I received my Cap1 Gold MC statement and the change of terms notice is enclosed. Here is Change of Terms Notice: effectively as early as the firstday of your April 2004 Billing Period (the first Billing Period with periodic statement closing date on or after April 1,2004), but no later than your June 2004 billing period, the following changes will be made to your account. 1) Changes to your Default Rate (the ircumstances under which your APR may change). *If your account is TWO or MORE DAYS PAST DUE, all rates may increase to variable Default Rates of up to 20.99% plus Prime,currently equal to 24.99% ANNUAL PERCENTAGE RATE (0.06847% Daily Periodic Rate). Factors considered in determining your Default Rate will include the exsistence ,seriousness, and timing of the delinquency, as well as you current rates. *If, at the timethese changes become effective on your account, your APRs have already been increased as a previous default, all rates will change to varaible Default Rate of 20.99 plus Prime , currently equal to 24.99% *if your account meets one of the condition above, rate may increase as early as the beginning of the billing period in which the condition occured, but no later than the following two billing billing periods. *After your rate increase, if we receive your minimum monthly payment on time for the next six consecutive billing periods, we will review your account for a possible APR decrease. *At the time your rate are increased, if notalready applicable to your account, your minimum payment will change to 3% of your outstanding balance or $15, whichever is grater. If your balance is less than $15, your minimum payment will equal your balance amount. 2) Change to your Cash Advance Rate *If your cash advance APR is less than or equla to 19.99% AND there is no balance in your cash advance segment, your cash advance APR will change to variable rate of 15.99% plus Prime currently equal to 19.99% ANNUAL PERCENTAGE RATE *If you have a balance in your cash advance segment at the time this change is effective on your account, your cash advance APR will increase to the stated rate within 2 billing periods. from when the balance equals zero if your cash advance APR is less than or equl to 19.99% at that time. 3) Payments will be applied to finance charges and fees,next,to the fixed payment amount on your Special Transfer or Special Purchase segment, then, to each segment of your account in order of lowest to highest APRs. Lastly, any remaining payment will be allocated to promotional balances. We want to assure you that we did not base these changes on your account history or behavior. We made a business decision to change all similarily situated accounts in our account portfolio to these new terms. You have option of declingingthese changes to your account and apying offyour outstandingbalances at your current rates and terms. To declineall these changes, you must stopusing your card in time to ensure that no transaction post on or after April 1,2004. If a transaction posts on or after April 1 ,2004, it will beconsidered acceptance of the new account terms and will make them effectivewithin three Billing Periods following the Billing Period during which the transaction occurred. In addition, unless your billing address when you opened your account was in AL,CA,XCO,DC,DE,FL,IA,IL,ME,MD,NJ,SC,SD,TX or VT, you must complete the attached coupon, including your account number,name,and signature, and we must receive it no laterthan March 15,2004 or new terms will take effect. Ron.
Last month, Cap 1 charge $4 monthly fee for my Kmart MC and now they jacked up the rate even two days late. Capital One really need money. Ron.
They must not need money that bad...I OFFERED TO PAY INTEREST 1.90% or 2.90% and they turned me DOWN!!! THEY ARE NOW COLLECTING 5.90% ON $0.00
Haven't seen that yet, but my statement closes pretty soon, so I will be on the look out for this change.
I received the same notice from Cap1. Is this going out to everyone? I hate to see my 9.9% jump to something outrageous. I've always paid on time, guess I need to keep it that way.
Re: Cap1 Two days Past Due Rate!!!! Assuming your card has an annual fee, you don't have the option of declining the new terms (since the annual fee will obviously be considered a transaction)
