That is crazy that they lowered your APR to 4.4%. I have been with them 12 years and my APR is at 10.9% Fixed. They did raise my cash APR from 13.9% Fixed to 24.49% variable.....

They told me when I talked to a supervisor that was the offer I signed up for yet I never got charged it before, I will try the backdoor number next month after the new law takes into effect, I got it waived so I doubt they can charge me it next year because by the new laws I don't think they can, and since they waived it they are pretty much showing it wasn't suppose to be there, and capital one hardly ever waives any fees, I just lied to the supervisor and told her I had the original offer and it said no fee, she believed me, and was like mail it in too, I got the fee waived in 24 hours, I don't see how after 2 and a half years they are going to add anything to my account.

on a side note I got the basic terms and conditions they sent everyone, I have two accounts, not sure what account it was for but nothing stated about a new annual fee or alike..

weird this is on this account they dropped my apr from 24.90% to 4.40% without me even asking, one day I called to check my accounts, and they told me that, when I got my statement I was shocked because I for sure thought they didn't know what they were talking about on the phone.

Do you still have the terms and conditions for your card when you applied for it? I have never heard of a free annual fee for two years. Amex does offer the first year fee free on their Green/Gold/Platinum charge cards but it is written out in plain English that it is only for the first year.

I think that this was either a mistake or the result of that lovely CARD Act. From what I have been reading, a lot of credit card companies might return to charging an annual fee. However, they should have sent you a change in terms notice about that before hand.

I would call their backdoor number to find out what is truely going on. If they give you the run around come out and ask them if it was a change in terms and ask them to send you a copy of what they sent to inform you of the change. Then ask if they will consider waiving the fee.

Capital one dropped my APR from 24.90% to 4.40% without me even asking, I was very surprised by that.. specially with everyone else getting screwed.

oh and my cash back apr is 18.40%

Okay, so I've had my account for over two years, not late, always paid tons more than the minimum, recently the lowered my APR from 24.90% to 4.40% without even me asking, it was after I made 13 on time payments, because 12 months ago I paid a dollar under the minimum and it jacked up my rates, well now this month I see they added a Annual fee on to my account of $39.00 now for the past two and a half years I've never had a annual fee on my account, how can they legally just add one all of a sudden?

I called and they told me they don't see any annual fee's ever on any of my statements, yet they are telling me that the offer I signed up for 2 and a half years ago stated there was a annual fee, one of the guys tried telling me sometimes you get no AF for 2 years and than you do, huh? when did they start doing this? So I got the supervisor to refund the AF but still I'm sure next year I will be fighting to get it reversed, I just don't get how they can do this to me, I have two accounts my other account has a AF and this one never did, the one with the AF was $300 limit, this was one $750, now with the new credit card laws, because I never had one before, and they waived it this time, legally they should not be able to charge me one correct? any ideas would help out.. as I am so confused.

One of the items banks are looking at are utilization and number of open lines of credit. Add that to available credit standards. Sock drawering could trigger under the new rules a bank to add an AF and/or raise rates . You wonder why? They make money on volume of transactions as well as interest and annual fees. Credit reviews for unused or under-utilized credit cards could bite after the new credit card standards take effect on February 22, 2010. The new thing, few credit cards that are actively used (the new gold standard if you will). Try this Transunion told me I had too many credit lines (twenty-two). Yeah right, there may be twenty-two credit entries on my report from many years of credit reporting but only a few open lines of credit. What the... Food for thought. Sock drawering is NOT going to be the answer. Hey try this... Citi has one of their cards that requires $2,400 of annual usage or you may lose the account or see the terms and conditions adjusted. An "early heads up".

I didn't call, or request a decrease, they never would do anything for me, I've never got a single limit increase, had the cards for 2-3 years, have two accounts, $300 & $750.. my highest card I was late on exactly 13 months before, actually it wasn't late I paid $4 under the payment, which rasied and didn't notice, on that statement it said be on time for at least 12 months and my APR would be returned to the rate, but before it was like 14.90% not no 4.40% I guess it pays off to be on time, I've carried a balance on it almost all the time, lately it's been under $250 before it was at over $550 but I always paid like $50-75 on each payment instead of $15.. I was so shocked when I called in, because I randomly called to check my apr and I had to hang up and call again to make sure rep didn't look at it wrong, kinda funny.. but I guess it's a positive thing for capital one, as currently they put a freeze on requesting credit limit increases, they only do the background ones!

oh btw this wasn't no balance transfer, but I on both of my accounts I can transfer any balance of at least $100 for NO FEE and at my current rate, so I could do my 4.40% which I did for two of my cards.. kinda cool.

wait and see!

