell. Quote Link to comment Share on other sites More sharing options...
MikesVikes Posted March 31, 2009 Share Posted March 31, 2009 Anyone that works for a credit card company is going to Hell. I'm sure that they've all been told that on more than one occasion. Quote Link to comment Share on other sites More sharing options...
Big Country Posted March 31, 2009 Share Posted March 31, 2009 I'm sure that they've all been told that on more than one occasion. I've been told that cause I work for a utility....... Quote Link to comment Share on other sites More sharing options...
Jackass Posted March 31, 2009 Share Posted March 31, 2009 with a 20% interest rate, if one were to pay off only the minimum balance every month, it would take approximately 342,768 years to pay it off. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted March 31, 2009 Share Posted March 31, 2009 I have the completely opposite experience. I have nothing but good things to say about the cashback CC I have and also their excellent customer service, which has reverted to more humans, less automation. Quote Link to comment Share on other sites More sharing options...
untateve Posted March 31, 2009 Author Share Posted March 31, 2009 I have the completely opposite experience. I have nothing but good things to say about the cashback CC I have and also their excellent customer service, which has reverted to more humans, less automation. They've got to Ursa...he's one of them now. :tears: Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted March 31, 2009 Share Posted March 31, 2009 (edited) They've got to Ursa...he's one of them now. :tears: I can only tell it like I find it. I am fortunate to have very good credit and pay the thing off monthly without fail so I guess I get a different view to some. ETA: I spend thousands on it monthly to get the cash back so Cap One gets to rape all those retailers - maybe that's why they like me. Edited March 31, 2009 by Ursa Majoris Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted March 31, 2009 Share Posted March 31, 2009 My Chase card is still at 7%. Cool. Quote Link to comment Share on other sites More sharing options...
Fatman Posted March 31, 2009 Share Posted March 31, 2009 My Chase card is still at 7%. Cool. Yep, my Chase card is still all good (they also issued my mortgage). Quote Link to comment Share on other sites More sharing options...
untateve Posted March 31, 2009 Author Share Posted March 31, 2009 My Chase card is still at 7%. Cool. I have a Chase card and a Amex, both with low interest rates. Quote Link to comment Share on other sites More sharing options...
cre8tiff Posted March 31, 2009 Share Posted March 31, 2009 I've had my Capital One credit card for somewhere around 7-8 years. Never missed a payment, never been late, etc. I get a notice in the mail that my interest rate is going up from 9.9% to 17.9%. I call to cancel the card and ask the reason for this dramatic increase. I'm told that it is due to the "challenging" economic times. He also told me that "millions" of customers have received this notice. I tell Mr. Capital One Operator to please cancel my card--I'm paying it off and cutting it up. He nicely informs me that if I pay it off the balance each month, I won't incur these loan shark rates. I inform him that I have other credit cards with appropriate interest rates so thanks, but no thanks. I tell him that I guess that Capital One plans on making $$$ off of people who don't read their credit card notices and will be due for a nasty surprise when they open their June statement (the changes go into effect in May). Mr. Capital One Operator just chuckles and asks if there is anything else he can help me with. Add Capital One to the list of evil empires. Happily, I have escaped their clutches forever. This is EXACTLY what happened to me, I cancelled the foker, and paid it off as well. VERY puzzling business plan to ostracize the GOOD clients... Guess they make most of thier money from the late fees anyhow?? Quote Link to comment Share on other sites More sharing options...
Kid Cid Posted March 31, 2009 Share Posted March 31, 2009 This is EXACTLY what happened to me, I cancelled the foker, and paid it off as well. VERY puzzling business plan to ostracize the GOOD clients... Guess they make most of thier money from the late fees anyhow?? I'm reasonably certain these companies don't make money off of the "good" customers. Just as an aside, I thought it very interesting that I saw a commercial for K-Mart where they were touting their Layaway Plan. Before credit, there was layaway. It's roots can be traced back to Henry Ford. Personally, I'd love to see this as the future of attaining goods that one can't immediately afford. Quote Link to comment Share on other sites More sharing options...
alexgaddis Posted March 31, 2009 Share Posted March 31, 2009 They just lowered mine...they must not like you... Quote Link to comment Share on other sites More sharing options...
untateve Posted March 31, 2009 Author Share Posted March 31, 2009 They just lowered mine...they must not like you... Don't be silly. Everyone likes me. Quote Link to comment Share on other sites More sharing options...
