Capital One Credit Cards - Sneaky Interest Rate Increase

Review by s30353f on 2012-04-30
Rating: StarEmpty StarEmpty StarEmpty StarEmpty Star
FORT WORTH, TEXAS -- Capital One solicited a loan and offered 5.99% for the life of the loan. A few months ago rate went to 13.9% with out notice. Just caught it today. Will zero out balance and cancel card this month.
Comments:2 Replies - Latest reply on 2012-05-01
Posted by trmn8r on 2012-04-30:
When you called for an explanation, what was it?

I have always loved using credit cards, and the companies that I had them with (except BoA, which sucks in every regard as a bank). But I have never paid a penny of interest. Using a credit card for a loan, regardless of which bank you use, is playing with fire. They are all out to hit you with interest charges and hide "features" in how they may change.

It sounds like there was some fine print you may not have read, which is probably what they hoped would happen.
Posted by CrazyRedHead on 2012-05-01:
Were you late making payments or did you not pay the full balance. Usually the terms for those kind of CC are 5.99% for the life of the loan so long as the payments are on time and usually in full. If you are even an hour late paying a bill they will usually jack up the interest rate.

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