I'm going to sockdrawer my Chase card after I pay it off.

Colonative - thanks! Appreciate the details. You brought me into a more informed world. Yeah... now that you mention it there has been a lack of commo! Also, until the WAMU thing I was not a Chase customer. No history. Got it.

To me it is just sad. Chase was very good before the merger. I have to say (and many would not agree with me) that the BofA/MBNA merger actually made BofA better-TARP bailout aside, of course. I never really had a problem with Chase until recently; though after the merger I was indifferent to them. I am just very concerned that they did not properly notify me of any changes. Overall, I have not heard of many complaints against Chase (with the exception of the former WaMu cardholders). So, it could have been my mistake at not seeing the CIT's but I really doubt it....

Colonative - thanks! Appreciate the details. You brought me into a more informed world. Yeah... now that you mention it there has been a lack of commo! Also, until the WAMU thing I was not a Chase customer. No history. Got it.

I really think this has made us more in control, because we can move to who provides us the best option for cc use. My chase cc has 5% cash back and they have not touched that card and it has a 18% rate but I don't carry balance on it. The others range from 7% to 14% now. My USAA rep the other day said they dont like seeing large lines of credit open anymore with a lot of cc open. I know that my score will change some but like Meya said it will correct over time and thats fine. I also am finishing up a new degree for school and plan to move but will be a few years from now. I have not received any new term agreements changes, they all seem to have come in fall of 09. . I set up the other banks accounts for savings, school, etc. B of A just in case the Bank One/Chase merger went bad. Also B of A is located where I would move to in the future and that way I would have accounts already. Take care all.

Colonative - close Chase! You have Slate now. They are my best rewards card. The Chase Visa Freedom Rewards 12.24% APR purchase and 19.24% APR Cash with no annual fee and 3 for 1 points every month on my top three usage categories (15 categories). Collected about $350 in cash rewards in 2009 (didn't want the non-cash rewards although there is nothing wrong with them). GADS!

Again, each individual will form their own opinion of banks. Capital One was my first credit card and they have been beyond good to me over the past twelve years. Chase used to be great when they were really Chase. The Chase/Bank One merger in 2004 has left me with a bad taste in my mouth for them. Basically, what used to be the Bank One/First USA credit card division is still very much alive just under the Chase name. Anybody that was a Chase cardmember prior to 2004 knows what I am talking about. Addresses changed, phone numbers changed, statements changed etc to what was First USA's. They even use First USA BIN's now like 4147 4266 4366 etc. Now, I have had my Chase since 2001 and in 2003 they changed my APR to 7.99% fixed. They kept me at that rate until 12/2009 it is now 14.24% variable. Now, I am not complaining about the rate increase-all the banks are doing it (though I will admit that the 7.99% fixed APR was the reason that the account has remained opened). What has me concerned is that I never saw a change in terms advising me of this. I received tons of documents about their new Slate card with Blueprint. Not once did I see a CIT from Chase. And, this was after this past summer when they lowered by cash advance limit from $3,600 to $2,000-again with no notice! That did not bother me because my purchase credit line remained at $10K and I have never taken a cash advance on the card. I discovered these changes only after receiving my monthly statements. I am sure people say that they did not receive notice all the time; however, I honestly did not or if I did, they hid it so well that I could not detect it. Basically, what I am saying is that I no longer have any trust in Chase. If they have made these two changes to my account in the past six months without giving me proper notice, what next? To top it all off, they have sent me two offers for a Chase Freedom card in the past three weeks.

Colonative - close Chase! You have Slate now. They are my best rewards card. The Chase Visa Freedom Rewards 12.24% APR purchase and 19.24% APR Cash with no annual fee and 3 for 1 points every month on my top three usage categories (15 categories). Collected about $350 in cash rewards in 2009 (didn't want the non-cash rewards although there is nothing wrong with them). GADS! : Boy we gotta talk! Wanderer

PS Now loosing Capital One yeh! They have really kicked the customers after all my good years.

Smart move rsty, I am in the process of closing accounts myself, I have narrowed myself down to MY 1st Prime Card (US Bank), Kay's, Capital One

Smart move rsty, I am in the process of closing accounts myself, I have narrowed myself down to MY 1st Prime Card (US Bank), Kay's, Capital One