Just got my CapOne statements today, and they upped my APR from 9.9 to 19.8! What gives? I haven't been late on anything, and the weird part is they lowered the APR on the CapOne account I wasn't carrying a balance on from 15.5 to 14.5. Can they just up my APR without any reason? and if so, don't they have to notify me so I have the chance to pay my balance before racking up finance charges?? I just tried to call customer relations, but they close at 5 EST on Saturday. Any suggestions on what I should say when I do talk to someone? Up until now, CapOne has treated me great for over 2 years. ~Charity
According to Cardmember: If you do not keep your Capital One Account in good standing or you do not maintain good standing on other credit accouns and excellent peformance with the credit bureaus. Ron.
But my "Credit Behavior" has been exemplary compared to what it was when I was issued the card. This account was actually a charge off of a Citibank card for $1300. My credit limit on the account was $600 with 9.9%. I have done nothing but paid this card down, and I've used it maybe three times. The balance is now $743, and they literally doubled my interest rate out of the blue. I know I haven't even used the card since September when I started my credit repair journey and put the sucker in a block of ice in the freezer! I say NOT FAIR!
And I agree with you....BUT, the fact remains that Cap. 1 is doing what Citi, Discover, BofA, Providian, and MBNA have been doing for months now. Screw up with ONE CREDITOR and that is justification for raising the APR so that banks can be compensated for the potential high risk they have to take. Unfair? YES, unequivocably and absolutely. Is Cap. 1 singling you out? No way.
You're credit score must of fell below capital one's cut-off score needed for their 9.9% interest rate.They are very stiff bank to deal with to begin with,i wouldn't even consider doing business with them.I even get some occasional pre-approved offers from them but they are no avail to me.I do have much lower interest rates on my citibank,juniper card accounts with a low fixed rate of 4.9% on a balance transfer that is good until my balance is paid-off. What could be your possible problem with capital ones is that you may not have a sufficent credit record with them like not enough experience with revolving credit accounts with balances,and a very good payment record ,the best thing to do is to call them,and find out why they upped your APR.
Just got off the phone. Seems that the agreement I signed when I got the card stipulated that my interest rate would go up February 2003.
