More than 5 years ago, I asked my credit card company, Capital One Bank Mastercard if I could have a lower interest rate based on my good credit rating and never missing a payment. I was given a rate of 5.9%, and told that rate would be in effect as long as I held a balance and had no missed payments. I had a balance of several hundred dollars and never missed a payment.
I am now informed that my rate will jump to over 14%. They admit I never did anything wrong, they just changed their minds and need more money.in Feb they did the same thing, having sent a notice that I would lose my 5.9% rate even though I was not at fault. My repeated complaints gave me the same reply - "accept the new rate or leave". Back then, my rate never was increased.
Thats why I was surprised to have this same trick threatened upon me again. Could it have been a threat of lawsuits or massive complaints that stopped the rate increase back then? Can we stop it this time? If not, I will pay off the card and say goodbye to Capital One.
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