My credit card (Capital One) raised my rate last month from 7.9% to 12.9%
I tried unsuccessfully to reach an actual customer service rep to ask WTF? E-mails were answered with automatic responses saying to call the 800 number. (the same number you can't reach anybody on)
Finally, I pretended I wanted to make a payment by phone thru the annoying and endless auto-response prompts and finally got a language-impaired idiot who eventually got me to an Engish-speaking supervisor. When I asked if I had been late or missed a payment, she said no, I had an excellent record. Her reason for raising my rate: "They do that sometimes", and that I should have received notice to that effect. (I never saw it, unless maybe it was in the teeny-tiny small print hidden somewhere on my statement) Anybody else had this happen?
What's in MY wallet? It sure as hell ain't Capital One.......
Posted by John Byrd (Member # 825) on :
Capital One is one of the companies that play dirty. Nationally known Consumer adviser Clark Howard names them as one of the worst he has seen in his career.
Posted by Joey Madden (Member # 1192) on :
Wachovia is prime rate, Check theirs out Sonny and it will make you happy. Probably under 7.9%
Posted by Raymond Chapman (Member # 361) on :
Just think what the rate would have been if you had actually been late or over the limit.
Card companies will raise your rate if you are late on a car or mortgage payment...and it has nothing to do with the card itself or the balance on that particular card - just another excuse to put you in a higher bracket. Ask me how I know?
Go through a bankruptcy and they have you by the .....well, they have a good grip on you.
[ August 22, 2007, 01:59 PM: Message edited by: Raymond Chapman ]
Posted by Mike Murray (Member # 840) on :
Had the same thing happen to me a couple years ago with Capital One because they said I didn't carry a high enough balance. I would charge something and pay it off. I had that card for 10 years. Best part was when I canceled it they offered to lower the rate.
Posted by Tim Whitcher (Member # 685) on :
Card companies can raise your rate for absolutely no reason at any time. They can also demand payment in full on the balance of the card for no reason at anytime. Capital One is in a real fix over their 0% mortgages, and will probably collapse in a few months, but not before they eventually raise everyone's rates. I have one card, for emergencies only (and it's not Capital One).
Posted by Jillbeans (Member # 1912) on :
I know that you can call your credit card company and ask for a lower rate. I just did. Sometimes it's quite a phone-tree climb tho. I have a Chase Visa. The interest rate is still pretty high tho. Love.....Jill
Posted by Curtis hammond (Member # 2170) on :
i have capitol one ,, now I'll watch them like a hawk. They may be trying the old sneaky tricks other card providers did over the years.
I had Avanta once.. they did that raise the rate deal,, and then they tried the old late payment deal,, Only thing is,,, they would mark you late if your payment came in AFTER 6 AM on the day it was due and lick you $35 bux. Yes, 6 AM in the morning on the day it was due. If the due date just hapened to land on the 4th,, such as July 4th and that was on a FRiday they wouldn't mark your payment until the following Monday. Thats how they played it.
So maybe sonny paid on time but the payment fell into one of their stupid dishonorable games.
They just can't stand top make a buck with full honor. They just have to play it on the sly and make strange rules.
They got caught though. Some law firm did a class action suit. I was in it because of that payment due trap. The pay offf? 65 million. Yes $65 million. My cut after expenses was .63 cents CREDIT on my card and any late payment marks removed. Problem is I ditched Advanta right after their late fee trick and never paid it. So I never got my whopping .63 cents. Their game built up to over $350 bux in further fees and interest. Suddenly one day they called and said they were clearing all this balance due crap. But, they got sued anyway and lost.
Long live the shysters.. Down with credit card theeves.
Posted by bruce ward (Member # 1289) on :
Oh yes. great credit, a great customer they dont care. they will sneak that in.
very simple...CALL IN AND CANCEL AND TAKE NO OFFERS THEY ARE OFFERING. if they can offer you a lower rate why the hell did they raise it in the first place.
Think of it like quote ing a sign if you told a customer $1000 for a sign and they balked and then you said ok Ill take $500 they would be ****ed wouldnt they?
there is too many cc companies out there to put up with that crap
Posted by William DeBekker (Member # 3848) on :
Wait till you get a mortgage from some of those POS's. Our mortgage just went from $960 to $1450 a month from the wonderful people at Chase.. Been trying to refi for the last 2 months to no avail as all the lenders are getting picky and since I am self employed I can't get refinancing now. "So I'm told" so we just listed our house for sale and the hell with them all and we're just going to live in the back of the shop for a few years till we get the house finished in the mountains and become hermit sign makers.
Posted by FranCisco Vargas (Member # 145) on :
Sonny I hear you, I just spoke with Capital 1 two days ago, mine was 13.9% I said damn, checked to see I had paid them on time, everything was cool, they said they notified all their customers a couple of months ago. I said na na nanan sounds like bullshift exchanged a few words and came down to...since I been with them for awhile now, they was going to drop it to 8.9, damn you guys have a better rate in your area. Stay on em bro, take no prisoners, everybody else check your statements, take nothin for granted...
Posted by Deb Fowler (Member # 1039) on :
My sister works for a credit card company. I have learned a lot since the six years she worked there. It's in the fine print. Either from the beginning when you sign up, or comes in a statement that they are raising the rate or will at any time they want to do that. So, if you don't see it coming, it can be slipped in there and they can say, didn't you read the fine print when you started? A retroactive kick in the butt, I say.
Posted by jack wills (Member # 521) on :
CASH.......IS KING.
No interest rates.
Posted by Ian Stewart-Koster (Member # 3500) on :
15.9% is standard here...you fellows have it good!
Posted by Greg McRoberts (Member # 3501) on :
CapitalOne gave me a late payment notice about 4 years ago and I called to challenge it since I pay my bills on time. Ba$tards told me it must have been the post office's fault and wouldn't remove the charge. I said OK then, I see how you roll.
I have since paid my bill IN FULL, non-fail every month for the last 4 years and haven't paid those f**ks a dime in interest. I've charged 10's of 1,000's of $$$ too. I'm now one of what they classify as a "deadbeat" since I pay my bills on time and they can't make any $$$ off me.
They truly, majorly, SUCK!!!! Run from them like they're on FIRE!
Posted by Felix Marcano (Member # 1833) on :
GET RID OF ALL CARDS... Well, keep one to mail order materials.
Posted by Glenn Taylor (Member # 162) on :
Right on, Felix!
Posted by Dale Feicke (Member # 767) on :
Got rid of all our lousy credit cards...use a debit card for everything. Works great...no frickin' interest payments.
Posted by Ron Carper (Member # 999) on :
Had to fire Advanta several years ago. I charge about $6000 a month on the business card, pay it off in full every month. Used one of those "convenience checks" to help with a temporary cash flow problem knowing I would have to pay interest for that one month. Paid it off in full the next month, but they still kept charging me interest on it. When I called they told me that I didn't pay my account in full, including any charges made up to the day the payment was made. That means charges that are not even on the statement yet. Needless to say, they were gone that day. Even if they don't make interest on you, they get 1-3% from the merchant.
Posted by Si Allen (Member # 420) on :
I have 3 credit cards.
One time one of them called and stated that they were going to charge me a higher interest rate.
I told them that I didn't give a rat's rump what their interest rate was because I always pay on time, BUT if it bothered them that much since I never had to make late interest payment, then they should cancel my card and that I would simply use one of my other cards.
Need less to say...they aplologized and said they would reduce the interest rate on my card.
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