Capital One Credit Card

[ShyOne]

I have been with Capital One for almost 15 years. I have never missed or been late on a payment. Got a letter this week that my interest rate beginning in April 2010 will jump 10% to 17.9%. Needless to say I am closing my account with my next payment. Just want to let all of you know to be on the lookout for the changes in interest rates on your cards. Guess they want me to help pay for the deadbeats that skipped out on their payments. They have lost me as their customer, will not get anymore of my money.

 

[ProfMoneyWise]

I have been with Capital One for almost 15 years. I have never missed or been late on a payment. Got a letter this week that my interest rate beginning in April 2010 will jump 10% to 17.9%. Needless to say I am closing my account with my next payment. Just want to let all of you know to be on the lookout for the changes in interest rates on your cards. Guess they want me to help pay for the deadbeats that skipped out on their payments. They have lost me as their customer, will not get anymore of my money.

Credit-Card-Industry-Aims-to-Profit-From-Sterling-Payers: Personal Finance News from Yahoo! Finance

Ironically those that pay their bills on time and do not carry a balance are known as "deadbeats" in credit industry lingo.

 

[baileydog]

I never pay any interest, I pay off every month.

 

[ShyOne]

I never pay any interest, I pay off every month.

I am thinking that I may do that instead of cancelling my account. Next thing, they will try is a surcharge or some type of charge for this also. They have really upset me with this percentage increase.

 

[baileydog]

I am thinking that I may do that instead of cancelling my account. Next thing, they will try is a surcharge or some type of charge for this also. They have really upset me with this percentage increase.

I would cancell my card if they charged me for every transaction. Until then pay off it the name of the game. debt free.

 

[Wenchy]

I am thinking that I may do that instead of cancelling my account. Next thing, they will try is a surcharge or some type of charge for this also. They have really upset me with this percentage increase.

I don't understand why you find it acceptable to pay 10%.

Never charge what you can't pay cash for.

Times are changing.

I will never pay an annual fee or interest. I can go without. The convenience factor sucks, but I will have to carry cash...and a taser.

 

[The_Twisted_Ear]

I never pay any interest, I pay off every month.

Haven't you been reading the news? The new law Obama and company pushed will now affect those paying off their balances each month. Credit Card companies have already made it known that they will impose an interest amount the moment you hit the charge card! We will now have to pay for those defaulting. The funny part is they aren't mentioning that they still make money off of us because the merchant pays a percentage to the Credit Card companies for every credit transaction. Anyway - if they start charging interest the moment you charge (regarless of whether you pay off the balance) - I will no longer use a Charge Card and start using checks again which will also hit the Credit Card companies because they won't get their cut from the merchant when something is charged. Go Obama!

 

[CalvertNewbie]

I have been with Capital One for almost 15 years. I have never missed or been late on a payment. Got a letter this week that my interest rate beginning in April 2010 will jump 10% to 17.9%. Needless to say I am closing my account with my next payment. Just want to let all of you know to be on the lookout for the changes in interest rates on your cards. Guess they want me to help pay for the deadbeats that skipped out on their payments. They have lost me as their customer, will not get anymore of my money.

You're definitely not alone, this seems to be what many of the credit card companies are doing. Others have started threads about this same crap and it is so irritating.

I just got a letter from Citibank. I've been with them since I graduated high school, almost 17 yrs ago. I've never missed or been late on a payment and have a very high credit line on my card. Because I haven't used the card in about 6 months, they are closing my account. Now there's a great reason to lose a long term customer. Needless to say, I will not be calling them to reconsider. If they only want people who don't pay their bills, then I wish them luck.

 

[ShyOne]

You're definitely not alone, this seems to be what many of the credit card companies are doing. Others have started threads about this same crap and it is so irritating.

I just got a letter from Citibank. I've been with them since I graduated high school, almost 17 yrs ago. I've never missed or been late on a payment and have a very high credit line on my card. Because I haven't used the card in about 6 months, they are closing my account. Now there's a great reason to lose a long term customer. Needless to say, I will not be calling them to reconsider. If they only want people who don't pay their bills, then I wish them luck.

Seems to me that the credit card companies will be left with the people that can't pay their bills if they are going to piss off the people that are paying their bills on time and they decide to quit using the credit card.

 

[ShyOne]

I don't understand why you find it acceptable to pay 10%.

Never charge what you can't pay cash for.

Times are changing.

I will never pay an annual fee or interest. I can go without. The convenience factor sucks, but I will have to carry cash...and a taser.

What I was saying is that I will pay off the balance each month and then there would be no interest charged to me. I will not use a card that has a annual fee or a surcharge for the use of a card with a zero balance.

 

[Wenchy]

What I was saying is that I will pay off the balance each month and then there would be no interest charged to me. I will not use a card that has a annual fee or a surcharge for the use of a card with a zero balance.

What I was saying is, I took your posting to mean that you were not willing to pay an increased rate. I thought you were okay paying 10% and got ticked off that they raised the rate.

