I've had my Capital One VISA card since I opened my business eight years ago. Always paid on time. Always kept the balance reasonable. I've got a credit score over 750. So I was flabbergasted to receive a notice yesterday that "due to extraordinary changes" in the economy they are adjusting the interest rate on my card. They're pretty much doubling my interest rate from 8.9% to 17.9% effective 1/28/2009 (notice I got this yesterday 2/18.2009). Gotta love it. Even if I could do it, I can't imagine doing something like this. I guess they really don't need my business. I understand there's a bill out there somewhere that's supposed to curb this kind of nonsense. But in the mean time I guess greed is the top priority for these folks. Good thing they left me the right to cancel my card. The good news is my shredder accepts VISA.
What's your take?
3 comments:
Hi Sven,
The bill is The Credit Card Accountability, Responsibility and Disclosure Act (or Credit CARD Act) of 2009 which Obama just signed into law. There is a thorough article about it at www.creditcards.com
The best credit card I've ever had and continue to have is with Alaska Credit Union. I've done business with Capital One also. I had to really stay on it in regards to watching the Due Date. They kept switching it and of course with added fees.
I just experienced the same thing with Bank of America. My husband and I have both been with them for over 20 years. I had several personal accounts and credit cards and also my business accounts and credit card there.
A month or so ago I got a notice that my rate was going up from 7.9% to over 15%, no fault of mine they said.
You can imagine what what I felt I was worth to them. I closed 4 personal checking/savings accounts and 2 personal credit cards. I still need to close my 4 business checking/savings accounts and will be paying off my business credit card.
I went to BECU and opened up my personal and business accounts and got a credit card for 6.9%. It pays to get angry at poor customer service!
Nancy
That's why you should only use cash or barter.
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