ruttinbuc Posted March 5, 2009 Report Share Posted March 5, 2009 (edited) I have been a loyal customer of Capital One Bank and have just been notified of a 100% increase of my interest rate. My credit score has been Excellent for the past 10 years. 786 the last time I looked. I was late with this creditor one time and they took my fixed 4.9% up to 9.9%. I am OK with that. No big deal. I pay the balance at the end of the month 90% of the time. Now to be hit with this is just outright wrong. From what I see and read they are doing this to cover their losses for all the delinquents they were so free to give credit to. Amazing! Did these thieves just get a big bailout from the taxpayers of this country or not? As of 2/28/09 it is adjusted to 17.95% APR but it won't take affect until April 17Th. What a croc of ....! Where in this nonsense is the accountability ZERO keeps talking about? At what point do we need to march on Washington! Edited March 5, 2009 by ruttinbuc Quote Link to comment Share on other sites More sharing options...
cinch314 Posted March 5, 2009 Report Share Posted March 5, 2009 The way I see it, we the honest taxpaying hardworking citizens are always paying for other peoples mistakes. JMO. Quote Link to comment Share on other sites More sharing options...
pendog Posted March 5, 2009 Report Share Posted March 5, 2009 Yep i got rid of my Cap one, terrible rates and down right lying about payments made. they even got me one last time, i asked for payoff for a certain day and paid them well before that said day.......Yep i got a bill for $5.00 plus interest later that month telling me i missed the day.....Yeah right!!! Also my Home Depot rate is going up....paying that one off this month and getting rid of it. Penny's for my wife is doing the same so we are paying that one off and getting rid of it as well. Quote Link to comment Share on other sites More sharing options...
wtnhunt Posted March 5, 2009 Report Share Posted March 5, 2009 That is messed up Mike, I think I would call them if I was you. We just had our cabelas card status changed effective at the end of last year to a signature series card. That is about the only card I use anymore. Thankfully the recent fraud deal we had happen was caught quickly by the fine folks at cabelas. Afraid there will be being more of that happening as things continue to get worse with the economy. I always pay off the balance unless we have a 0 apr promotional deal, so while the rates may vary, they are not really that significant to me. Bank of America has run a promo type of deal several times, that was how I bought our new 4 wheeler back in 2004. Promotional check/balance transfer paid to my personal checking account for $8000, paid off the balance on an existing auto loan and bought the 4 wheeler, just paid a $50 fee to the bank and paid back the money inside the 12 months so we paid no other charges. Hard to beat deals like that. Far as getting rid of cards, we have a few we probably need to get rid of that we never use. Quote Link to comment Share on other sites More sharing options...
ruttinbuc Posted March 5, 2009 Author Report Share Posted March 5, 2009 (edited) William, what is the difference with the signature card? Just found this on consumer affairs...wow! I am not alone... http://www.consumeraffairs.com/credit_cards/capital_one.htm Edited March 5, 2009 by ruttinbuc Quote Link to comment Share on other sites More sharing options...
The_Kat Posted March 6, 2009 Report Share Posted March 6, 2009 Capital One was a terrible company before this credit crisis. I've got my 04 chevy through them......NEVER again! I hope they fall flat on their faces! Quote Link to comment Share on other sites More sharing options...
wtnhunt Posted March 6, 2009 Report Share Posted March 6, 2009 William, what is the difference with the signature card? Just found this on consumer affairs...wow! I am not alone... http://www.consumeraffairs.com/credit_cards/capital_one.htm That is nuts Mike, I would still be calling them. I would drop the card as fast as you can even after calling them. The cabelas signature card the points for cabelas purchases are accrued at 5% rather than 2% on cabelas purchases. Those triple double deals can rack up some points quick. Think the card is given to customers who spend so much on the card on an annual basis, that was the case for us anyway. We basically use our cabelas card like a check card for all our day to day purchases and I always pay it off every month. Use that card just to get points, also used it for medical bills for our 7 year old last year and for regular bills I can pay online like directv, our auto and homeowners insurances, our phone bill, and etc. so as you could imagine it added up and we earned a good bit of points towards purchases. Quote Link to comment Share on other sites More sharing options...
ruttinbuc Posted March 6, 2009 Author Report Share Posted March 6, 2009 That is nuts Mike, I would still be calling them. I would drop the card as fast as you can even after calling them. The cabelas signature card the points for cabelas purchases are accrued at 5% rather than 2% on cabelas purchases. Those triple double deals can rack up some points quick. Think the card is given to customers who spend so much on the card on an annual basis, that was the case for us anyway. We basically use our cabelas card like a check card for all our day to day purchases and I always pay it off every month. Use that card just to get points, also used it for medical bills for our 7 year old last year and for regular bills I can pay online like directv, our auto and homeowners insurances, our phone bill, and etc. so as you could imagine it added up and we earned a good bit of points towards purchases. Thank William, I'll have to check into that. Sounds like a pretty awesome deal 5% on their stuff.. Quote Link to comment Share on other sites More sharing options...
stevebeilgard Posted March 6, 2009 Report Share Posted March 6, 2009 we're bailing out a bunch of loan shark crooks here. i sure wish we'd let the credit card companies all file bankruptcy and go away. i have only 2 cards, for emergency, and pay them monthly. Quote Link to comment Share on other sites More sharing options...
