Capital One
Interest rate jump from 5.9% to over 14% after years of promise
- 02-23-2009
- 50
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.
That's 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.
Company: Capital One
Country: USA
Site: capitalone.com