Capital One
Raised interest rate on customers in GOOD STANDING! Never a late payment in 5 years!

We received a notice of a change in terms in the mail stating that they are raising our interest rate from 12% to 17%. When I called customer service I was told that they are raising the rates on ALMOST all of their accounts. When I asked why, I was told that it was because of the economy. So, basically, they are raising the rates of the good customers who carry balances on their cards to make up for the people who have defaulted on their accounts. It is my suspicion that the only people who are not subject to a rate increase are those who carry no monthly balance on their cards. There is no money to be made there. But, watch out people! If you make charges to your card and don't pay it off right away, I suspect you will be joining the 45 million (as quoted by the rep. I spoke to) others whose rates were hiked. Our only option to avoid this increase is to decline and have our account closed, thus affecting our credit but freezing our 12% rate. (It is my understanding that anytime you close a credit card account it lowers your FICO score a bit) I really hope somebody does something to stop them from doing this to people.

Company: Capital One
Country: USA
State: Virginia
City: Richmond
Phone: 8009033637
Site: capitalone.com

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