Adjam5 Posted March 7, 2009 Report Share Posted March 7, 2009 That bites Mike. You have given me reason to scour over my CC statements and see what if anything has changed. I too almost always pay off CC bills in the 1st billing period, and never get into the interest thing. My GM card is something that I might cancel. It is actually a HSBC card. Which really means Hong Kong Singapore bank corp:rolleyes:. Now I don't really need to keep funding China. They have enough of our money. I am going to look into the Cabelas card that William mentioned. It makes sense to me. Quote Link to comment Share on other sites More sharing options...
Tominator Posted March 8, 2009 Report Share Posted March 8, 2009 Too much of America uses too much credit as a whole. If more people got rid of their cards and lived within their means the credit card companies would be screwed. BTW--not pointing any fingers at anyone, just a general statement is all. Quote Link to comment Share on other sites More sharing options...
Gator Posted March 9, 2009 Report Share Posted March 9, 2009 Seems like Bank of America is doing the same. Talked to a friend of mine last night that had that happen. I am betting I am next. And my payment is setup to be done electronically, and somehow I was late twice Quote Link to comment Share on other sites More sharing options...
Dakota Posted March 9, 2009 Report Share Posted March 9, 2009 Bummer, Mike! That's why I don't have a credit card! Dakota Quote Link to comment Share on other sites More sharing options...
wtnhunt Posted March 9, 2009 Report Share Posted March 9, 2009 Too much of America uses too much credit as a whole. If more people got rid of their cards and lived within their means the credit card companies would be screwed. BTW--not pointing any fingers at anyone, just a general statement is all. Could not agree more Chris. Pretty sad that there are so many people out there who cannot practice enough self control and live within their means. I could tell just a few stories on that topic, but probably best that I don't get started. Seems like Bank of America is doing the same. Talked to a friend of mine last night that had that happen. I am betting I am next. And my payment is setup to be done electronically, and somehow I was late twice Been a pretty long time member with Bank of America, that account was previously an mbna account. Not saying that it is not happening or possibly coming, but I have not gotten any new terms to say that there is any kind of changes as such for my account. Actually just got more of those promo checks and a notice that I can transfer balances at 0% apr for up to a year, you do however pay a fee based on how much you transfer. These companies bet on folks not paying off the balances, that is where they make their money with these types of deals, so long as cardholders are responsible, credit cards are not such a bad thing. We use ours as nothing more than a convenience, if the money is not there to pay off what we want to charge when the purchase is to be made, it is quite simple, we wait until we can afford it. Quote Link to comment Share on other sites More sharing options...
muggs Posted March 11, 2009 Report Share Posted March 11, 2009 Not sure how or what this has to do with Socialism?? This has been an ongoing practice for years. It happened to my Dad who had been a loyal customer of the bank his card was through for 25 some odd years. He transferred the balance and secured 0% APR for 12 months and 6% fixed after that. Seeing how the market is today, creditors are going to be more than quick to do things like this because it is going to be harder for you to find a creditor willingly to take on your account. They're also cutting credit lines without much notice. Quote Link to comment Share on other sites More sharing options...
wtnhunt Posted March 11, 2009 Report Share Posted March 11, 2009 Not sure how or what this has to do with Socialism?? This has been an ongoing practice for years. The government giving taxpayers money to these banks as we have seen of recent has not been going on for years Eric. Quote Link to comment Share on other sites More sharing options...
muggs Posted March 11, 2009 Report Share Posted March 11, 2009 The government giving taxpayers money to these banks as we have seen of recent has not been going on for years Eric. True, Bush was the first to start that...but don't misread and misquote my posts. What does his interest rate doubling after a late payment have to do with the economic system of Socialism? The practice of rising a cards APR after one missed payment has been an ongoing practice for many years. Quote Link to comment Share on other sites More sharing options...
