Comments | nplusm: The New Economy

nplusm

The New Economy

Feb 26, 2009 20:05

For a while now, I've had a Capital One mastercard. It has served me well. It has had an APR of 11.04 percent, and I generally keep it paid off. One time, in the four years I've had the card, I paid the bill three days late. All in all, a solid customer credit card relationship has been had by all ( Read more... )

Comments 6

burgunder February 27 2009, 06:05:54 UTC

Read this. Glad you posted it. Nothing thoughtful to say about it at the moment.

fascistfashion February 27 2009, 18:06:19 UTC

Hi - I got the exact same notice and had the exact same reaction.

Then after yelling for awhile I realized they printed this BAD NEWS in a terrible, confusing, downright perplexing manner (by putting the 29.4% under a "Rate Increases in 2009" heading).

After re-re-reading it would appear that we both share a new 17.9% interest rate from March 2010 until they do this again, but our new default rate (that is, not our "standard" rate but if we were to pay our bill late 2x in a year) is the one that's 29.4%.

I'm still a bit muddled about all of this - unfortunately I really, really need this card and don't have the luxury of canceling mine. I do absolutely agree with not supporting the banks that take bailout money and then screw us with it. Hate!

nplusm February 27 2009, 20:42:06 UTC

yeah, default is an overloaded word.

I'm going to keep my card, as well, and just not use it. I have the lucky advantage to being at zero credit card debt.

Still, I'm writing to my congressman saying he would win big points with me if he spoke out against this practice going on in banks.

kfrye February 27 2009, 20:20:24 UTC

Me three. And I was really pissed until I figured out that their definition of "default" is not the same as mine, and then I was just somewhat pissed. 17.9% is way high anyway, but not as bad as 29.4%.

nplusm February 27 2009, 21:38:50 UTC

True enough, however, the very concept of it makes me balk.

I assume it's an attempt to provide impetus for people to pay down their Capital One balances first...but it's still scummy.

ootwoods February 28 2009, 00:30:00 UTC

We actually canceled our Cap One card about a year after opening it. Their customer service was horrible...they froze our card after 2 "unusual" charges, and after we told them the charges were legit, they left it frozen over a long weekend because the wrong people were out of the office to unfreeze it.
We closed it that week, and never looked back. Every time my wife hears "What's in YOUR wallet?" she yells back "Not YOU, ya bastards!"