My point is, if you can't afford to pay something off each month, then don't charge it.

The increased credit card interest rates are old news. A friend of mine had his rate increased from 9% to 30% and he had a substantial balance.

Annual fee? I thought that went out in the 80's.

I've never paid one and never will.

 

[ShyOne]

What I was saying is, I took your posting to mean that you were not willing to pay an increased rate. I thought you were okay paying 10% and got ticked off that they raised the rate.

My point is, if you can't afford to pay something off each month, then don't charge it.

The increased credit card interest rates are old news. A friend of mine had his rate increased from 9% to 30% and he had a substantial balance.

Annual fee? I thought that went out in the 80's.

I've never paid one and never will.

No, I am not okay paying 10% as my rate is now 7.9%. There are a few months that I have had a balance but it was a small balance.

 

[unixpirate]

I have been with Capital One for almost 15 years. I have never missed or been late on a payment. Got a letter this week that my interest rate beginning in April 2010 will jump 10% to 17.9%. Needless to say I am closing my account with my next payment. Just want to let all of you know to be on the lookout for the changes in interest rates on your cards. Guess they want me to help pay for the deadbeats that skipped out on their payments. They have lost me as their customer, will not get anymore of my money.

Do you watch much TV/News?

 

[unixpirate]

I don't understand why you find it acceptable to pay 10%.

Never charge what you can't pay cash for.

Times are changing.

I will never pay an annual fee or interest. I can go without. The convenience factor sucks, but I will have to carry cash...and a taser.

Your just as fkg stupid as the rest of them. The CC company's months back said they were going to do what they are doing now with the interest rates. You had/have a choice of canceling those CC's and be done with it. If you didn't pay attention then, it's your loss now.


BTW! It's an apostrophe between "interest and I". Taser? You ain't all that!

 

[tygrace]

Your just as fkg stupid as the rest of them. The CC company's months back said they were going to do what they are doing now with the interest rates. You had/have a choice of canceling those CC's and be done with it. If you didn't pay attention then, it's your loss now.


BTW! It's an apostrophe between "interest and I". Taser? You ain't all that!

Wow Unix--you really sound like you're in a bad mood!! BTW, what I read from Wench, is that she doesn't use credit cards, and she needed a taser because she'll be carrying cash. Maybe you should review her post and then respond next time. Just saying.......

 

[Tilted]

I am thinking that I may do that instead of cancelling my account. Next thing, they will try is a surcharge or some type of charge for this also. They have really upset me with this percentage increase.

The policies of different issuers will no doubt vary, but I think that the general trends will be to increase base interest rates, start charging annual fees, and curtail rewards programs. Shopping around will be particularly important, because there will certainly be some issuers whose business models rely on attracting lower default risk customers, and can thus live with smaller revenue streams (meaning they won't have higher rates or annual fees).

You're definitely not alone, this seems to be what many of the credit card companies are doing. Others have started threads about this same crap and it is so irritating.

I just got a letter from Citibank. I've been with them since I graduated high school, almost 17 yrs ago. I've never missed or been late on a payment and have a very high credit line on my card. Because I haven't used the card in about 6 months, they are closing my account. Now there's a great reason to lose a long term customer. Needless to say, I will not be calling them to reconsider. If they only want people who don't pay their bills, then I wish them luck.

People who have high credit limits, and don't use the credit very often, can hurt the banks financially. In some regards, the open line of credit is counted as a liability on their books, and hurts their capital positions. A lot of banks have had troubles in the last year with their capital positions, Citigroup among them. They either needed to raise more capital (which wasn't easy to do), or close some of the open credit they had extended.

They would rather have that credit extended to someone that might use it, because at least then they are making money off of it. The capital positions of the banks used to be fairly good, so they could afford to have credit extended to a bunch of people, even if they weren't using it and creating revenue for them. But, now, the amount of credit they can extend is limited, so they have to be more pragmatic with regard to whom it is extend.

EDIT: By the way, I just closed an account that I had with Citibank because they were acting foolish in a different regard.

 

[Vince]

I don't understand why you find it acceptable to pay 10%.

Never charge what you can't pay cash for.

Times are changing.

I will never pay an annual fee or interest. I can go without. The convenience factor sucks, but I will have to carry cash...and a taser.

One of my credit cards sent me a similar letter that my interest rate would be going up to 20%. Called them and while they were on the phone, I asked if they heard that sound. They said Yes. "That was the sound of your credit card going through my shredder. Cancel my account." I also asked to be sent a letter notifying me that my account had been cancelled.

 

[AiryT]

I can understand getting upset because your interest rate is going up. I am also, my interest rate went up too. But closing your account, especially if you have had you card for a considerable amount of time can actually lower your credit rating. I think, I'll keep my card open and make sure to only charge what I pay off at the end of the month. Also, I have a credit union credit card and haven't had an interest rate increase on that. Maybe that is the way to go.