wtnhunt Posted March 11, 2009 Report Share Posted March 11, 2009 True, Bush was the first to start that...but don't misread and misquote my posts. What does his interest rate doubling after a late payment have to do with the economic system of Socialism? The practice of rising a cards APR after one missed payment has been an ongoing practice for many years. Did not misread or misquote anything Eric. The bailouts might have a little to do with where Mike is coming from in this. If the government owns those banks or has an interest in the banks due to them saving them, then the government is gaining more control over those institutions possibly leaning more towards socialism. Sure Bush started it, and he will get blamed for that ongoing I suppose, does that mean that Obama has to continue with it while knowing it simply is not working? Not real bright imo. For customers of banks that are longtime customers in good standing it is not a typical practice to raise their apr after one delinquent or missed payment. Most banks want to keep their customers and that simply is not a practice that will retain customers for them. We have had mail issues here and unfortunately we have had bills in the past that we never got, going back probably 5 or 6 years ago before I knew it was a problem and yes I have missed a payment before. I got my bill the following month and saw the interest charges and late fee and called the bank and not only did they NOT raise my apr, but they also took off the interest charges and fees that were on the bill. That was why going back to my initial reply in this thread I believe I suggested calling the bank. Quote Link to comment Share on other sites More sharing options...
muggs Posted March 11, 2009 Report Share Posted March 11, 2009 Sure Bush started it, and he will get blamed for that ongoing I suppose, does that mean that Obama has to continue with it while knowing it simply is not working? Not real bright imo. I sure wish he wouldn't. Greed has brought our capitlistic system to the verge of collapse- Federal bailouts aren't the rememdy for that. The free market has success and failures. GM has dug it's own hole, it shouldn't be Uncle Sam's problem. I guess fear of letting one of our major industries crumble spurred Bush into the initial bail out. Still though, absolutely no connection between a bank doubling a credit cards APR for a missed payment and Socialism...again, that was my original point, stop letting your need to Obama-bash get in the way William!:D:D Quote Link to comment Share on other sites More sharing options...
wtnhunt Posted March 11, 2009 Report Share Posted March 11, 2009 I sure wish he wouldn't. Greed has brought our capitlistic system to the verge of collapse- Federal bailouts aren't the rememdy for that. The free market has success and failures. GM has dug it's own hole, it shouldn't be Uncle Sam's problem. I guess fear of letting one of our major industries crumble spurred Bush into the initial bail out. Actually agree with you on this. Greed and poor management practices are the reasons for the failures and the burden should not be placed on the taxpayers. I had mixed thoughts on the initial bailouts. With them not working I think it a very bad idea to continue as they have, just my opinion. Still though, absolutely no connection between a bank doubling a credit cards APR for a missed payment and Socialism...again, that was my original point, Don't think I ever said there was. stop letting your need to Obama-bash get in the way William!:D:D Where exactly have I bashed Obama here? I have no need to bash anyone bud, I actually prefer to let ones actions speak for themselves and simply point out what I see. Quote Link to comment Share on other sites More sharing options...
ruttinbuc Posted March 12, 2009 Author Report Share Posted March 12, 2009 Originally Posted by muggs Still though, absolutely no connection between a bank doubling a credit cards APR for a missed payment and Socialism Go back and read the post--- Click on the link where there are thousands who find themselves in the same position. People with great credit who worked hard for lower rates with good paying habits had nothing to do with this credit crisis. Now they are all gathered up and expected to cover for those who couldn't keep their overspending and credit cards in check while at the same time bailing these banks out. Quote Link to comment Share on other sites More sharing options...
muggs Posted March 12, 2009 Report Share Posted March 12, 2009 (edited) Go back and read the post--- Click on the link where there are thousands who find themselves in the same position. People with great credit who worked hard for lower rates with good paying habits had nothing to do with this credit crisis. Now they are all gathered up and expected to cover for those who couldn't keep their overspending and credit cards in check while at the same time bailing these banks out. I understood that the first time I read it. But the point you're missing is that they've been doing that to people for 10-15 years, long before banks were receiving any Federal bailout money. It's really bad they do that, and I'm sorry it happened to you. It also happened to my Dad who also has a credit rating in the high 700's- but as I said, it has no link to Socialism. Matter of fact- the idea of credit or credit cards is extremely Capitalistic in it's nature. Edited March 12, 2009 by muggs Quote Link to comment Share on other sites More sharing options...
wtnhunt Posted March 12, 2009 Report Share Posted March 12, 2009 I understood that the first time I read it. But the point you're missing is that they've been doing that to people for 10-15 years, long before banks were receiving any Federal bailout money. It's really bad they do that, and I'm sorry it happened to you. It also happened to my Dad who also has a credit rating in the high 700's- but as I said, it has no link to Socialism. Matter of fact- the idea of credit or credit cards for that matter reeks Capitalism. Guess it may be all a matter of perspective and how you choose to view things Eric. When banks are being bailed out or supported with taxpayer dollars and the government is stepping in and potentially taking control or looking to possibly do so, seems to me that is leaning away from capitalism. Quote Link to comment Share on other sites More sharing options...
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