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03/22/2007 11:53:37 PM · #26 |
I will NEVER have thier card again. I had it for about a year after they bought the comany whose CC I did have and had for several years (Signet)
Capitol One
There were reprrts on the news only a few months ago on how they prey on people with bad credit by giving them a card and later hammering them with interest rates. I wasn't able to find any of those old news reports on the net just now but with enough time I'm sure someone could come up with those links too.
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03/23/2007 01:13:56 AM · #27 |
Originally posted by Ristyz:
I will NEVER have thier card again. I had it for about a year after they bought the comany whose CC I did have and had for several years (Signet)
Capitol One
There were reprrts on the news only a few months ago on how they prey on people with bad credit by giving them a card and later hammering them with interest rates. I wasn't able to find any of those old news reports on the net just now but with enough time I'm sure someone could come up with those links too. |
I don't have to find the links, my brother is a walking billboard warning people away from Capital One.
He was with them for 12 years, never missed a payment (with them or others), and always payed just a bit extra each month. One day, out of the blue they call him up and triple his interest rate to just under 30%. Their reason was that they didn't think he could make the payments anymore. Never mind that he HAD been making more than the payments for over a decade, had just been given a credit increase and had just landed a new job (better pay!).
After a couple of hours on the phone with them it came down to he was making more than the monthly payments so they bumped up his interest rate so what he was already paying would be his new monthly payment!
Capital One is the only company that sends me pre-approved offers that I toss without even looking at them. The rest I look at and then toss. :P
But in the spirit of the thread, the one offer I accepted was from Chase (the reason I accepted it) and is at prime+1.5% -- or will be next year sometime when the almost 2 year 0% period ends.
David
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03/26/2007 01:54:31 PM · #28 |
Originally posted by David.C:
But in the spirit of the thread, the one offer I accepted was from Chase (the reason I accepted it) and is at prime+1.5% -- or will be next year sometime when the almost 2 year 0% period ends.David |
Interest rates are going up. Prime + 1.5 might not look so good next year. Actually it isn't that good today since prime is 8.25%. Most people that complain because their interest rate went are the ones that didn't read the part that said "variable rate." Those are the people stuck with climbing interest rates all the time.
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03/26/2007 02:00:44 PM · #29 |
Originally posted by NstiG8tr:
Most people that complain because their interest rate went are the ones that didn't read the part that said "variable rate." Those are the people stuck with climbing interest rates all the time. |
People who chose the offer labeled "fixed rate" will also be complaining when they find out that, according to Federal "Truth in Lending" laws, that only means that they have to give you fifteen days written notice before they change the rate, which they can do for any reason.
The US Senate is holding hearings to look into some of these shennanigans ... |
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03/26/2007 02:07:46 PM · #30 |
Not a clue on the charge rate (I pay it off each month).... but I know they my main card kicks back 2% to my kids 529 plan for everything but I use the Toys'r'Us card at the shop cause they send me 5% which is better then 2% on the other card. I also have a Capital One card cause they are better on international rates (no extra fee) and my brother uses that for us and we use it when out of the US.
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03/26/2007 02:20:15 PM · #31 |
yeh i already tried that, but they didnt take the bate and after searching they seem to have the lowest rate! which is really making me mad.
Originally posted by sabphoto:
Originally posted by Chinabun:
well i just got off the phone with the capital one RETARDS! they told me that i could easily <---- quote "easily" close my existing account and apply for a new card so that i could get the lower rate because i have outstanding credit history with them. I said do you freakin realize how many things i would have to change my credit card number on? its 2007, i dont see why they cant just lower my rate in the computer. They said that when i originally got the card that was the "offer" they had given me. They didnt even have all this capital one whats in your wallet bull crap in 1998! I am so irritated right now.
Originally posted by amirt:
Originally posted by Chinabun:
how in the heck is yours so low? i have had mine for about 10yrs and the only time i use it is for online purchases and i pay it off within the month. they keep raising my limit and i have outstanding credit. i asked them why my rate was so high and they said that thats what it is and will stay. its 19.99%?
Originally posted by NstiG8tr:
In spirit of the "I just got my first credit card" thread, lets compare interest on major credit cards(Visa, Mastercard, etc). Give the actual APR for purchases not an lowball introductory rate.
I'll start:
Capital One "No Hassle Mastercard"
4.9% fixed |
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Some credit companies are like that. In the terms, it will show what they base their rates at. Usually it's Prime plus a percent or two, some by default are just higher. Those offering credit through department stores are usually higher, but they will credit a lot of different people. If you go to creditors that are more picky, then your starting rate is usually better. |
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Chinabun...get back on the phone with them and since you will most likly get someone else, ask them what you need to do to drop your interest rate. If they give you the same B.S. answer tell them that if you need to cancel your card to get a better rate then you are just going to change companies altogether. They don't need to know how many problems it will be to change companies, if they know they have you over a barrel they will keep you there. Let them know that you have gotten other pre-approved credit card offers for a much lower rate and unless they agree to reduce the interest of a very dedicated customer you are gonna walk. I know people that do it quite often with no problem. If it's gonna cost you a bit of work to change to another company it would be worth it not to have the higher interest rate...of course a high interest rate is sometimes a good incentive to pay it off every month. :)
Part of the issue, which may sound weird, may also be that they aren't making money off of you cause you pay it off all the time, so it's not beneficial for them to lower the rate. If they keep it high there is the chance they will make some money in interest charges.
Good luck |
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03/27/2007 01:10:39 AM · #32 |
Originally posted by NstiG8tr:
Originally posted by David.C:
But in the spirit of the thread, the one offer I accepted was from Chase (the reason I accepted it) and is at prime+1.5% -- or will be next year sometime when the almost 2 year 0% period ends.David |
Interest rates are going up. Prime + 1.5 might not look so good next year. Actually it isn't that good today since prime is 8.25%. Most people that complain because their interest rate went are the ones that didn't read the part that said "variable rate." Those are the people stuck with climbing interest rates all the time. |
Perhaps, but by the time the interest rate hits at all, I'll have it paid down to zero again. By then perhaps it will have helped my credit enough to get one of those elusive (for me) fixed rate, sub-prime cards.
I've corrected the bad my wife and I got into by not paying attention to how much we owed -- not to mention to whom we owed it to and under what terms. :( Now it's a matter of building the good, much like I didn't have any credit at all. The main reason for being turned down had become 'not enough revolving credit' and 'too few open accounts'.
It's good, I know to keep an eye on it.
David
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