I had a Capital One Credit Card for many many years. When I took it out I was promised fixed 9.9% for life. I always always paid before payment was due because I knew the penalty of losing the fixed rate if I didn't. I paid the card off and had a zero balance, but did not want to close the account.
After a month of zero balance, Capital One sent me a letter stating that because of a business decision, nothing I had done, they were increasing my rate to prime and it is currently 14.9%. I feel that the business decision was due with my zero balance and a punishment for paying off my card.
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