SheikYerbuti Posted March 31, 2009 Share Posted March 31, 2009 Don't be silly. Everyone likes me. Except, of course, Capital One. Quote Link to comment Share on other sites More sharing options...
The Irish Doggy Posted March 31, 2009 Share Posted March 31, 2009 My Chase and National City cash back CCs haven't let me down yet. :fingerscrossed: Quote Link to comment Share on other sites More sharing options...
Furd Posted March 31, 2009 Share Posted March 31, 2009 A few months ago I received a notice from Capital One that it was "suspending" one of my accounts because I hadn't used it in awhile (~18 months). No warning. I called them and they confirmed that "suspending" meant that they were closing my account. I explained that I didn't want to close it, due to a likely adverse effect on my FICO score, and that I would therefore use it regularly to keep the account open. They explained that this was not an option and suggested that I could reapply for another card. So I decide to e-mail them: I received a letter from you in which you indicated that you were closing my account for lack of use. I would like to keep the account open.(You'll note that I recently had an auto loan with you.) If you send a new card to me, I will use it regularly to maintain this account. Thank you. Furd Dear Furd, Thanks for contacting us about your Capital One account. After conducting a periodic review of our existing accounts, we noticed that you had not used your Capital One® credit card for an extended period of time. As a result, we suspended your credit card account and will close it after 60 days from the date of your initial notification. If you have a Rewards balance to redeem, you will need to do so before the account is closed. Suspensions cannot be removed from the account. Please visit www.capitalone.com for account information, including rewards balances, redemption options, or miles redemption. You are a valued customer and we thank you for choosing Capital One. If you have questions, please respond to this email or our Customer Service Representatives are available 24 hours a day, 7 days a week at 1-800-955-7070. Sincerely, Capital One Financial Services, Inc. Thank you for the reply. If I were a valued customer, you would not be closing my account, which will undoubtedly have a negative effect on my FICO score. I don't understand this, in part because I recently had a fairly substantial auto loan with your company. Damaging my credit score does not encourage me to do business with your company. So I guess that the correct statment is that I "was" a valued customer. Sincerely, Furd Dear Furd, Thanks for contacting us about your Capital One account. Thank you for providing us with your feedback regarding your credit score. We appreciated your feedback and have forwarded a copy of your correspondence to the appropriate department. We apologize for your inconvenience and appreciate your time in providing our offices with this valued feedback. Again, we want to thank you for your feedback. You are a valued customer and we thank you for choosing Capital One. If you have questions, please respond to this email or our Customer Service Representatives are available 24 hours a day, 7 days a week at 1-800-955-7070. Sincerely, Capital One Financial Services, Inc. I understand that banks need to reduce their exposure and all, but I don't get why one would cut off a low risk guy with a pretty substantial history with them. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted March 31, 2009 Share Posted March 31, 2009 http://www.detnews.com/article/20090330/BI...0307/1001/rss21 http://finance.yahoo.com/loans/article/106...mething-or-Else http://finance.yahoo.com/banking-budgeting...-Jump-Overnight Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted March 31, 2009 Share Posted March 31, 2009 Except, of course, Capital One. and AG Quote Link to comment Share on other sites More sharing options...
Square Posted March 31, 2009 Share Posted March 31, 2009 Credit card companies are about the lowest of the lowest scum on the planet. Don't fall into their trap. Anyone that works for a credit card company is going to Hell. I believe the seventh ring of hell has collection agencies but credit card companies are right above them. Quote Link to comment Share on other sites More sharing options...
Vinatieri Is God Posted March 31, 2009 Share Posted March 31, 2009 What's in your wallet? Quote Link to comment Share on other sites More sharing options...
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