Capital One Change in Terms

**interjack** · February 27th, 2009, 06:17 PM

Has anyone received anything from Capital One citing a change of terms. I just got a brochure from them that basically said that becuase of extreme economic conditions, that they were increasing my APR starting in May. Anyone else get anything similar?

**Tonya** · February 27th, 2009, 07:14 PM

I got the same letter, but I have until May 2009 to decline and the new rate will not take effect until January 2010.

**interjack** · February 28th, 2009, 04:57 AM

Originally Posted by Tonya

I got the same letter, but I have until May 2009 to decline and the new rate will not take effect until January 2010.

How many points did you APR go up?

**ColoNative** · February 28th, 2009, 06:24 PM

Originally Posted by interjack

Has anyone received anything from Capital One citing a change of terms. I just got a brochure from them that basically said that becuase of extreme economic conditions, that they were increasing my APR starting in May. Anyone else get anything similar?

Interkack: I received a change in terms a few weeks ago stating that they were raising my Cash APR to 24.9%. Up until then my Cash APR was the same as my Purchase APR of 10.9%. They didn't touch my Purchase APR though.

Are they only changing your cash or purchase too? And to what APR is it being raised to?

**Meya** · February 28th, 2009, 06:31 PM

Not yet! Ohhh lord!

**RivasGlo** · February 28th, 2009, 07:37 PM

I received mine a few days ago and im very disappointed with my APR increase.

My purchase and balance transfer APR was increased from 14.80% (which was reduced automatically about 2 months ago) to 22.90%!!! My CL w/ them is $3250.00. I have had this account since 06/2007 and started with a CL of $500. It was my fourth inquiry and 3rd account to get approved for when I started building my credit for the first time.

Oh well I still love them

**hjm331** · March 1st, 2009, 02:10 AM

I just had them decrease my APR from 17.90% to 14.90% last month.

They shouldn't even think about raising mines. My limit with them is at $4,550.

**shiu** · March 1st, 2009, 09:37 AM

^They did the same to mine. From 17.90% to 15.55%. I just recieved the letter yesterday that my rates will go up to 22.9%

**ColoNative** · March 1st, 2009, 10:14 AM

Originally Posted by RivasGlo

I received mine a few days ago and im very disappointed with my APR increase.

My purchase and balance transfer APR was increased from 14.80% (which was reduced automatically about 2 months ago) to 22.90%!!! My CL w/ them is $3250.00. I have had this account since 06/2007 and started with a CL of $500. It was my fourth inquiry and 3rd account to get approved for when I started building my credit for the first time.

Oh well I still love them

22.9%??? Yikes. Approximately what is your bureau score like? I wonder what makes them raise some and not others?

**Meya** · March 1st, 2009, 02:11 PM

Good Lord! That is a huge increase. I think I might mase my mailman when he comes near my door. You guys are seriously freaking me out.

**ColoNative** · March 1st, 2009, 08:54 PM

Originally Posted by Meya

Good Lord! That is a huge increase. I think I might mase my mailman when he comes near my door. You guys are seriously freaking me out.

This is interesting, Captial One is one of the stronger banks right now so I am not understanding such high rate increases. I mean, 22.9% is like a default rate.

I guess all the banks are doing this because of the increased default rates and higher cost of borrowing money........still, 22.9%? Good grief.

**Meya** · March 1st, 2009, 09:21 PM

I am wondering if they are doing this to those who have high balances with them so they can make some money or give you a good reason to pay down much faster. At least they are not comming at you like Amex.

**ColoNative** · March 1st, 2009, 09:37 PM

Originally Posted by Meya

I am wondering if they are doing this to those who have high balances with them so they can make some money or give you a good reason to pay down much faster. At least they are not comming at you like Amex.

Good point.

**RivasGlo** · March 2nd, 2009, 11:22 AM

Originally Posted by ColoNative

22.9%??? Yikes. Approximately what is your bureau score like? I wonder what makes them raise some and not others?

Its around 640-660 across all 3. Thats due to inquiries that are about to fall off and high utilization. I have never been late on any card and dont have any crazy stuff on my CR.

Originally Posted by ColoNative

I guess all the banks are doing this because of the increased default rates and higher cost of borrowing money........still, 22.9%?

The letter said "Having considered these economic conditions, your account's current Purchase rate and the length of time you've had this rate and account, we will be changing you Purchase and Balance Transfer Rate."

Originally Posted by Meya

I am wondering if they are doing this to those who have high balances with them so they can make some money or give you a good reason to pay down much faster.

I have a balance of about $1000 and it doesnt bother me because its a balance transfer at 3.99% that I did a while back. The letter says "Any introductory or promotional rates on your account will not increase until they expire".

Good luck to you Meya!

**Meya** · March 2nd, 2009, 01:10 PM

So wait a minute, I am lost, you said the reason was due to economic times...and they are raising balance and balance transfers. So they took away the 3.99% that was offered to you? I see you stated above that they are raising it, but then they turned around and said "Promotional or introductory" will stay the same.