"Jacked Up My APR Without Notice"
Capital One® No Hassle Miles(SM) Visa Signature® Review
Written by: ashes on 2009-06-15
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ashes's review: 
This month my APR was increased from 12.99% to 17.80% without any notice in mail. I have decent credit (750+ on all 3 bureaus, never late and no baddies) and while I was expecting the increase in APR, I was also expecting something in the mail. No notice, just online statement saying my purchase APR is now 17.80%.
I am going to demote this card to the sock drawer. Despite having this card for 5+ years and this being one of my oldest cards, I have no intention of using it but once a year so it doesn't go inactive on me. With this jacked up rate, it will sit in the sock drawer for a very long time.
I have never carried a balance and always paid in full every month since I have had the card. Now I won't be using it at all but once a year. As I have always said, Capital One is not a true prime card. Chase, Bank Of America and Citi tend to treat their prime customers much better.
Sayonara Capital One!
This month my APR was increased from 12.99% to 17.80% without any notice in mail. I have decent credit (750+ on all 3 bureaus, never late and no baddies) and while I was expecting the increase in APR, I was also expecting something in the mail. No notice, just online statement saying my purchase APR is now 17.80%.I am going to demote this card to the sock drawer. Despite having this card for 5+ years and this being one of my oldest cards, I have no intention of using it but once a year so it doesn't go inactive on me. With this jacked up rate, it will sit in the sock drawer for a very long time.
I have never carried a balance and always paid in full every month since I have had the card. Now I won't be using it at all but once a year. As I have always said, Capital One is not a true prime card. Chase, Bank Of America and Citi tend to treat their prime customers much better.
Sayonara Capital One!
8 Comments
Comment 1 by colonative
Don't Take It Personally 
on 2009-06-15
They have raised almost everybodies rates. I was lucky that they didn't touch my purchase APR but my cash APR is 24.99%.
I received several notices from Capital One, it is possible that you discarded yours or that it got lost.
Everybody and I mean everybody is jacking rates, across the board-people with 800 bureau scores and 500 bureau scores. It is the sign of the times so please do not take it personally.
on 2009-06-15 They have raised almost everybodies rates. I was lucky that they didn't touch my purchase APR but my cash APR is 24.99%. I received several notices from Capital One, it is possible that you discarded yours or that it got lost.
Everybody and I mean everybody is jacking rates, across the board-people with 800 bureau scores and 500 bureau scores. It is the sign of the times so please do not take it personally.
Comment 2 by ashes
It Isn't Personal on 2009-06-15
But it hardly makes for good business model to raise interest rates on prime customers. My Chase, Discover, BofA, HSBC and RBS have not raised the rates on me. Only CapitalOne did that to me. I pay in full every month so it doesn't matter as much but I will not be keeping a balance on this one. My RBS Mastarcard is still at 8% APR.
on 2009-06-15 But it hardly makes for good business model to raise interest rates on prime customers. My Chase, Discover, BofA, HSBC and RBS have not raised the rates on me. Only CapitalOne did that to me. I pay in full every month so it doesn't matter as much but I will not be keeping a balance on this one. My RBS Mastarcard is still at 8% APR.
Comment 3 by meya
Welcome on 2009-06-16
They hit me up too and I was never late with them or anyone else. I know the feeling. :(
on 2009-06-16 They hit me up too and I was never late with them or anyone else. I know the feeling. :(
Comment 4 by colonative
I Hear You on 2009-06-16
Knock on wood, My Chase is at 7.99% for over 6 years now and my BofA has been at 9.9% since 2001. Who knows what prompts them to do it, but I think we will see more before it gets better.
on 2009-06-16 Knock on wood, My Chase is at 7.99% for over 6 years now and my BofA has been at 9.9% since 2001. Who knows what prompts them to do it, but I think we will see more before it gets better.
Comment 5 by ashes
What Is Surprising on 2009-06-17
CapitalOne was one of the banks that passed the govt. "stress test" and didn't need to raise any more capital from public. Now you know why. They just keep charging more and more. When it came to CapitalOne, they spared no one. Everyone had their rates hiked. Like I always say, CapitalOne is a good second chance company. Not at the level where Chase, Citi and Bank Of America are.
on 2009-06-17 CapitalOne was one of the banks that passed the govt. "stress test" and didn't need to raise any more capital from public. Now you know why. They just keep charging more and more. When it came to CapitalOne, they spared no one. Everyone had their rates hiked. Like I always say, CapitalOne is a good second chance company. Not at the level where Chase, Citi and Bank Of America are.
Comment 6 by wanderer
Capital One Rates on 2009-06-18
Agreed! My rates went from 7.9% to 17.9% purchases and cash from 7.9% to 24.9%. GADS! Closed one account and am paying heavily to lose my new 17.9% balance. Called them and Capitalone reviewed my account to adjust the rates back down (the people felt mine should be reduced) the computer would NOT accept a lower rate. Note account always paided on time and usually in full.
on 2009-06-18 Agreed! My rates went from 7.9% to 17.9% purchases and cash from 7.9% to 24.9%. GADS! Closed one account and am paying heavily to lose my new 17.9% balance. Called them and Capitalone reviewed my account to adjust the rates back down (the people felt mine should be reduced) the computer would NOT accept a lower rate. Note account always paided on time and usually in full.
Comment 7 by qchau
Scores For The Card on 2009-06-25
Hi,
does anyone has experience with which cards or banks would approved for scores: 685, 692 and 709?
thanks
on 2009-06-25 Hi,does anyone has experience with which cards or banks would approved for scores: 685, 692 and 709?
thanks
Comment 8 by tia530
Same Deal on 2009-07-06
Cap 1 got me on an interest rate hike also, I received two notices, only have one card though. I rarely use it and PIF when I do. I have an auto loan with them as well, two years, both are clean, guess they're letting everyone have it. I'm just happy they can't increase my auto loan interest rates, then again, they may be able to, who can read all of the fine print in those agreements?
Qchau, my scores are/were similar to yours, I received Citi, BofA Amex, Discover More, Chase, National City Rewards Visa, Shell (Citi) as far as "prime" is concerned. I also have a few "subs" in the folio as well.
good luck
on 2009-07-06 Cap 1 got me on an interest rate hike also, I received two notices, only have one card though. I rarely use it and PIF when I do. I have an auto loan with them as well, two years, both are clean, guess they're letting everyone have it. I'm just happy they can't increase my auto loan interest rates, then again, they may be able to, who can read all of the fine print in those agreements?Qchau, my scores are/were similar to yours, I received Citi, BofA Amex, Discover More, Chase, National City Rewards Visa, Shell (Citi) as far as "prime" is concerned. I also have a few "subs" in the folio as well.
good luck
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Disclaimer: This content is not provided by Capital One. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Capital One. Review content is powered by Finance Globe.
