For a while now I've been hearing that Capitol One was jacking up the interest rates on long time customers but they had left me alone. I now know why. I had always maintained a low balance on the card until last month when I had to rely on it to attend my grandmother's funeral. All told the trip added $1400 to my balance bringing it to $1800. Apparently this is what they were waiting for because they just raised my rate from 7% to 16%
However this is not my complaint. Everyone should know that every credit card company can legally do what they please with interest rates after 15 days notice.
This is what irks me...
The notice I received contained an option to 'opt out' of the card. This in itself is rather strange language. The opt out clause includes a statement that"you will be able to paydown your balance at your existing terms". I thought it strange that they used the word 'terms' instead of 'interest rate' so I called them for clarification. When asked the customer service rep just repeated the same vague statement 'existing terms'. I asked to speak to a supervisor and was put on hold. After remaining on hold for 15 minutes click and a dial tone. I called again with the same results including the exact same hold for 15 minutes and dial tone.
Obviously the terms are not what they want you to think they mean and they are avoiding having to answer direct questions as to the exact meaning of 'existing terms'. I expect my interest rate will now double again to 30% as they try to suck as much money as they can out of me before I pay the balance off.
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