Has Capital One suddenly raised your credit card interest rate?

Yes this happened to me too. I had a 0% interest for one year. It then reverted to the normal 16.9% for the next 2 months. Then I got a letter stating it had gone up to 29.4%. Never missed a payment as on DD. When I asked why they said they just could. They thought they had got me tied in to a £7,000 balance at that extortionate rate. I paid it off immediately. This is how they trap many people. I was lucky enough to be able to clear the balance, but many people cannot and have to pay 29.4% when interest rates are so low in the real world. What a cheek they have. Buyer beware!!!!

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RE :Has Capital One suddenly raised your credit card interest rate?

For the last several years, I've had a Capital One CC with a fixed 0.9% APR. I know it has been a dream credit card, but I have outstanding credit. So just the other day I get this notice in the mail that I will soon be getting a new "default rate" of 29.4%. I have always paid well ahead of the due dates and made more than minimum payments, if not all of the monthly balances? So what's the deal? Has anyone else received this BS? It's as if they are trying to screw over their most loyal customers to make some extra cash. I'm paying these bozos off and good riddance! I could see, okay times are tough and we need to bump things up to 7 or 9 percent, but this is over 30x an increase.

Update: Heather: What I received was a notice of a "change of terms". I have nothing adverse on my credit report, including zero late payments to anyone. It's as if they are raising my rate "just because".

Update 2: Quwe, thanks for the website but my interest rate was never an interductory rate. It originally was one of those "Prime Lock" cards they advertised a few years ago, and after a year or so of good standing they lowered it to the LIBOR rate, and then down to 0.9 fixed. Nothing was temporary...I gotta call these guys.

Follow 3 answers

At some point they probably sent you a letter with new term agreements. And hidden in that fine print it says that if you are ever late on a payment to anyone, NOT THEM, they can raise your rate.

i had a 4.99 rate for years ,hardly used the card. in needed some extra and charged it up a bit . then my rate jumped to 12%....borrowed at 4.99 ,raised to 12% .i transferred the balance.