I have had a Capital One card for some time now. They recently sent me a notice in the mail to inform me of a Change. They wanted to raise my interest rate from 8.9% to 15.9%. That is almost double what it is now. I have never been late to them and my credit report is spotless. When contacted they stated to me interest rates are rising and they need the money.
When I filed a complaint with the BBB I got the same response. They also sent a copy of the account agreement that stated they could raise interest rates even on good accounts. They just told me that all they had to do is notify me. They also had to give me the right to close the account and keep the same rate. It is a fixed 8.9%.
I am going to close my account and I urge others to close the account with Capital One also. I urge people not to open a account from these people and to watch out when opening and maintaining a account with this company. I feel that as a outstanding customer with a spotless credit report that I should have been allowed to stay with the fixed rate.
This company is just interested in money. I wonder if it was a plan to get people to sign up and see what happens. I hope people noticed what they were doing and did not get taken advantage of by Capital One. I urge everyone who still chooses to keep the account to check and be sure they are not fixing to raise your rate.
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