OH NO ! now Capital One has problems!

Does anyone here have a Capital One credit card?

An interesting thing happened just last week. I have had a credit card with Capital One for quite some time. Since the early 90's or late 80's, I really can't remember. The card number has been changed a couple of times.

Anyway, last week I got a letter (maybe it was a couple of weeks ago). A change in terms of service. It went from a fixed rate of 8.99% to a variable, which turned out to be like 16%, but I didn't pay too much attention. I called and cancelled it. They said they "had" to change the rate because they had lost so much money.

My Beacon score is and has been 760 to 780 for as long as I can remember, so it's not a reflection on the consumer. Capital One even admitted to that.

I just thought that spoke volumes about what's coming down the pike.
 
My business card is capital one....hmm, I better check out the nexy bill...
Quote from silver914:

Does anyone here have a Capital One credit card?

An interesting thing happened just last week. I have had a credit card with Capital One for quite some time. Since the early 90's or late 80's, I really can't remember. The card number has been changed a couple of times.

Anyway, last week I got a letter (maybe it was a couple of weeks ago). A change in terms of service. It went from a fixed rate of 8.99% to a variable, which turned out to be like 16%, but I didn't pay too much attention. I called and cancelled it. They said they "had" to change the rate because they had lost so much money.

My Beacon score is and has been 760 to 780 for as long as I can remember, so it's not a reflection on the consumer. Capital One even admitted to that.

I just thought that spoke volumes about what's coming down the pike.
More...
 
Adding in to the mix - I just got a notice that they were also increasing their late payment fees, and it was taking effect within 30 days.
 
Not just Capital One I bet will be doing this...anyone with ties to mortgages and got their a$$e$ handed to them are just going to be changing the terms on many of their cards...jacking up rates, variables, increasing fees, etc.

As usual, we get to pay for all of this.
 
I had the exact same thing happen to me. The instant I saw the change in terms, I knew they were in trouble because I have absolutely flawless credit.

Quote from silver914:

Does anyone here have a Capital One credit card?

An interesting thing happened just last week. I have had a credit card with Capital One for quite some time. Since the early 90's or late 80's, I really can't remember. The card number has been changed a couple of times.

Anyway, last week I got a letter (maybe it was a couple of weeks ago). A change in terms of service. It went from a fixed rate of 8.99% to a variable, which turned out to be like 16%, but I didn't pay too much attention. I called and cancelled it. They said they "had" to change the rate because they had lost so much money.

My Beacon score is and has been 760 to 780 for as long as I can remember, so it's not a reflection on the consumer. Capital One even admitted to that.

I just thought that spoke volumes about what's coming down the pike.
More...
 
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